Top Reasons To Extend Your Property
When you start to consider the cost of moving verses the cost of extending your existing home, it is easy to see why more and more people are beginning to see adding an extension as a more viable option. But is this the best thing to do in the long run?
What do you get in terms of value, both monetary and quality of living, when you extend your existing home?
What is the Cost?
For a start, it is a lot cheaper to extend your home than to move. You don’t have to pay estate agent fees, get your property up to spec for potential buyers or pay removal company fees. These may not seem like much of a saving when stacked up next to the cost of an extension, but then there is also the cost of the actual property you wish to buy.
It is a lot cheaper to extend your home than to move
Inevitably if you are moving to gain more space, you will be moving into a property that costs more than your current one. This means your mortgage could be for a larger amount than your existing one and your repayments may well be substantially higher than you are currently paying.
It is often easier to get an extension to your existing mortgage to pay for renovations than most people think, and can work out a lot cheaper in the long run with repayments being manageable compared to a whole new mortgage at a new rate.
Repayments can be a lot more manageable
Of course you could also fund your renovations in other ways such as with a loan or, if you have them, by using your savings.
The government has realised the value of home owners being able to extend their properties and have relaxed the planning rules with regard to extensions in recent years.
You may not need planning permission
Previously you could add a single-storey extension up to 3 meters in depth for an attached property and 4 meters for a detached house. These distances have since been doubled making it much easier to gain a lot more space without planning permission.
How Much Added Value?
The extra value of each build will vary depending on the type of extension, the house, the location etc. However we can provide you with an indication based on national statistics of what to expect when it comes to the added value your extension will provide.
Nationwide Bank’s research has found that an average three bedroom house that has an extension creating a double bedroom with an en-suite will on average add up to 23% to the value of your property. An additional bathroom could add up to 6% and an additional double bedroom up to 12%.
You could add 23% to the current value of your property
Zopa surveyed 1000 home-improvers and their findings were that the average return on an investment for an extension was 71% with the average amount of profit generated being £14,000.
The average amount of profit generated is 71% around £14,000
Of course these figures are averages, but you can get a professional opinion on your plans.
How To Add the Most Value
When building an extension to your home, it is a good idea to consider the future re-sale value it will add even if you have no intention of moving for several years. In doing this you need to consider what most buyers will be looking for in an extended property.
Firstly, it is a good idea to match the existing architectural style of your house unless you are creating something that is a statement piece designed specifically for its attention grabbing properties. It is worth considering whether a future buyer would see your vision in the same way though, a mismatched extension style may narrow down your potential buyers of the future.
Match the existing architectural style of your house
You should also consider how the buildings connect and what effect it has on the overall layout of your home. This is why we recommend using a professional to design your extension. A professional architect or designer will be able to ensure that your extension connects well to your existing house, meets all planning laws and appeals to the average buyer while also ensuring you get the best value for your budget.
Consider how the buildings connect and what effect the extension has on the overall layout of your home
Other things to consider are the types of extensions that add the most value and create the maximum re-sale value. This will depend on what you have and the area you live in. As a good rule of thumb, extra bathrooms and extended kitchens are a great addition. However, it could be that adding an office or garage space is more appealing within your area.
Adding extra bathrooms and extending kitchens is always a good idea
Finally, let’s face it, moving house is a real pain. Especially if you love your home and you just need more space.
You need to find a new place, sell your existing place and do it all in sync. If you are happy with your existing neighbours, you run the risk of not getting on with the new ones. You may not be able to find a suitable house within your area which could mean moving the kids to a new school. All these and many more are reasons that moving is a stressful business.
Moving house is a stressful business
So apart from the money, there are a lot of factors to consider when deciding whether it is better to move or improve. If you do decide to improve, give us a call and we will be happy to help you out. Don’t forget we also have our free estimator tool that will give you an idea of how much your intended extension will cost.