Buy bigger or expand?

cheghead

I have a small modern 2 bedroom 'first time buyers' house. Really in need of some more space. Should I expand the small house or buy a larger older house? Probably have to borrow an extra £20- 25K.

dougk_2

Depends what you want the space for - how big is the garden? A conservatory gives room and is relatively cheap - cheaping than moving anyway and it will increase the property value slightly.

Moving is realistically going to set you back £5k-10k by the time you have searches, estate agents fees etc.

Pukeko

Have you thought about getting an estate agent in to give you an idea of its market price if it had an addition? When we bought our house I asked an estate agent to come around and have a look at the house as it was, and give their opinion on the target market price once we had done the improvements (it was lower than I was hoping for unfortunately!! ). I asked the local estate agents Skitts and Paul Dubberly, PD wasn't interested but Skitts came out to see us. (I probably should have asked more estate agents really).
It gives them a good potential lead for a future sale, so they should be interested in giving you their opinion.

Anyway, if the estimated increase isn't going to cover the cost of building the extension then that will quickly answer your question.

You'd also need to check council regulations to see whether you can extend.

Good luck

dougk_2

I slightly disagree with pukeko.
Whilst the cost of the extension may not be fully recouped, you have to weigh up the cost, time and hassel of moving and the stress that can be involved - against the loss of the cost of extension and the extra sale value.
If you have a loft area that can be used you could also consider a loft conversion (subject to planning and building regs).

bridiej

I'd definitely ask a few local agents for their point of view.

cheghead

Thanks for replys.

The house is quite small and currently only worth £120k.
There is probably room for a small conservatory. Maybe option of loft conversion. They might be a better option? Any1 recommend which one would add most value?

crankup

If you convert the loft to a bedroom, with proper staircase etc, maybe even a dormer then that would increase the house value more than a conservatory.
A 3 bed property - nice!

John_M_Business

A loft conversion, especially if it could be a bedroom with en-suite would add more value - but would cost more too.

However given the value of the house, it seems to indicate that you won't add much value doing either... but if you like your house and want to stay there... go ahead!

dougk_2

I think that is the key point that J_M_B has said. If you like the house, like the area and have friends nearby then that is important. A move would possibly change all that.
If you hate the house/area etc then consider moving rather than expanding!

budgetflyer

Many modern houses arent suitable for loft extensions so that idea may be a non starter.Conservatories are nice but are often freezing and hard to heat in the winter and too hot and hard to cool in the summer.Getting all year round comfort can be quite costly.

John_M_Business

Regarding conservatories / extensions, if you do them 'properly' then they can actually be very good at retaining heat... and the whole point in the summer is to open the windows and let the air in...

What you need to ensure is that:
1. You have a radiator or two in there
2. You get triple-glaze 'low emissivity' glass (or perspex, but glass is better): definitely worth the extra bucks
3. You get fitters that know what they're doing (get a builder to do everything - but get specialists to fit the glass - NOT the builder)

We built a mostly-glazed extension in our maisonette in London and, even though it has a total glass ceiling (over 15 m2), five windows and double door, it keeps the heat in better than our front room which has a bay window with single-glazing.