With families growing and house prices traditionally soaring, it comes as no surprise that more people than ever are deciding to invest in home extensions rather than moving to a different property.
We understand that the research process into home extensions can be meticulous and one of the most frequently asked questions by our customers is “will it be worth the investment?”
To help answer this, we have put together some of the most frequently asked questions about the financial aspects of home extension, so you have all the information you need in one place.
Does a home extension increase the value of a property?
In most cases, a home extension will
increase the value of your property.
If you are looking to sell your house in the future, an extension can be a great way to ensure you are in a position to make the greatest possible financial gain from the sale. This is of course, providing the cost of the extension is smaller than the value it adds to your property.
It is tricky to accurately predict how much value an extension will add to your property, as a number of factors including the size of extension, the type of property and the location of your house will cause this to vary.
This is why it’s crucially important to consult a professional. They can help you find out the current market value of your home, and provide you with an indication of what it could be worth with an extension, which will help you reach a conclusion about whether the investment is worthwhile.
If you do decide an extension is right for you, it is absolutely vital to engage an experienced and trusted contactor. It may be tempting to go for the lowest quote offered, but this may risk a sub-standard or even unsafe property extension which could cause you more financial woes in the future.
Will a home extension affect my mortgage?
While renovating your home or adding an extension may not affect your mortgage or repayments, it is good practice to let your lender know, should you make any significant changes to your property, that affect or enlarges its structure.
How much does an extension cost?
Unfortunately, there are no set costs for home extensions. The type of house, size of extension and the contractor are just some of the factors which will affect the price.
In order to receive the most realistic quotations from contractors, ensure that you are as specific and detailed as possible when it comes to giving information about the extension you want.
Also be sure to request quotes from multiple companies, this way you can see what the average cost of your project should be.
Is an extension worth the investment or should I move house?
The answer to this question depends heavily on your own particular circumstances.
A lot of our customers find the need for more space due to growing families, but they need to stay in the catchment area for their child’s school or want to stay near family members. It’s in these situations where we recommend a home extension rather than a move.
In the majority of cases, having a home extension is cheaper than the cost of moving. By the end of it you’ll find yourself with more space, without the stress of relocating, and you it’s likely that you will have increased the value of your house, which will be to your advantage in any future move.
An extension to your house will only be ‘worth’ the investment if it is done by professionals, safely and by a company you can trust. If you choose a contractor who doesn’t do the job right, first time, you could be forced to pay out for the work to be redone or rectified to comply with health and safety standards.
If you have any questions, or you would like to get the ball rolling on your own home extension project, contact us today.