Building an extension, quotes

echomiaow

Hi

I am currently in situation where I put my flat on mkt last week but due to high volume of interest, am realising its on for too low an asking price. However I have also lost faith in my EA and don't want to look at sealed bids etc due to conflict of interest concerns I have due to an EA in same firm being very pushy to get me to take her asking price offer, which I have bad gut feeling about in terms of questions of professionalism.

My flat is v unusual and so difficult to compare with others in area, so price I plumped for as agreed with EA meant we were kind of making our own market. Response which has been very promising clearly shows others think price is low too! Basically its gf flat with period features in a lovely setting of Edwardian house in SW London with a communal garden and swimming pool, I have my own patio at rear tucked away in corner of garden. I have share of freehold, its in Wandsworht borough and clearly I see now a potential little gem if I can get accuracy on its true worth.

I have Planning Permission in place already to enlarge on to patio space effectively enlarging from studio into 1 bed and now looking to get contractor quotes to assess full cost to extend & reconfigure internally

Given the considerable interest my flat has clearly attracted since putting it on the market just last week, it has become abundantly clear that it could realise a lot more money than I have it currently on the market for as I did not do homework first in finding out costs to extend and so factor into asking price. Having a clearer idea of approx cost to convert it to a larger 1 bed with Planning Permission in place and by using comparitive prices of 1 bed flats for sale in my very near neighbourhood as to how much this would then be worth as a 1 bed property once the work is completed.

As a result of this I will not be considering any other offers on my flat via my EA who has not been acting i feel in my interests and until I have this in place when I am sure their protestations that it really is very 'realistically' priced will no doubt melt away quite quickly!

Just wondering if anyone else has experience similar to this and how you got on.

Thanks

Thanks

phill99

So what question are you actually asking us?

echomiaow

I suppose I just wanted to know if anyone else has gone about pricing their property like this to get more accurate approx worth based on what it would fetch once extended and factoring in cost of work to do the job.

phill99

I builders know you are just seeking quotes as an academic exercise, don't expect any of them to turn up.

echomiaow

Yes I see that would be the case. However, I have a friend of a friend whos a contractor so hopefully will get around that one as she said he would be keen to help me out. I would also give him an endorsement to my new buyer though of course couldn't guarantee he'd get the work.

phill99

Still don't know where you're going with this so won't post anymore.

mummyroysof3

Are you asking if you can sell it for a higher price due to the possibility of extending? My advice would be either take it off market for a while then put back in at higher price or have extended yourself then put on for higher price

SGE1

phill99 wrote: »

So what question are you actually asking us?

The question's at the bottom of OP's post.

If you get irritated or confused by a question, here's a tip - just ignore it and move on, or try to find it within yourself to ask nicely. This is a forum - you've chosen to read this post. Nobody's forcing you to reply.

echomiaow

Hi mummyroysof3

Phew! Someone getting the gist of my query and providing the advice I was after, ..! It takes a woman to show some sense, lol!

Yes I was just wondering about how common this is as a way of coming up with an accurate asking price for a property with planning permission in place and what others views on it would be from eg a potential buyers perspective

To me if I was a potential buyer I'd value knowledge from vendor as to approx cost to convert studio to a 1 bed as could underline decision as to offer or not by comparing asking price and addit costs to local prices for similar 1 bed properties with same aspects. Also wld make clear as to why asking price has increased when on with another EA.

echomiaow

Thank you SGE1 )

mummyroysof3

Lol ironically I was discussing with the hubby our possible extension when I read this post. Personally I would not pay any more for a property than its worth at that time so I think what you suggesting is not a good idea but an EA may be the best person to give an opinion on what it would be worth after extension. Can you extend it and stay ?