How much value could I add by doing the following

Jackt90

The project is roughly two years away, so likely to start in 2017.

The bungalow is part of our family and is situated in a rural farm setting with very impressive, uninteruped views. The bungalow is detached and boasts a floor area of circa 140m2.wall to wall ext. Similar again for garden and patio space / parking. It currently has 2 bedrooms, 2 bathrooms (1 shower 1 bath) kit, din, liv, utlity, garage with electric doors, good size.

Now the plan is to buy the bungalow and convert the upstairs loft (I'm pretty sure it was built to accommodate upstairs conversion if needed) so this might lower costs. I want to add two good size bedrooms both with ensuites or something similar. Two / three dormers on the back (with walkout balcony) and velux on the front road side. Back has fields for a mile until nearest road. I am also interesting in updating an recongiuring the downstairs space in certain ways.

Currently worth around £400k as it stands. I have roughly £70k to spend on it, cash.

With the above works completed, I'd be interest to get your estimates on how much value could be added.

The bungalow was purpose built in 1991 and the build quality is not bad, similar to Yorkshire stone, insulation isn't great but could be updated. LPG boiler. Lovely setting as already mentioned.


Cheers

Doozergirl

How much floor space are are you adding?

You can look roughly at a price per square metre, and also looking for comparables locally.

You say the bungalow has a value of a little less than £3000 per square metre. Two storey houses are worth less than bungalows per metre, you'll need to find an average for your area to give you an idea.

But it's comparables you're looking for. Making it look like a genuine 1.5 storey house is going to add more than it looking like a converted bungalow.

Jackt90

Doozergirl wrote: »

How much floor space are are you adding?

You can look roughly at a price per square metre, and also looking for comparables locally.

You say the bungalow has a value of a little less than £3000 per square metre. Two storey houses are worth less than bungalows per metre, you'll need to find an average for your area to give you an idea.

But it's comparables you're looking for. Making it look like a genuine 1.5 storey house is going to add more than it looking like a converted bungalow.

I said 140m2 externally, so lets say inside it's about 120m2, maybe a touch less for loss of space, say 115m2. That's now £3400/m2

I'm looking to add usable floor space of circa 70m2 upstairs.

So revised at 185m2 x £3400 = £629,000.

However, from the roadside, it will still look like a bungy, that's my concern. The only give away will be the velux. Now do I go for a dormer on the front as well (requiring planning most likely)?

Cheers

Jackt90

Any further opinions?

TBagpuss

A key factor in what it may add is how it would compare to other properties in the area. What kinds of prices do 4 bed houses go for?

Bear in mind that a lot of people don't like downstairs bedrooms so a converted bungalow may well be worth less then a 4 bed house of a similar size.

ognum

Who are you planning to sell this property too?

Sometimes you cannot recoup the cash you have put in because you miss your target market.

Doozergirl

Jackt90 wrote: »

I said 140m2 externally, so lets say inside it's about 120m2, maybe a touch less for loss of space, say 115m2. That's now £3400/m2

I'm looking to add usable floor space of circa 70m2 upstairs.

So revised at 185m2 x £3400 = £629,000.

However, from the roadside, it will still look like a bungy, that's my concern. The only give away will be the velux. Now do I go for a dormer on the front as well (requiring planning most likely)?

Cheers

See, I didn't say it would be worth the same per square metre as a bungalow! You'd be pushing it at that price if it looked like a house, even. The plot size doesn't change and that is where most value is held. Bungalows generally have smaller living area compared to plot size, hence more expensive per metre.

You need to look at 1.5 storey houses in the area and see how they balance out on price per square metre.

I can't do it for you. But say it's worth £2500 a square metre, then that's £469,000. It really won't be £3400, not if it only has Velux windows. You will alienate much the part of the market looking for a large house - a family home. Most won't buy what looks like a bungalow. And most older people won't be looking for a family home.

You need to assess what you have in place to see how far that £70k will ultimately take you. No doubt you can add more than you spend, it' a matter of how you spend it and how attuned you are to your market.

lincroft1710

Why don't you talk to local estate agents and ask them for a rough opinion of value for the bungalow when extended.

Whenever I see the words "rural farm setting" and a modern property is involved, two other words come to mind "Agricultural tie". But I'm sure you've checked the bungalow isn't subject to this.

Jackt90

Good point, and you're correct. This is why I'm talking 2 years from now as we're in the process of removing the agricultural attachment. Without this, I wouldn't be interested in buying.

bris

Jackt90 wrote: »

Any further opinions?

You do realise the best opinions will come from real world experts in your area, like surveyors or estate agents.


There isn't a cats chance in hell that anyone sitting at a computer hundreds of miles from your area is going to know the market value of a house not yet completed.


Of course every one can guess for you but your local expert will give you the ceiling price for it.


I know see you even talking 2 years down the line, well then even the local expert doesn't have a crystal ball.

MisterB1959

I think its worth £100 from where I am, cos I cant actually see it or the area, nor do I know what types of property local buyers prefer,but I will offer you £120 on a gut feeling irrespective of whether you do the work or not