Home extension - opinions please

Pinklepurr

We have a modern (10 yrs old) 4 bed detached house.

Downstairs: Lounge, study, cloakroom, separate kitchen and dining room

Upstairs: 1 large double with ensuite, 1 small double with ensuite and 2 x single rooms. Family bathroom.

We have been discussing the idea of adding an two story extension at the back of the house and reconfiguring the layout which would effectively give us a large open plan kitchen/diner/family room across the back of the house and upstairs would increase the size of the bedrooms to give us 3 doubles (two with ensuite), 1 single room and a larger family bathroom with bath and separate shower (currently only a bath in the family bathroom).

Our family is growing and this would give both the children bigger bedrooms to last them into adulthood, plus a fab family kitchen diner which will also be a nice social space.

I guess what I am asking is, from an investment point of view, is this worthwhile doing? Whilst our primary reason would be for us to be able to continue to live here comfortably for many years to come, we also want to make sure that the house would also appeal to buyers should we have to sell. We wouldn't be adding any extra bedrooms or bathrooms, just making the ones we have a much more useable size.

Our garden size would be reduced by roughly a quarter but we have a reasonable sized shared front garden which the children have always preferred to use anyway.

DVardysShadow

I would say you would hit a small loss. There is a ceiling on the value of a spec in a location. So a 4 bed house to 4 bed house + extension is still a 4 bed, on which there will be a ceiling price. And any house within 2 or 3 streets of yours will also have a ceiling. So you might spend £80000 on extending a house worth £240000 [ignoring Stamp Duty for the moment] and find that the fact it is 4 bed and its location keep it at no more than £290000.

Having said that, if you like the area and everything else works out for you where you are, the loss of £30000 becomes ameliorated by not spending £9600 Stamp Duty on the £320000 you might otherwise buy - nor another £4800 on Estate Agent, no solicitor, removal or Early redemption. So even doing it at a loss could turn out worth while if it is just £12000 which will give you the house you want for 10 years

Pinklepurr

Thank you, that is a very useful reply. A larger 4 bed detached around our way is approx 335-350k. Our house, is about 260k. We tried selling 18 months ago but found it so stressful and eventually took it off the market! We like our cul de sac, the catchment schools are excellent etc etc so no reason to move other than simply for space.

panchenlama

case closed.

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