An extension is said to add up to 20% to your house value, as more and more buyers seek out as much space as possible. Making way for a larger kitchen, adding a conservatory or orangery or even building a garage in an urban area can be a good investment. But how do you know whether it’s better to undergo a home extension or to move house?
If your property has the potential for an extension, then many homeowners would want to do the work themselves and then benefit from the extra value which has been added. Otherwise, you may find that the next buyers do just this and sell the property for a lot more than you did.
However, there are of course other elements to consider. Are you in a comfortable financial position in order to afford the upfront cost of a home extension? Would you be able to deal with the disruption? Do you need planning permission and would neighbours approve of you extending your home into the garden? There are many questions to consider before investing in such a structural change to your home.
Do you enjoy a challenge?
Designing and building an extension is a huge challenge which will take a long time to complete. If you love renovations, decorating and home design and don’t mind a constant stream of workmen and noise, you’ll have no problems. However to build your perfect extension be prepared to work closely with architects and other building specialists to ensure you’re getting the most out of the design.
If you like your home comforts and wouldn’t enjoy sharing your house with builders for a few months, then maybe this isn’t a home improvement for you. If you’d really like to open up the house and enjoy an open plan kitchen diner, or have another bedroom, then having an extension is worth it – but be prepared for how much planning and work it takes. A home extension will completely take over your life for a good few months.
Can you afford it?
OK so you want an extension and think it will transform your home into your dream home – but can you actually afford it? Any type of extension will cost a considerable amount of money, and it isn’t enough to just think “we’ll make it back when we sell.” Building an extension is stressful enough without worrying about the finances. If you don’t have a large chunk of cash floating around, there are other options.
Firstly, consider applying for an advance on your mortgage or re-mortgaging for the makeover. Speak to specialists to make sure you will end up with a return on investment, though. Alternatively, many extension providers offer finance options for homeowner so you can spread the cost of the building work.
If you’d like to take on the challenge of a home extension and make your house more attractive to buyers, speak to the team at Prior today.