There are lots of reasons why you might want to extend your home, and our property accountants can help you to determine whether there are any implications – such as on capital gains tax and other property taxes – that you will need to be aware of when it comes time to sell up and move on.
In some cases, that might be sooner than later, as research from Ocean Finance recently found 9% of home extensions are inspired by a desire to add to the value of the property.
A further 9% undertake home improvements because it is a cheaper route to the home of their dreams than the cost of buying an equivalent property and moving into it.
But it is important not to misjudge the property tax you might be exposed to as a result of your home’s higher value – and our property accountants can help you to make sure this does not undermine the added value of your extension or renovation work.
Ian Williams, speaking for Ocean Finance, noted that family factors are also a driving force – whether the arrival of a new baby, or the return of older children to the family home.
He said: “It goes to show that many families are willing to put in the work and the investment if it ensures their home grows with them.”