Would love a few opinions...

ganderson1804

We are at a right cross roads with what to do. Would love to hear a few opinions!

Currently we live in a 3 bedroom semi. Unconventional layout. Downstairs we have large kitchen diner. Utility room. Master bedroom with ensuite. Upstairs large living room, 1 double bedroom and 1 good sized single. Family bathroom.

We have decided we need more space and a more conventional layout.

Choice 1 - 4x7 single storey extension. This would allow us to have kitchen diner, utility room, livingroom, wc, play room/bedroom 4 downstairs. Upstairs we'd have a master suite with ensuite and walk in wardrobe, family bathroom and the same double and single bedroom. Cost approx £80k. Current mortgage approx £160k. Value £220k. Here we need to 'find' the money through remortgaging and borrowing. Potential to do a 2 storey extension but this means more cost.

Choice 2 - https://www.aspc.co.uk/search/property/324609/7-East-Park-Road/Inverurie/

Needs everything done to it. Cost £260k. It's not an ideal layout with 2 bedrooms upstairs and 2 downstairs. We have a 3yr old and are planning another very soon. But has a lot of potential. We can easily get the mortgage.

Other issue is this one is currently on the market. We aren't anywhere near being up for sale. We would have to sell before we can buy so we risk putting ours on the market and this bring bought before we have the chance

Just don't know what to do for the best!! Would really appreciate a few 'outside' opinions!

Thanks in advance!x

nubbins

How are you going to "find" £80,000 when you only have 60k equity?

martin.cat

If you you like current home and have space for an extension that would seem to suit your needs best
Unless you think you will find a better home and a similar price in the location you want
Done well with completion certs extensions always add value and the short term pain of having work done will reap its benefits

We sold our house in less than a week with 3 offers on table and this was mostly down to fact we had an extension and this gave us edge over the competition

ganderson1804

nubbins wrote: »

How are you going to "find" £80,000 when you only have 60k equity?

Hi, we are in a fortunate enough position that my parents could lend us the money we need and we would repay them probably by remortgaging at the end of the project.

ganderson1804

martin.cat wrote: »

If you you like current home and have space for an extension that would seem to suit your needs best
Unless you think you will find a better home and a similar price in the location you want
Done well with completion certs extensions always add value and the short term pain of having work done will reap its benefits

We sold our house in less than a week with 3 offers on table and this was mostly down to fact we had an extension and this gave us edge over the competition

I think I'm leaning towards the extension more. We like the area, close to amenities, family near by. Can make a house we really want. But I can't get past the fact the house will always be a 'semi'. Are we investing a lot of money in a property that will never be worth it if you know want I mean?

Davesnave

Ganderson1804 wrote: »

I think I'm leaning towards the extension more. We like the area, close to amenities, family near by. Can make a house we really want. But I can't get past the fact the house will always be a 'semi'. Are we investing a lot of money in a property that will never be worth it if you know want I mean?

Depends. Every road has its ceiling price, but things can change over time.

When we bought our last house, which was a semi, we were the first to extend significantly in a cul-de-sac of 40 properties. Others hadn't considered the houses 'worth' extending in the past and many residents were old.

When we left the road 21 years later, every other house had been extended; many of them more than ours. The image of the road had altered, with the large gardens and quiet, convenient location being highly valued by young professionals with families.

If you are going to stay in the house a long time, it's the value which the extra space represents to you that matters most.

dimbo61

We built a single storey extension 3 years ago and added a downstairs shower room, huge kitchen/dinner with wall mounted TV.
Extra bedroom/study/playroom on the back.
Built out into driveway and across back.
It took up a lot of the garden but happy with the extra space and new layout.

martin1959

Davesnave wrote: »

Depends. Every road has its ceiling price, but things can change over time.


If you are going to stay in the house a long time, it's the value which the extra space represents to you that matters most.

This is very true. We have a bungalow we bought 2 years ago for a good price of £205k. It is now worth £255k ie £50k equity.
We have let it for the past two years and have builders going in shortly to build a 5m x 5m extension for a kitchen diner. This will free the existing kitchen to be converted to a utility/cloakroom. We will then sell existing property and move in.


The works will cost (with new drive and garage etc) about £100k. Based on plans, I have had the 'new' bungalow valued at about £300-310k, which it will have cost us in total.


Some friends think we are mad as we should sell now and pocket the £50k 'profit', but we plan to stay in this bungalow as our 'final' home, so when finished it will have absolutely everything we need.

edinburghman10

House prices in Kintore continue to plough on upwards. Great location for commuters. Families with kids will love the space around the house. All the best.