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House Extension v.s. Added Value

Roselondon_2
Posts: 126 Forumite


We've got the planning permission for a two story extension. However, after we received two quotes, we started doubt if the work would actually add enough value to justify the cost.
We live in North London with a 2 bed mid-terrace house which has a loft conversion done already. The quotes we got from two reputable building companies are about 90k for the entire project, with one of them stating the quote is based on fixed rate.
The work would involve
a) a ground floor extension of 3mx2.5m, moving the entire kitchen to the front of the house, moving the ground floor toilet to the middle under the staircase to the 1st floor.
b) 1st floor extending 1mx2.3m, creating a new bedroom with current bathroom moved the side next to the new bedroom.
c) the 1st floor work would require the staircase to the 2nd floor to be moved and hence new structural work for the 2nd floor to support this change.
On top of all these, one chimney stack would need to be knocked down on ground floor and 1st floor.
Overall, it is going to be a big project and one of the builder has commented the entry to the house is quite limited (mid-terrace) with very narrow space to work on (3.4m overall width throughout the house). This might contributed to the difficulty of the building work.
I've seen some online advice on extension costs, these 90k quote seem quite excessive comparing with normal standard of per sq. m2 quote. However, considering we are adding one bed, the house value would increase. In a normal year, the price will just go up, but in the past year, thanks to the bad climate, the house prices in the neighbourhood has only been going down. However, with the current state of the house, we wouldn't be able to sell it with a good price to allow us moving to anywhere decent with more bedroom.
Would appreciate some comments. Is this 90k excessive for the extent of the work described?
We live in North London with a 2 bed mid-terrace house which has a loft conversion done already. The quotes we got from two reputable building companies are about 90k for the entire project, with one of them stating the quote is based on fixed rate.
The work would involve
a) a ground floor extension of 3mx2.5m, moving the entire kitchen to the front of the house, moving the ground floor toilet to the middle under the staircase to the 1st floor.
b) 1st floor extending 1mx2.3m, creating a new bedroom with current bathroom moved the side next to the new bedroom.
c) the 1st floor work would require the staircase to the 2nd floor to be moved and hence new structural work for the 2nd floor to support this change.
On top of all these, one chimney stack would need to be knocked down on ground floor and 1st floor.
Overall, it is going to be a big project and one of the builder has commented the entry to the house is quite limited (mid-terrace) with very narrow space to work on (3.4m overall width throughout the house). This might contributed to the difficulty of the building work.
I've seen some online advice on extension costs, these 90k quote seem quite excessive comparing with normal standard of per sq. m2 quote. However, considering we are adding one bed, the house value would increase. In a normal year, the price will just go up, but in the past year, thanks to the bad climate, the house prices in the neighbourhood has only been going down. However, with the current state of the house, we wouldn't be able to sell it with a good price to allow us moving to anywhere decent with more bedroom.
Would appreciate some comments. Is this 90k excessive for the extent of the work described?
0
Comments
-
Moving things around inside the house isn't necessarily going tonadd any value. Increasing the square meterage will.
Are you really only adding 10 square metres? I know this is London and small spaces can be really useful, but the majority of cost is in the fact that you are gutting the house.
Perhaps there is a more cost effective option. Is all of that rejigging absolutely necessary to get good use of the extensions?
We don't know where you are but have you looked at the prices of 3 beds with similar sqaure meterage?Everything that is supposed to be in heaven is already here on earth.
0 -
Is there a very good reason for moving the kitchen to the front?
A typical extension in a 3.4m wide terrace might be to make the rear kitchen as big as possible with full height/width doors/windows overlooking the rear garden.0 -
Hi,
Have you had a look at what your house value plus another 70k would buy you? (Trying to factor in the cost of moving) How does that compare to what you would have after the work?
Would only extending the ground floor for a nice kitchen diner (as described above) add value that you could also use to move?
Tlc0
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