Apr 10 13
by Natalie and Justine
TO EXTEND OR NOT TO EXTEND THAT IS THE DILEMMA…
If you’re wondering whether to move house or invest in your current home to increase the space, then read on. Here we give our advice on the dilemma a lot of homeowners are facing at the moment…
LOOK AT YOUR LONG TERM PLANS
In the current market a lot of people are choosing to stay put and invest in their properties by creating more space, whether that be a loft conversion, back extension or utilising a current basement. And if you watched the last Sarah Beeny series ‘Double Your House for Half the Price’, you’ll have noticed it focused on how much cheaper it was to invest in your property verses buying a larger one (just to get that extra room and bathroom for instance). However, we would say it depends on your long term plans and would advise you consider these questions:-
1.How long am I planning on staying here?
2.How much did I pay for the property originally and what’s the ceiling price of the properties on my road?
3.What are the property market predictions over the next 10yrs or so?
4.Has anyone else done any extension work or major renovations on my street - and if so what’s the value of their house in comparison?
5.Do I want to ensure a good ROI or am I happy to compromise and break even so I can have the home I want now?
MAKE AN INFORMED DECISION
This is exactly the dilemma we faced earlier this year when deciding on whether to embark on our side extension.
So what did we do? In preparation, we followed the same steps that we take with all our clients, i.e. explored a couple of options by sketching some designs (one which proposed an extension and one which showed how we could better utilise our existing space); followed by a written list of the main elements for the builder to price. Once we received two quotations back and answered the set of questions above we realised that our return on investment was pretty bleak!
So now we’re investing wisely by improving our property within it’s existing walls to maximise the space we have (along with deploying some clever Interior Design tricks to create the illusion of more space). This will ensure a good ROI when we later sell. Here’s a snap shot of the existing layout with it problems - then the proposed layout with the solutions:
HOW WE CAN HELP
If you’re considering maximising your space but don’t know where to start, arrange a ‘home consultation’ with us. – an inspirational and practical session that gives you ideas and solutions to kick-start your home project.
We listen, explore and advise what’s best for your home, providing sketched options and indicative budget for each route. These can be used for initial discussions with your Planning Dept and builders.
We’ll also advise you on the next steps for your project and show you how we can help you get it done; as much or as little as you need us.
Our home consultation is £250. To find out more: http://barkerbourne.com/services-detail.php?type=home&bbs=23
For more ideas on what you can do with your home and space, check out some of our other blogs: