Should I build extension or repay mortgage?

andrewf75

Yeah if you're in London I think that changes things slightly - but get some quotes. I can't imagine you will be able to build a good extension for 30k.

maria2014

tired_dad wrote: »

In London! Extend. You'll make more than any bank can offer or any mortgage overpayment will save.

However, if you can only just make the mortgage payments and feel financially vulnerable it's fine to overpay the mortgage. You can save and extend at any timepoint.

andrewf75 wrote: »

Yeah if you're in London I think that changes things slightly - but get some quotes. I can't imagine you will be able to build a good extension for 30k.

If I overpay the mortgage now it'll take me ages to save up again, so would forgo the rent income if I were to build.

I'd only want to build it if say I spent £30k and the house value increased by the same.

I did already spend £150 on a architect consultation (he's very expensive!) and spent lots of time researching planning drawings/ floorplans.. so would feel like an anti-climax if I didn't go ahead with it but I could always do it later.

I might call up some estate agents and just ask generally if the house value would improve if I did the extension, but not sure if they would answer truthfully or tell me to sell now to get the business lol


Thank you for everyone's replies so far!