Idea of how much value it would add

Charitymanager

Hi All,

We have had our house on the market for a while, accepted offer of just over £120k. Probably a bit less than we could have go to be honest but we were keen to move and mindful of the market. Our reason for moving was the size of the house and the fact that we wanted a garden.

We are starting to get an inkling that this is all going to fall through due to our buyer's inability to get a mortgage.

If it falls through i think that we will do one of two things. Wait until spring and put it back on the market, or live here for another 5 years or so and pay off our mortgage which currently sits at about £117k. We would be paying off £1500 a month at virtually no interest (or very little) as we have £90k in the bank and it is an offset mortgage.

Our house has an awkward layout with the living room in the attic and I think were we to stay here we would have to do something about it. Our accommodation comprises:

- Ground - Large kitchen diner about 15ftx15ft
- Lower Ground - Large cellar 15ftx15ft with good head height and with enough above ground to put a big window in
- Three decent sized bedrooms one double and two small doubles if you didnt mind cosy!
- Loft conversion 25ftx15ft

PS I know the sizes don't work, it is an over-dwelling which is common round here.

What we would like to do is:

- Convert the cellar into a really nice kitchen diner
- Convert the kitchen into a living room
- Use the loft as a bedroom for one of the kids
- Knock the two smallest bedrooms into one and create an amazing master suite with fab views across the Yorkshire countryside

This would give us a 3 double bedroom house, with lots of living accommodation. We could do all this for about £20k.

My question is whether it is worth it or not? It would mean that in the future we would have to sell for £142k to get our money back, but it would be by far the biggest house at that price range in this area. It also has a bit of outdoor space which is a bit of a rarity.

By doing this the house would be improved by:
- New kitchen
- Lounge on the ground floor rather than the 2nd
- 3 massive bedrooms, all double, in fact one of them you would be able to fit two doubles in

Does this sound like a rationale contingency plan?

Alternatively if we did all this after five years we would have paid off a massive chunk of our mortgage which would mean we could, if we wanted to, BTL with virtually no mortgage and also still have our original deposit which has been sitting in the bank offsetting at 5%.

Sorry for my ramblings, but any of the more property minded people out there with any thoughts would be appreciated.

Ta muchly

:beer:

MelaBella

Charitymanager wrote: »

Hi All,

We have had our house on the market for a while, accepted offer of just over £120k. Probably a bit less than we could have go to be honest but we were keen to move and mindful of the market. Our reason for moving was the size of the house and the fact that we wanted a garden.

We are starting to get an inkling that this is all going to fall through due to our buyer's inability to get a mortgage.

If it falls through i think that we will do one of two things. Wait until spring and put it back on the market, or live here for another 5 years or so and pay off our mortgage which currently sits at about £117k. We would be paying off £1500 a month at virtually no interest (or very little) as we have £90k in the bank and it is an offset mortgage.

Our house has an awkward layout with the living room in the attic and I think were we to stay here we would have to do something about it. Our accommodation comprises:

- Ground - Large kitchen diner about 15ftx15ft
- Lower Ground - Large cellar 15ftx15ft with good head height and with enough above ground to put a big window in
- Three decent sized bedrooms one double and two small doubles if you didnt mind cosy!
- Loft conversion 25ftx15ft

PS I know the sizes don't work, it is an over-dwelling which is common round here.

What we would like to do is:

- Convert the cellar into a really nice kitchen diner
- Convert the kitchen into a living room
- Use the loft as a bedroom for one of the kids
- Knock the two smallest bedrooms into one and create an amazing master suite with fab views across the Yorkshire countryside

This would give us a 3 double bedroom house, with lots of living accommodation. We could do all this for about £20k.

My question is whether it is worth it or not? It would mean that in the future we would have to sell for £142k to get our money back, but it would be by far the biggest house at that price range in this area. It also has a bit of outdoor space which is a bit of a rarity.

By doing this the house would be improved by:
- New kitchen
- Lounge on the ground floor rather than the 2nd
- 3 massive bedrooms, all double, in fact one of them you would be able to fit two doubles in

Does this sound like a rationale contingency plan?

Alternatively if we did all this after five years we would have paid off a massive chunk of our mortgage which would mean we could, if we wanted to, BTL with virtually no mortgage and also still have our original deposit which has been sitting in the bank offsetting at 5%.

Sorry for my ramblings, but any of the more property minded people out there with any thoughts would be appreciated.

Ta muchly

:beer:

which part of your country are you in, there is a possibility that the house prices may fall next year even further....i wouldnt do any work personally as you may not recover back the money spend and just try to sell it as it is.

Charitymanager

MelaBella wrote: »

which part of your country are you in, there is a possibility that the house prices may fall next year even further....i would do any work personally as you may not recover back the money spend and just try to sell it as it is.

We are in West Yorkshire in a place called Holmfirth (think Compo, Cleggy and his pals).

Nan_Dingle

Our reason for moving was the size of the house and the fact that we wanted a garden.

Have you looked at Beeny's "double the size for half the money" programmes?

MelaBella

i got hold of the good reseraches on house prices in the UK (thanks to my current employer, yeah!) all i can say is just there is a possibility the house prices may fell even further in most of the regions except for one - London and only for top properties. In any case i wouldnt spend money and efforts on renovations, but again its just me )

McKneff

Wow, Holmfirth is lovely.

Personally, I would do all the work you mentioned, and it would be absolutely gorgeous, and then stay in it yourselves for the next 5 years at least.

Charitymanager

McKneff wrote: »

Wow, Holmfirth is lovely.

Personally, I would do all the work you mentioned, and it would be absolutely gorgeous, and then stay in it yourselves for the next 5 years at least.

Yes, I think it is one of the countrys best kept secrets. Beautiful and wonderfully achievable house prices!

Charitymanager

Nan_Dingle wrote: »

Have you looked at Beeny's "double the size for half the money" programmes?

no, i guess the clue is in the title tho

[Deleted User]

Remember though, its not just a case of would you get your money back in five years.., the changes you talk about would make the house a lot more sellable.., and meanwhile, if you do live in it for an additional five years u'd have a house you want to live in.

No one can predict what house prices will be in five years.

I'd base your decision on advantages/disadvantages that include things like this rather than just the monetary value of the house.

I don't know where you live.., but if you want a garden, is it possible you could take over the garden of a nearby house for someone who can't garden anymore. Or rent a plot? I'm just starting to excavate a garden for someone in this situation as they just can't use it or maintain it (I have a tiny back yard). Of course, this could be a temporary arrangement, more temporary than you want, but its better than nothing.

I'd highly recommend the Sarah Beeney proggy too. You can watch it on http://www.channel4.com/programmes/double-your-house-for-half-the-money/4od

Slinky

There was a property like this yesterday on Homes Under the Hammer, may be worth a look at as it had been done out quite nicely as I recall (I was only half watching as I was doing something else). Think it was in Holmfirth.

cwcw

Slinky wrote: »

There was a property like this yesterday on Homes Under the Hammer, may be worth a look at as it had been done out quite nicely as I recall (I was only half watching as I was doing something else). Think it was in Holmfirth.

Magnolia walls, oatmeal carpets and beech kitchen per chance? :rotfl: