After a while of living in one place, it is natural to get the urge to change something about your surroundings. Most people then fall into two categories: those who end up moving house to a whole new location, and those who add on a home extension to their existing property. There are many benefits to home extensions, as you get a much more personalised result that fits you, rather than just making do with what you buy or rent. But there are also a lot of financial reasons why home extensions make more sense.
Official Transfer Of Deed
You may not realise this, but when you actually purchase a new home, there are still quite a few pieces of paperwork that have to be finalised by someone who knows their way around legal documents. This is what is known as conveyancing, and it is a necessary part of moving house that can cost several thousand dollars for nothing more than something you probably thought was free; the transfer of the deed. This is a necessary service, as it is very hard to do this work correctly on your own, so if you decide to move, this is just another process you have to pay for.
No Stamp Duty
It cannot be stated enough that stamp duty is a significant cost that you have to factor in when moving house. This can be an extra percentage of the total cost of your new home that must be paid in taxes and that usually amounts to many thousands of dollars, and sometimes double or even triple that, depending on where you live. You can get full home extensions done for that sort of money, or at the very least you can pay off a large chunk of your initial upfront cost.
Selling And Moving
If you do decide to move, then you will have to sell your old home, which will attract fees from real estate agents and marketing companies that you hire to do this job. Then you will have to find someone who can move all your belongings from place to place, and this cost can also be a couple of thousand dollars if you are travelling any significant distance. All in all, it is not uncommon for new homes to have an additional cost well into the tens of thousands of dollars for additional and unavoidable services you will not have with your new home extensions.Share