You’ve decided that you want more space in your property, so what’s next? Here are vital aspects you need to consider before you extend your property.
Once you’ve decided that you want a home extension, you need to consider the price. Will, it cost more to extend your home, or is it more simple to just move?
Beyond that, you must consider your extension’s legal requirements and the planning that will go into it. But firstly, let’s look at the benefits of a home extension.
Benefits of Extending your Property
- Saves you the hassle of moving home
- You keep the memories of your current house
- It will increase property value
- And, of course, more space!
Reasons to Move Out Instead
- A lot of preparation is involved, which can be time-consuming
- Extensions can be intrusive and noisy
- Extensions can be costly
However, despite these possible downfalls, the reasons that you want to remain in your property can be so much stronger. Firstly, it’s not just a building with four walls; it’s your home. You may love the location, and it may be filled with cherished memories. This means that despite the few weeks of noise and preparation, it’s worth extending your property, which will, in turn, give you more space, a higher value on the market, and the extra room(s) for you to do as you please.
Now, let’s look into the specific considerations you must weigh up before making your decision.
Home Extensions Will Increase Property Value
No matter what kind of extension you do, it will increase the value of your home. However, some extensions will be worth more than others.
Loft conversions: If you turn this into a bedroom, it will increase the value by 10%. If you add both a bedroom and bathroom, it will increase by about 20%.
One extra bathroom: You may need it for convenience, but in terms of value, it’s likely to increase value by just 5% as most homebuyers expect properties to have at least two bathrooms.
Conservatory: Who doesn’t love a conservatory? Extending one to your home will add approximately 10% to your property’s worth.
Consider the Location of Your Current Property
Your location will determine whether extensions are worthwhile, as house and extension costs vary throughout the United Kingdom.
According to The Sun, there are drastic differences throughout the country.
5 areas where home extensions will give you a healthy profit:
- Castle Point
- Milton Keynes
In Bedfordshire, the profit will likely be around £5,000 after considering the original property value, the construction cost, and the final value.
However, London, being the United Kingdom’s property hotspot, will give you the best value for money. If you add a £50,000 extension for property worth over between one and two million (which many properties are in London), you will add over £200,000 to its value. That’s a profit of over £150,000.
5 areas where home extensions do not give you a profit:
Indeed, those areas will actually put you out of pocket regarding property value. And the other regions, such as Swindon, will give a profit of only £66.
Consult with the Right Professionals and Understand Legalities
You will need the preparations and consult with various professionals from architects to construction managers and building and party wall surveyors.
You have to understand the restrictions and laws to where and how you can construct the home extensions. You should also look into site insurance during the project as even if a builder has insurance, you want to ensure you will not be personally liable if claims were filed.
Understand the Party Wall Act
You cannot just start building works on your property without considering the Party Wall Act, which is all about the boundary between you and your neighbour’s property known as the party wall.
Even if you’re not building works directly on the party wall, you need to inform the neighbour of your building plans, and they can either consent or dissent. You may need to hire a Party Wall Surveyor to go through all you need to understand.
Chartered Surveyors can help with the necessary actions you must take for home extensions.
How Much Will It Cost? Is Moving a Better Option?
The overall cost of a home extension entirely depends on what you want to extend. Contact the surveyors to discuss your particular case to weigh up the best option.