Should we extend our house

Derby2

Hi there,

I'm not sure if this is the right forum, so feel free to tell me to move it elsewhere if you think it's wrong!

We currently live in a mid terrace which has a single storey extension on the back which houses the kitchen. Upstairs we have a small second bedroom which you can only just fit a single bed into and a small bathroom (2mx2m).

We are considering a second floor extension above the kitchen but don't know whether the foundations will be deep or strong enough. It would give us a double second bedroom and a large bathroom.

Is extending a good idea in the current property climate? It is looking likely we will be in this house for another couple of years and we have grown out of it. However, the extension looks as though it will cost £15-20k and we're not sure if this will be recovered in the the future sale price.

Does anyone have any advice or experience of this?

latecomer

Given the current fall in house prices buying a larger property would give you a greater exposure to any decline, provided of coures you can sell your existing home. I believe most foundations are designed to take the weight of a second storey but thats something you can get checked out.

Personally if you like the house/area and will be happy there for another few years (given that the house would be bigger/most comfortable) then it doesn't sound like a huge cost. I guess the cost of the extension should be considered relative to the value of the house.

angelavdavis

I think its a case of weighing up the benefit of doing the extension, the likelihood of the extension adding any value (even in these times, taking a house from a 2 - 3 bedroom is surely going to add value - but will that be covered by a resale value?).

Have other neighbours extended in a similar way? This will provide you with a rough guide on whether your suggested extension is actually viable as far as planning is concerned.

In addition though, are you planning to borrow to extend? Consider what debt you already have and the impact of any additional borrowing.

Otherwise, If you like the area you are living in, but the only issue is space and the additional cost, then it sounds like a good idea certainly.

MoaningMyrtle

We had a ground floor extension in 2001, you had to have the foundations deep/strong enough for a second storey then, so yours may be OK.

You would have to get a structural engineer to check before you make any plans.

If you like the area, it would be worth doing.

Doozergirl

Spending that much to turn a 1 1/2 bed into a two bed doesn't sound worth it to me.

It does depend on where you are - in London and the house is worth £250k it would probaby add value, up North where it's worth £80k, it definately isn't.

You won't add much value, if any, on top of what it costs to turn an average bathroom into a 'big' one in any house.

clairehi

"It is looking likely we will be in this house for another couple of years "

Only another couple of years? I would wonder whether it is worth sticking it out if you think you may be moving then. It could take you months to raise the finance and get a builder in, and it will be a major disruption. I suppose it depends how desperate your need for space is.

A loft conversion (if possible) would be an alternative to give you more space, its usually cheaper than extending. Whatever you do, in the current climate you are unlikely to get all your money back if you move in 2 years.

We had a loft conversion done instead of moving which cost us about the same as moving house would have done in terms of stamp duty, estate agent and solicitors fees. I dont think it increased the value of the house a lot when we sold but it really depends on area.

richardw

Does the neighbour fancy an extension? Would save some overhead costs if shared.