Are you working from a small corner of your home? Then it could be time to move or extend! We look at the pros and cons of both options.

Working from home is something I’ve adjusted to. It’s great and has lots of benefits. I save money from commuting and have improved my carbon footprint. There’s more time in the mornings and evenings as I’m not travelling to and from the office each day. I’m definitely more productive and get more done as there’s less distraction than at the office. And I’m never late because I’ve got stuck in traffic -again!

But there are some disadvantages too. My house is not just my home now, it’s my office! I need space to comfortably work without getting distracted by the family. I also need desk space, filing and storage and somewhere for my equipment to go – monitor, mouse, etc. It was fine in lockdown, we all made do, however, if home working is now a thing of the future for more and more of us, is it time for families to think of moving or extending their homes to create an office?

So if you find yourself working from the living room and it’s just not practical anymore, there are two options to consider. You can move home to somewhere with an extra room that you can use as a home office. Or you can extend your home to create more space.

Move or extend? Things to consider

Can you get planning permission?

Before you consider whether to move or extend make sure that both options are available. If you extend you are likely to need planning permission. Be prepared to wait a few weeks for it to be approved. And although in most cases planning permission is approved, there is still a chance it will be declined so keep this in mind.

It’s also worth noting that if your planned extension interferes with your neighbour’s property, you will need to speak to them to get their agreement as you will have to obtain a party wall agreement.

What is the best option for you financially

It can be difficult to know what is the best option financially as well as confusing. A good first step is to calculate your payments to find out what they will be each month using a site like Mortgage Calculator UK. See what is most affordable for you; whether to get a new mortgage for a new home or remortgage for an extension. Make sure you can afford the option you decide on.

For some remote workers, this decision goes beyond local borders. The freedom to work from anywhere has led many people to consider buying a home in another country. If you want to relocate overseas, the financing process is different from a standard domestic loan. You will need to look into International Mortgages to secure the right funding. These specialised loans help you navigate foreign property laws and currency exchanges.

Also factor in all costs, not just mortgage payments. Moving has some heavy expenses tied to it which is why many people prefer to extend.

Do you want to add value to your home?

One big plus to extending your home is that it will very likely add value to your property. So although there’s cost involved hopefully this will be reflected in the equity of your home once completed.

Are you happy to live in a building site?

It can take months to complete an extension. This means your home will be a building site for this time. Dust, noise and strangers in your home. It can most definitely be worth it in the long run and it won’t last forever, but some people prefer to move instead!

Do you like your neighbours?

If you have a nice community of neighbours you may not find the same if you move. Getting on with your neighbours may not seem important but actually it can have a massive impact on your happiness. Having a bad neighbour can be really stressful. Also if you have children, will they have to move school and do they have friends in your neighborhood who they would miss?

On the other hand, if you don’t get on with your neighbours, or like the neighborhood in which you live, it might be the perfect opportunity to move!

Your final decision

Once you’ve weighed up the pros and cons be happy with your final decision. And remember, if you’re still not sure take your time and do your research.

Disclaimer: I am not a financial advisor. Always seek independent financial advice.