Reply to: Home Extension Thoughts

[vetran]

She didn't invent the concept.

yeah but she has the frontage for it!

[ClothCap]

She didn't invent the concept.

[_V_]

Loving all this "adding value" talk. Very Sarah Beeney.

[d000hg]

Good point about the cost of moving; I'm used to our house being ~250k and never considered that it might well be closer £550k for you, where SDLT would be £18k. In that case, moving will cost you £20k. Scary.

[ClothCap]

Do this but temper it by realising that everything has a ceiling price that is unlikely to be exceeded. Just to stop you getting carried away. Other than that, I'd say go for it, you won't regret it.

If you move you'll likely spend another £100k easily with fees and I'll bet you'd end up spending in the new house as well.

House are money pits really.

[ChimpMaster]

So Mrs K78 would like to extend our current family room and bedroom above by approx. 60sq ft above and below. However 2 estate agents and an architect have advised that doing this will not increase the value of the house, as we are not adding new rooms.

Cost we estimate is approx. £50k, the benefit of doing this being will be in gaining additional room space and therefore more comfortable living.

But am struggling to justify the cost for no return in terms of value increase. Has anyone been in this situation before ?

Worth it if your house is worth a fair bit, say £600k already, i.e. so that the % cost of extension is reasonable. Also worth it if you are going to live there for some years yet and hence reap the benefit. So your house value might not go up £50k, but it will go up, perhaps £30k.

We spent more on a double-storey extension a few years ago, which extended our kitchen to >500sqft and added a 5th bedroom with en-suite and dressing room. Our neighbour did a similar double-storey extension BUT didn't create a 5th bedroom, i.e. he just extended out the existing 4th bedroom. His house sold for a lot less than ours would.

I would strongly recommend trying to create the extra bedroom - that will bump up the value of your property. If you don't need the bedroom, use it as a walk in wardrobe, study, cinema room, whatever.

Also, build the biggest extension possible (within reason).

[WTFH]

It depends. If you are intending to live in the house for several years then the change in value of the house is irrelevant. If you are doing the work because you want to make more money, then you're already considering selling it.

So, is it for you to enjoy your home more, or is it about profit?

...but when it comes to selling, if your house and another similar one come on the market at the same price, yours has the bigger rooms. Which one is more likely to sell?

[vwdan]

I disagree that there would be no value, there will be, but the architect is just unable to quantify it. If you are selling your house next door to someone else of course they will pay more for an extra 60 sq ft. That's a pretty sizeable extension.

I would use your own judgement as to what that would be worth.

Absolutely - and not everything has to be 100% reflected in the resale value. We probably spent around £30k renovating our house when we moved in - I doubt it's added £30k straight onto the value (Though it's no doubt increased), but we got a house that's exactly as we wanted in a nice area with room to expand in the future. We've got no plans to sell, well, ever really so whatever! Plus knowing every inch of your house is nice.

[ClothCap]

Moving can easily cost 15 to 20k especially if you have a rental as well. Think extra stamp duty, legal fees, surveys, selling etc. Been through a similar thought process before deciding to stay and extend

[original PM]

If done well and you like the area you are in the probably a good option especially if you are not planning on moving.

But yeah you should be looking at 30 k assuming not a difficult build.

[BlasterBates]

I disagree that there would be no value, there will be, but the architect is just unable to quantify it. If you are selling your house next door to someone else of course they will pay more for an extra 60 sq ft. That's a pretty sizeable extension.

I would use your own judgement as to what that would be worth.

[d000hg]

The benefit is you get a nicer house. Your other choice is to move to a house costing £50k more... if you don't want to do that then the extension is worth it.

Also, it seems unlikely having two big lovely rooms wouldn't affect your value.

[kaiser78]

50k for very little gain......ouch? Why not look at what you can buy nearby for $valueOfHouse + 50k?

Why's it 50k, though - that feels very expensive in its own right. 120sqft ~ 11sqmt = £4500 per square meter. I'd have thought £2-3k per square meter is more reasonable (for a good job with nice f&f). And that's ******* generous, given there's no bathroom and I'm just basing it on sheer volume, rather than assuming the second story should be less.

Yes a valid question. Simple answer is that there aren't any equivalent suitable properties in our area and haven't been for the past year or so. We could look a bit further afield but want to stay in the area we are in now, which we know does restrict our options.

And £50k is a liberal estimate - we will get some more formal quotes based on the initial plans our architect is drawing up for us currently. So hopefully £30k will make it a bit more palatable...

[vwdan]

The beams to support the current load bearing wall will cost that by itself...

I had to read your post twice, but...corrected

[eek]

50k for very little gain......ouch? Why not look at what you can buy nearby for $valueOfHouse + 50k?

Why's it 50k, though - that feels very expensive in its own right. 120sqft ~ 11sqmt = £4500 per square meter. I'd have thought £2-3k is more reasonable (for a good job with nice f&f)

The beams to support the current load bearing wall will cost that by itself...