Cost of property renovations has doubled in the last 3 yrs so is it better to buy a house that has a

coypondboy

I have been looking at several houses in our area and cam across 2 3 bed detached houses identical apart form on has had a kitchen diner extension with bi-folding doors and new bathrooms and decor.  When I looked at the price they paid prior to the work and then compared how much it would cost to do now v re-sale value I found a loss of 50% i.e work costs 100k now compared to 50k 3 yrs ago but price of house only gone up by 50k. So I could save 50k by buying the one that has had the refurbishment?

MultiFuelBurner

A single storey extension with bi fold doors, kitchen and flooring is not £100k (unless ultra high end). In general perhaps give us the meters sq this single storey is likely to be on the non extended house?

Noneforit999

Considering house prices are no longer rising anywhere near the rate they were, in fact many are dropping and with inflation being what it is (i.e. materials and labour costs are far more than they were even 3 years ago). I can't see how its even remotely financially viable to add an extension to a house unless its your forever home where getting back what you put in doesn't matter as you don't plan to sell.

Most houses have a ceiling price in the area anyway, ours is a 3 bed semi and the loft is huge but spending £50k on a loft extension to make it 4 bed is not going to add £50k to the value of the house, not even close so unless we really did need the extra space, its just not worth it financially.