Are Home Extensions Worth the Cost?
Extensions can be tricky. One needs to have a clear understanding of all the rules, regulations and the costs involved. The cost of a building extension varies depending on what the person wants. So obviously less complex and smaller extensions are cheaper. Two-storey extension cost, kitchen extension cost, single storey extension cost; all of them will differ. Therefore, it is essential that you get a proper idea on the extensions cost before diving in.
Getting a home extension is a dilemma which many homeowners will face at some time in their lives, and the decision most of the time depends on the state of the housing market. However, there are other factors as well that can influence the decision such as; your future plans, emotional attachment to the property, the area where the property is situated, and the type of house you have.
Extensions are always considered as a smart option for homeowners since they save on the stamp duty and other costs associated with moving to a new property. Another big advantage is that it adds value to the property, for instance, it has been estimated that a loft conversion can increase the value of a property by 21%, while 11% increase in value could be achieved by adding an extra bedroom.
How Much Value Would an Property Extension Add?
According to a survey, a conservatory could add 10% to the value of the property. However, other building works show only marginal profit. Many buyers on the market now expect a second bathroom as a standard feature as it’s becoming more common place, so if you decide to add another one, you will be just catching up instead of being ahead of the game.
The cost involved in building works have to be taken into account before making that plunge, for instance, you add value worth £20,000 to the property by extension but in the process, you ended up spending £25,000 on various things such as labour. However, most of the extensions can yield profit, though the results may vary according to the area the property located in.
In Central London, the rules to get an extension are very different since the properties are highly sought after and space is limited. Whereas, places like Canterbury, the profit on an extension could be around £5,000. Other places like Chelsea and Kensington where the average cost of a property is roughly £2 million, an extension could add value to the sum of £212,706 after spending approximately £45,000 on construction costs.
One thing is certain that the option for extension is quite lucrative than moving on to a bigger property. However, the key to making the decision is, choose a good architect, do your maths, use your imagination and you may be pleasantly surprised with the outcome!
