Calculating added value of extension?

Satansallsmiles

Hi,


I'm trying to calculate the rough additional value of an extension on my home - I'm looking to go from a 3 bedroom semi, to a 4 bedroom semi - A footprint of the extension being roughly 6.5m2. on the side of the house.


I want to work out if the value of doing such an extension would actually make sense in terms of additional value to the property. We need the space, and intend to be living in the house for another 5 years, but this is mainly me mentally coming to terms with the cost / benefit.


For info, the area is BN12 6HZ - Goring by sea. the house value is around the £280k mark currently, though obviously that is a non tested market price.

There don't seem to be any similar properties in the area that compare if we were to add the extra space.


Thanks for any assistance.

Doozergirl

6.5 square metres isn't very much? Are you sure that's what you're adding?

You're looking for the price per square foot of houses in the area. Find any 4 bedroom semis and make a spreadsheet detailing the square footage (hopefully from floorplans) and the price of each. Divide each price by the square footage and you should end up with a rough price per square foot when taking an average.

ReadingTim

Cost = more than you think
Benefit = less than you think

Over 5 years:

Value (to you) = priceless
Value (to someone else) = worthless

need_an_answer

ReadingTim wrote: »

Cost = more than you think
Benefit = less than you think

Over 5 years:

Value (to you) = priceless
Value (to someone else) = worthless

Totally agree with this,you need to be either thinking of resale value or benefit to you but at the moment pick one or the other.