Purchase property to extend

samsam89

Hi all.

Currently weighing up the pros and cons of this property http://www.rightmove.co.uk/property-for-sale/property-51311421.html with a view to purchasing and building the attached extension & re-jig of floorplan.

Proposed plan:

http://planning.breckland.gov.uk/OcellaWeb/viewDocument?file=dv_pl_files%5C3PL_2017_0626_HOU%5C3PL_2017_0626_HOU-PLANS_1.pdf&module=pl

Existing plan:

http://planning.breckland.gov.uk/OcellaWeb/viewDocument?file=dv_pl_files%5C3PL_2017_0626_HOU%5C3PL_2017_0626_HOU-PLANS.pdf&module=pl

Any ballparks on what this may cost or anyone completed a similar? Trying to get a builder to accompany on a viewing but no luck pinning one down yet and don’t want to be wasting my own time.

Have £60k in bank and can afford property with mortgage and part of the £60k as deposit. Can also live elsewhere while any works are carried out.

Tom99

Your links don't seem to work at the moment, this one may help:-

http://planning.breckland.gov.uk/OcellaWeb/showDocuments?reference=3PL/2017/0626/HOU&module=pl

Doozergirl

You have £60k including deposit?

That is a big project. It's a lovely project for someone but £60k isn't close, in my opinion. Let alone with what I'm sure is a fair chunk of that going to the deposit. Have you shown these plans to the builders that won't come?

samsam89

Doozergirl wrote: »

You have £60k including deposit?

That is a big project. It's a lovely project for someone but £60k isn't close, in my opinion. Let alone with what I'm sure is a fair chunk of that going to the deposit. Have you shown these plans to the builders that won't come?

Hmm.

Yes part of the £60k would be deposit. How much depends on exact mortgage we go for. Broker is coming out to us on Tuesday and we're viewing it on Monday. I wonder what alternative methods of finance for renovation there are.

Am prepared to do as much of the manual labour as possible, and source the materials but just have no concept of costing for the actual work.

We have been recommended a couple of builders so far but have rung and not been able to speak to them about the plans yet.

Doozergirl

I can't read well on my phone but is the main extension about 4 x 8.5 metres plus wraparound? I'd put £100k on that before you even start considering that the existing interior layout will also be unrecognisable in terms of plumbing & electrics, plus wall knocking, support and what (looking quickly) looks like an entirely new roof.

It's certainly adding square footage, more than doubling the size and presumably adding considerable value. Whether the cost pays back in value, I don't know, but your budget doesn't come close.

Not sure what manual labour you'd be planning on doing.

samsam89

Tom99 wrote: »

Your links don't seem to work at the moment, this one may help:-

http://planning.breckland.gov.uk/OcellaWeb/showDocuments?reference=3PL/2017/0626/HOU&module=pl

Apologies and many thanks.

samsam89

Doozergirl wrote: »

I can't read well on my phone but is the main extension about 4 x 8.5 metres plus wraparound? I'd put £100k on that before you even start considering that the existing interior layout will also be unrecognisable in terms of plumbing & electrics, plus wall knocking, support and what (looking quickly) looks like an entirely new roof.

It's certainly adding square footage, more than doubling the size and presumably adding considerable value. Whether the cost pays back in value, I don't know, but your budget doesn't come close.

Not sure what manual labour you'd be planning on doing.

Ok, thanks.

Yes it would be about 4 x 8.5

We have friends and family in the trades plus I would be able to carry out all labour myself with the help of family for no cost but I doubt that would provide a £40k saving.

Food for thought and a few builders quotes I think!

brightontraveller

If its for money/profit someone would have already?
Those with a vested interest would disagree seller, estate agent, builder etc .. Better development potential property in the area the leap from and either 2-3-4 in this area just doesn’t warrant the expense... Mega basement/ extension in London and alike warranted Hicksville waste of money....

