What to consider when extending a property
If you’re wondering how you can add value to your property, you’ve probably considered an extension. Is it just an expensive luxury or can they actually add significant value to your home should you choose to move on?
Here are some things to consider before building an extension:
1) Appealability
One of the most important aspects in designing an extension is ensuring that if you’re looking to sell in the future, that other buyers would be interested in the property and layout. The best way to do this is to get a professional team in who have the skills and experience to help plan, design and execute your extension, ensuring that it follows planning regulations, connects seamlessly to the current property and suits the current design.
2) Added value
A survey of 1000 home-improvers by Zopa, found that the average return on investment for extensions was 71%, with the average cost being £19,750 and the profit generated being £14,000. The cost of the extension doesn’t always equate to the amount of profit gained- so it’s important to note that while space is an often sought after commodity, there are other ways in which to add value to your property.
3) Price Tag
Basic single-storey extensions can cost around £10,000* and double storeys can be around £20,000. It’s worth weighing up if the extension can gain you significant profit.
4) Consider reconfiguring
Before you jump into an extension project consider ways in which you could gain space. Reconfiguring your property is a great way to make use of your current space.
Hire a professional builder to re-design the floor plan – this can add value to your property by creating space out of what it already is.
If you are working with a small property with small rooms, weigh up whether reconfiguring is going to make beneficial change to the space or if extending outweighs this.
Need to discuss foundations for your house extension project? Talk to BelowGround Ltd today.
Sources:
* Based on Rates people estimates: https://www.zoopla.co.uk/discover/selling/what-adds-value-to-your-house-not-what-you-might-be-thinking/#1Rr1IqFVfML8tfOL.97
https://designfor-me.com/cost-planning/add-value-to-your-home-through-an-extension/
