In most cases an extension will add value to your property. An additional living space is always appealing to a potential buyer whether it be more living space, a kid’s playroom, larger open plan kitchen with dining room, or a utility room and ground floor wc. From experience most people are enjoying a larger kitchen/dining room where families can spend time together and you will often hear that these rooms become the rooms where families spend most of their time together, this also adds entertaining space for guests.
When deciding whether or not to extend your home you need to think about whether the extension is to improve the quality of your family life or whether the extension is to increase the value of your property for a possible sale on the property. If you have no intentions on moving house, then you should not worry too much about how much value an extension will add, you should design the extension for what works best for you and your family. Whatever the cost of the extension, the works completed will most likely see the cost of the extension added to the value of the property so you should get the return back on a sale if you change your mind in the future, providing the works are completed to a good standard. But not all extensions will add further value than what you spend.
Choosing the right builder is important for this because if the works are not completed structurally sound and finished to a good standard, there is a possibility the extension could de-value the property or make it hard to sell; if the potential buyer thinks there is more work needed to bring the property up to a good standard these works could put them off.
Adding bedrooms is the best way to add value to the property but you need to be strategic in your thinking when designing your extension. You would need to consider if adding two or three more bedrooms would mean adding another bathroom. A house with 5 bedrooms for example would be expected to have more than one bathroom, or at least a master bedroom with en-suite.
How much value an extension can increase the value of your house will depend on many key points.
- The ceiling price in your road. It is important not to over spend on a property, however in some cases, extensions completed to a high standard can often increase the value and break the ceiling price in the road.
- The design and finish. In most cases people like to see the extension blend in with the house, it can be important to use the correct materials to make this happen. However, sometimes a contrast of bricks and render or render and cladding or vice versa can look aesthetically pleasing. Choosing the correct architect or builder who takes pride in their work and offers advice is important. Often builders with a lot of experience have worked on all sorts of designs and they will know what works and what does not. Choosing the builder who offers advice and takes pride but also listens to your needs is key to achieving the best result in completing your extension.
- If there is a negative point to your existing house, then maybe you should look to improve this area if adding value is your main objective. For example, maybe you were thinking of extending your living room but your property has a small kitchen or needs a porch then maybe you should consider the negatives first.
- Estate Agents. If value is your main objective, asking an estate agent to assess your architect’s drawings could possibly change your mind-set. Sometimes a home owner who has lived in a property for many years can only envision what they think would be best and cannot see the real potential of a different design. Once again, a good builder can offer good advice here before even spending money on architects’ drawings.
On the whole building an extension will add value to your property. How much value will always depend on the key points. People will often get caught up in their thoughts when trying to achieve more value to their property and look for the cheapest builder in order to achieve the highest profit. This will not always work. As mentioned above, completing the extension to a good standard is key as most people when buying their home will expect this, especially if the extension is newly built. A newly built extension that is not built to a good standard will concern a potential buyer as they will be concerned as to what could happen once the property starts to settle. Sometimes the cheapest builders are cheap for a reason which can often mean poor workmanship, resulting in paying another builder to remedy the works. Look for a builder who can offer completed projects for you to view and speak to their customers for references.
Why not contact Caudle Developments Ltd today and we can help you with an estimate? CDL have experience in all sorts of projects including many extensions.