Odd price variations and rental income that doesn't scream good return either ?
https://www.zoopla.co.uk/property-history/1/holmedene-cottages/water-end-lane/beeston/king-s-lynn/pe32-2nl/38463188

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwiukMqD4JHXAhVHLhoKHdWaBJAQFgg5MAI&url=http%3A%2F%2Fphotos.mouseprice.com%2FMedia%2Fconnells%255C196%255C5_D%255CRM1%255C086%255C41_%255CDOC%255C_00%255C1965_DRM108641_DOC_00.PDF&usg=AOvVaw2xicx8RBFyMCBR9Zbw4Zfv

samsam89

brightontraveller wrote: »

If its for money/profit someone would have already?
Those with a vested interest would disagree seller, estate agent, builder etc .. Better development potential property in the area the leap from and either 2-3-4 in this area just doesn’t warrant the expense... Mega basement/ extension in London and alike warranted Hicksville waste of money....

Odd price variations and rental income that doesn't scream good return either ?
https://www.zoopla.co.uk/property-history/1/holmedene-cottages/water-end-lane/beeston/king-s-lynn/pe32-2nl/38463188

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=3&cad=rja&uact=8&ved=0ahUKEwiukMqD4JHXAhVHLhoKHdWaBJAQFgg5MAI&url=http%3A%2F%2Fphotos.mouseprice.com%2FMedia%2Fconnells%255C196%255C5_D%255CRM1%255C086%255C41_%255CDOC%255C_00%255C1965_DRM108641_DOC_00.PDF&usg=AOvVaw2xicx8RBFyMCBR9Zbw4Zfv

Well it would become our family home, however there would be zero point in extending if it didn't add cash value in my opinion is it would be money down the drain.

Interesting that it's previous particulars were £25k cheaper, though it didn't have planning back then.

Doozergirl

samsam89 wrote: »

Well it would become our family home, however there would be zero point in extending if it didn't add cash value in my opinion is it would be money down the drain.

Interesting that it's previous particulars were £25k cheaper, though it didn't have planning back then.

Planning permission for an extension does not add value! Not a penny.

I thought I'd replied again last night, but it's not there. Please tell builders what your budget is before you ask for quotes. Under £60k is really not going to touch this project and it's unfair to ask people to spend time and money on quotations where the budget is so unlikely to match the reality of building.

I calculated at 87 square metres. There is a very old (and irrelevant) rule of thumb of £1,000 a metre for a basic new build. Extensions are more expensive than new builds and new builds don't attract VAT. The very minimum price on a rule of thumb that must be 20 years old is £104,400. I think £1,200 plus VAT is more realistic but still low considering the alterations to the existing building. That's £125,280.

That type of work is very much what my company specialises in. We've been extending and renovating for a long time now.

samsam89

Doozergirl wrote: »

Planning permission for an extension does not add value! Not a penny.

I thought I'd replied again last night, but it's not there. Please tell builders what your budget is before you ask for quotes. Under £60k is really not going to touch this project and it's unfair to ask people to spend time and money on quotations where the budget is so unlikely to match the reality of building.

I calculated at 87 square metres. There is a very old (and irrelevant) rule of thumb of £1,000 a metre for a basic new build. Extensions are more expensive than new builds and new builds don't attract VAT. The very minimum price on a rule of thumb that must be 20 years old is £104,400. I think £1,200 plus VAT is more realistic but still low considering the alterations to the existing building. That's £125,280.

That type of work is very much what my company specialises in. We've been extending and renovating for a long time now.

Thank you very much for your input. Certainly the more I'm looking into it, the more it's looking less doable. The inlaws have just had their home built by a local builder whom they'd used before and it came in at £900 per cubic metre. They were claiming VAT back as its new build so there's a cost recouped that we wouldn't be able to.

I suppose for it to be a viable option for us then the property price would need to drop significantly.

In terms of your estimate (and I totally appreciate its very much an estimate). Is that purely for the construction of the extension? Or does that include some form of finish to it? I'm making the assumption that it wouldn't include any of the internal work required to re-map the floorplan etc.