£40k to convert loft (add two bedrooms) or move (from 3 bed to 5 bed house)?

Wkmg

martindow said:

You also need to look at the space you will lose downstairs to fit a staircase.  As has been said be realistic with what you will achieve in the loft.  If you have sloping ceilings, rooms have a lot less usable space than the floor plans suggests.

Not if you have a mansard or dormer.

AdrianC

[Deleted User] said:
Ok, just been doing some searching on rightmove and see that the cheapest 5 bed houses say 'HMO' in the listing and look like they've been designed to cram students in

Yep, that's exactly what they are.

HMO = House of Multiple Occupation. The property has a licence to rent the rooms out separately. Bedsits, shared house, call it what you will. Pile 'em high, rent 'em cheap, count the returns.

Splatfoot

Or look at buying a 2-3 bed bungalow and do the conversion. That's what we did. We are south east too. 

eidand

Splatfoot said:

Or look at buying a 2-3 bed bungalow and do the conversion. That's what we did. We are south east too. 

I assume you added 2 extra bedrooms and maybe a bath, upstairs? Just out of curiosity, when was it done, how long did it take and how much did it cost? Sorry, lots of questions I know, but it's an option I am contemplating as well.

Scotbot

lincroft1710 said:

Unless you're in one of the cheaper areas, I can't see you finding anywhere suitable for an extra £30,000. Because by the the time you had paid EA and solicitor fees plus moving costs and all the "hidden" extras that come with moving, that is what you would have left from the £40,000 you would have otherwise spent on the conversion. 

Downside of a conversion - well it helps if you like DUST!

Probably a lot less than 30k when you account for stamp duty on a 5 bed house in the SE

pinkshoes

[Deleted User] said:

thanks, I really need the extra rooms quite badly, already have two bathrooms, built-in garage, and reasonable garden.  Not expecting to add £40k to my house's value, just to avoid spending more moving.

Could you build an extension rather than a loft conversion if you have a reasonable garden? This could give you two extra bedrooms as well as downstairs space.

It would cost more than the £40k, but could be cheaper than moving to a nice 5 bed. 

AnotherJoe

£40k seems cheap to me but then i live in SE.

dimbo61

It all depends on your existing home.
Old Victorian periodwperiod house wide staircase and high bedroom ceilings ? 
Good sized existing rooms downstairs with room to build a downstairs single storey kitchen extension ?
Seen a few brilliant loft conversions if done right 

Splatfoot

eidand said:

Splatfoot said:

Or look at buying a 2-3 bed bungalow and do the conversion. That's what we did. We are south east too. 

I assume you added 2 extra bedrooms and maybe a bath, upstairs? Just out of curiosity, when was it done, how long did it take and how much did it cost? Sorry, lots of questions I know, but it's an option I am contemplating as well.

We originally had a 3 bed bungalow, with lounge, kitchen and bathroom. The loft area was quite large (gable ended) so we ended up with three bedrooms upstairs, a family bathroom and an ensuite.i realise not everyone would have this space though. Ours was slightly different as we got a builder in to do the main structural work and we did the rest. So it took a lot longer but obviously worked out cheaper. I think we paid the builder £23,000 and probably spent another £15,000. It was a big space though. We started 2015 and because we did it ourselves, it took a couple of years.😮 The builder would have finished it in about 4 months I reckon. 

SootySweep1

Hi
Do you want to stay in your current house or do you want to move ?
What I'm trying to say is do you like where you are ? Do you get on with your neighbours ? Are you happy with the local schools etc etc
It's not just about bricks and mortar there are other things to consider.
You can have the perfect house but in an area where you're not happy etc or a house that is only 85 - 90 % but the area is perfect.
Moving isn't cheap + the stress. Extending isn't cheap + the stress + the dust !
Don't just look at the cost think about where you want to live !
Jen