Building an extension, quotes

princessdon

No one can give you an exact quote as drainage and access feature highly when determining price.

I'd look at 1O - 15% more for 1 bed over studio. I'd guess at 5 - 10% more for "capacity" to extend depending on how rare the possibility of extension is. Planning permission and a ball park building quote for the works will really help with saleability IMO, as it shows it can be done and at what cost.

echomiaow

Would market values not come into it? Espec where properties are in London, where demand for affordable properties for FTB is outstripping supply and rent levels are through the roof?

echomiaow

Idea was my EA would be supportive and bothered enough to help me assess what price its worth but they seem to want to keep it undervalued which I feel is a bit sus since an associate EA from another office has put offer in for it at current asking price....

echomiaow

thanks for insight princessdon, interesting you say 10-15% diff 1 bed and studio, my neighbours have their 1 bed up for sale and its £100k more than mine!!!!

princessdon

echomiaow wrote: »

Idea was my EA would be supportive and bothered enough to help me assess what price its worth but they seem to want to keep it undervalued which I feel is a bit sus since an associate EA from another office has put offer in for it at current asking price....

If an EA offered its under value

Can you change EA or are you under contract? Did you get at least 3 valuations? This time of year is peak buying, a few months and the dip will hit. I'd be tempted to ask for sealed bids, do an open day and ask for offers only ensuring plenty publicity personally.

princessdon

echomiaow wrote: »

thanks for insight princessdon, interesting you say 10-15% diff 1 bed and studio, my neighbours have their 1 bed up for sale and its £100k more than mine!!!!

I don't know London well . No one likes their bedding shown, huge advantage.

Question is are you able to finance the extension (can't get a mortgage based on future work with no equity). Can you wait to sell, are you the type of person who can live in a building site (remember flooring and finishes costs and mess)

If yes, then take off the market and keep the capital for you.

echomiaow

I don't want to put up with mess and tbh don't now trust my EA to conduct sealed bids given suspicions to be persuaded to keep asking price low = mates rates for associate EA to get flat. I am only tied in for 6 wks and already into wk 2 so will get termination letter off in 2 weeks time and get out of contract and put on with another EA but would like to then have evidence of potential costs to convert. Am sure I could justify some uplift, as 1 beds around here are around £220k upwards and none of these have a pool in their garden!!!

echomiaow

Had open day on sat, 13 viewings. Just wish now I'd been there but EA on his own and I haven't a clue what he'd said to people re offers theyd like to put in, given that his mate the EA had offer already on table for asking price!!

echomiaow

Do sales particulars for properties ever include details of costs for works to increase capacity/heighten value? Just wondering if anyone has ever come across this?

princessdon

echomiaow wrote: »

Had open day on sat, 13 viewings. Just wish now I'd been there but EA on his own and I haven't a clue what he'd said to people re offers theyd like to put in, given that his mate the EA had offer already on table for asking price!!

Ouch - not good, your EA could have ulterior motives. i'd ring some builders and get quotes. It needs seen to quote (eg my studio flat in London cost more to make 1 bedroom over turning my 3 bed to 5, my current home cost a fortune to go over garage as plumbing on other side. The studio cost more for me as poor access so digging foundations and skip access, machinery access for concrete etc was limited. It needs to be quoted, most builders will (tell them you are staying).