no buyers so might look to put up a extension

hazyjo

Doozergirl wrote: »

Am I the only person who thinks they'd be doing it to make it big enough to actually live in for the longer term then?

Extending is almost certainly going to be cheaper than buying and moving into a new, similar sized house.

Yep I think so lol - but I'm sure you're right! I think the rest of us are just having blonde moments.

That changes things big time! I'll go back for a re-read.

Jx

Catatonia

Doozergirl wrote: »

Am I the only person who thinks they'd be doing it to make it big enough to actually live in for the longer term then?

Yes! But on re-reading, I think you are the one who has read correctly.

I thought they were extending in order to make their house more saleable. If they are extending so they don't have to move, I would definitely say that's the best option, providing that the only/ main problem with the current house is the lack of space. I would always prefer to extend rather than sell if I like my current house and the area.

mlz1413

OP have any of your neighbours done this type of extention?
I would definately go and chat to 3 EA's and ask what the value would be afterwards and if it would be more desirable.

Ensure the house will be balanced to with enough loo's for the amount of bedrooms.

Could you just convert the garage without building on top? this should be cheaper and with interest rates likely maybe a good comprise.

chalkie99

harmy wrote: »

right we are struggling to sell our home

harmy wrote: »

my house is up for 120k and i have 100k left on my mortgage.

would i be able to remortgage with this?

Problem is if it is not selling then it is probably not worth 120K so realistically you won't have any equity to raise a loan unless you have enough income and available credit.

harmy

if we extend i wont be selling it would be to create more living space, adding a bedroom with ensuite and doing the loft out to. also extending my kitchen out back,

Scrammer

Can I suggest something outlandish and suggest you save up for it?

dopester

Doozergirl wrote: »

Am I the only person who thinks they'd be doing it to make it big enough to actually live in for the longer term then?

Extending is almost certainly going to be cheaper than buying and moving into a new, similar sized house.

It all depends on the circumstances. An FTBs was at MSE last year wanting to convert and extend a bungalow... a bungalow on a large estate full of bungalows predominantly owned and lived in by elderly people.

Come the time the FTB wanted to sell up... how many elderly people would want the extra 3rd bedroom extension? Fewer than would prefer just 2 bedroom property imo. And how many younger people want to live on an estate of older people. Even the EA had told them the estate wasn't suitable for the FTBs given it mostly all elderly people but they were, at the time, thinking it was going to be excellent.

And, in many cases, the existing properties have been fine for the people living in them. Size wise, and rooms. The OP can't sell at current asking price, which suggests no market interest at the asking price... so what is the real market value? An extension might not add extra value, and if it looks clumsy (extension over a garage where others in neighbourhood don't have), might put people off, who can buy a more suitable, purpose built, property in the future at lower prices possibly.

Similarly already big house (near mansion) had an extension done near us. Not getting "extra value" now its on the market because few people need the extra space when the existing home was big enough. It all depends on circumstances. Bigger not always better as already someone said on this thread. If done to live in, then could better understand it.

hazyjo

Also, careful about adding value in a falling market.

If you don't have the money in savings and spend say £50k on your house - that £50k could be wiped off in a matter of months if the recession gets worse (which it probably will) - especially if you're near a stamp duty threshold or are likely to fall close to one.

If you're doing it so you can stay put indefinitely, fine. If you're doing it with the intention of selling in the next 5 years, I'd not bother. If the prices continue to drop over the next 2-3 years even, it could take them another 2-3 years to get back up to what they are now.

Jx

mlz1413

harmy wrote: »

if we extend i wont be selling it would be to create more living space, adding a bedroom with ensuite and doing the loft out to. also extending my kitchen out back,

you can get all that for £25k?!

a loft conversion in a terrace house can cost £20k so how you will get a loft conversion, the exsiting garage converted as well as built on top of and completed as a room, plus an extention on the end of the kitchen for that money may well be unrealistic.

JQ.

Doing an extension is a great idea. We're in a similar boat. We've looked at trading up to a bigger house, but the numbers just don't stack-up. Looking at an extra £75k to get an extra bedroom and slightly bigger ground floor accommodation - factor in that that would push us into the 3% stamp duty bracket, the total cost to move would be circa £92,000, of which £17,000 is fees/tax.

For £35,000 we're getting an extra bedroom (15ft by 12ft) and an extra living room (12ft by 14ft). This will add £60k to the value of the house and we'll still be living in a house we love in a location we love - many of the bigger houses we looked at were involved some form of compromise.

If you're planning to stay and like your house, building an extension is definately the MSE thing to do.

The above all assumes you don't overdevelop your plot - we looked at some 5 bed properties with no offroad parking, tiny gardens, no garage and 1 bathroom, all because people had done massive extensions without thinking about the basics - we're up north in suburbia, so expect these things to be present. Extensions that adversely impact the rest of the house may not add value.