loft conversion,would it add ££s

deano72_2

i currently have a 3bed 2x double 1x single bed rm detatched.im considering either converting the loft (approx 6m,w x 7m,l)into a double bedroom with ensuite shower room,but to do this i would have to loose the single bed rm to get the stairs in.the approx cost of doing this is 10k as i know people in the the rite trades.
or option 2 would to eventually build exstension up & down making the kitchen bigger (which is bigger enough as it is really)& adding another double bed rm at a cost of approx 45-50k which would make it 3 doubles & 1 single.so from a profit point of view which would be the best option

phill99

Option a) means that you still only have 3 bedrooms (albeit a double instead of a single) and a second bathroom. The £10k you spend may just be recovered by increase in value, although you may struggle. With option b) you are unlikely to see a £45k increase in you value for a number of years. Remember that the value of your house is dictated by its location. If you are in an area of predomninantly 3 bedroomed houses, this will restrict the value of the house. If you have a 4 bedroomed house that has been extended from a 3 bedroom house, the plot you are on is still that of the 3 bedroom house. The occupiers of a 4 bed place expect larger gardens, more parking space and possibly a double garage. The curtilage of your house will restrict this. Hence, the value will always be restricted.

deano72_2

ok to add some more info.had est agent round,he said current value approx 240k as it is,if done the loft conversion would be valued at 295k (think hes got his sums wrong somehow though) if choose option 2 would value at 325k which i personly think is to much.most of the other houses in the st have exstended but look bit dated,iv have just finished renevating mine so its the nicest looking one in the st but dont necessary mean its worth more.i thought get an agents opion whom i know & usaully tells me how it is,but in this case i cant see how doing the conversion would make that extra difference in ££s as loosing the sigle rm

Owain_Moneysaver

Also if you go to 4 bed then buyers are likely to expect a second reception room, if you can rearrange the ground floor to give a "dining kitchen with french windows to the garden" (quote from Sarah Beeny) together with a separate dining room / study / playroom then that is more likely to be attract buyers.

phill99

I think the est agent is simple.

deano72_2

Owain_Moneysaver wrote: »

Also if you go to 4 bed then buyers are likely to expect a second reception room, if you can rearrange the ground floor to give a "dining kitchen with french windows to the garden" (quote from Sarah Beeny) together with a separate dining room / study / playroom then that is more likely to be attract buyers.

yep that would be the case

deano72_2

phill99 wrote: »

I think the est agent is simple.

thats why i thought i ask on here to if anyone has done something simular

phill99

Fair point but I can't believe that a double as opposed to a single bedroom and another bathroom will add £55k to the value. Ultimately its only worth what someone will pay for it. Effectively your Est Agent is saying that another bathroom will add £55k. If that was that case we would all be adding another bathroom to our houses!