Impact of a loft conversion and single story extension on value

Tomsdad67

Hi

I have recently purchased a 2 bed, 1 bathroom, Kitchen and Living Room semi detached bungalow in Fareham Hampshire for £205000 (It was on the market for £225,000)

I now have planning permission to raise the hip and add a front and rear dormer to give me two extra bedrooms and an additional bathroom.

In addition the planning permission allows us to add a single story rear extension providing us with a Lounge Dinning room of approx 8 meters by 3.5 and a Kitchen of approx 6.5 meters by 3 meters.

As part of the work we are also putting all new double glazing in, new electrical wiring through out, a new kitchen, new bathroom suites upstairs and downstairs. Completely re decorating, all new floor coverings, New Boiler and New Central Heating system.

The complete property will therefore be as follows:

4 Bedrooms, Two refitted Bathrooms, 6.5 M X 3 M re fitted Kitchen

8M X 3.5 Meter Louge Dinner with Bifolds leading to the garden

The road in which the Bugalow is built only has 2 other bungalows in it and the rest of the properties are all 3 bed Semi's. It is therefore difficult to identify from sites like right move what the property may be worth after the work has been completed.

Can anyone give any guidance on the potential additional value the work I am completing could add to the property.

Thanks

Tomsdad67

Lots of views but no thoughts?? anyone got any views

CloudCuckooLand

£21,546.97...

jozbo

cos its a really difficult question
for my penny's worth...i think it will be worth more than when you bought it. :beer:

mark5

I think only a local estate agent could answer that question for you.

My guess is its going to be somewhere between the values of 3 bed semi's and 4 bed detached properties in your local area.

Doozergirl

I don't touch semi-detached properties as the profit margin is lower than on a detached house; equivalent work on a detached house always adds more value because the plot can usually take it and you expect a detached house to be more expensive. When you get to certain price points, people usually want detached houses.

It's absolutely impossible for me to say how much value you'd add. There is no formula (they used to band about lists with how much of a % things added but it's a fact that it does not work like that. You have to take each place on it's merits). It takes me hours of research to really consider where I could end up after proposed works, certainly couldn't do it for you based on one paragraph of info

Be sure you're not overdeveloping the plot and that your design is tasteful because there is a ceiling and once you go past it, people won't pay.

Waterlily24

Very difficult to say.

We've done more or less the same as you but on a detached bungalow. We are going to get the estate agents in when it's finished.

We are in Cambridgeshire now but used to live in Locks Heath. lol

Owain_Moneysaver

You'd have to look around at other similar properties in the area, not just the same street. A nice 4 bed semi won't be less than a grotty 4 bed det, but will always be less than a similarly nice 4 bed det. Remember also 2 of your bedrooms are going to have reduced headroom and dormer - that can put people off and limits the usable floorspace.

A lot depends on the plot, many people buying 4-bed will want quite a good sized garden, parking for 2+ cars. Do you have that space?

8 x 3.5 lounge/diner sounds a bit long and narrow, especially if it's the only reception room. Many people would want a second sitting room / study or separate dining room.

Is there much demand for 4 beds in the area?

GDB2222

At a very rough guess, none of this work is going to add as much value as it's going to cost you, I'm afraid. Doozergirl makes money out of buying properties and doing them up just like this, but she has her own building team that she manages herself, so her building costs will be roughly half yours.