Should we get a house extension or move instead? is something that I have often been asked over many years.
Also another question that follows on by homeowners is what would the expected “uplift” in the value of their property if they make certain alterations’. Therefore you can see the concern, as many ponder – should we extend or move house?
On the surface, it is logical to assume that an extension will add significant value to your property. However this is not always the case.
I would urge caution when justifying the cost of improvements versus the expected increase in value.
There is little point in improving your property unless it significantly increases its sale-ability.
In other words, once there is a house extension, will more people want to buy it?.
If so will they pay substantially more than the combined cost of the unimproved property plus the cost of improvements?
With a changing market it is very important to be wise in how you invest in your property to ensure a maximum return.
The key questions to ask are “will there be a good balance of living to sleeping accommodation?”. Also “will the property be elevated into the next category of buyer?”
For example, it is generally better to add a loft conversion (as a form of house extension) to a two bedroom cottage than it is to add a conservatory.
This is because a three bedroom property will now appeal to the wider family market, whereas a two bedroom house with a conservatory will still only appeal to its original two-bedroom market.
One thing is for certain – the larger the pool of buyers, the higher the price.
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If you are ever considering selling or extending your property and need further advice in the best way forward, please feel free to contact Tony Lynch on Woking 01483 772000.