When Does A Kitchen Extension Beat Relocation?
Having work done to your property can be extremely stressful, but for most accepted things the ends do clearly justify the means.
There will be a point in the middle of the process when there will be rubbish everywhere and everything in the house is covered in a thin layer of brick dust and you will wonder why you started the whole project in the first place.
But be strong in your resolve, according to a recent Sunday Times article an attic conversion
can easily add 15% to the value of your home and in some extreme cases an extension can even add up to 50%.
When you consider the average property price especially in cities this suddenly becomes a no lose calculation.
In all fairness a normal kitchen extension generally adds 5-10%, but when you consider some of the situations that the modern family finds itself in, relocation is often not the best answer to the question of more space for the coming of children.
Some people are just cannot quantify for a mortgage or are tied into a deal that costs too much to move from one financial institution to another. Some families just cannot find a property that’s right for them and when your bank will not let you change your existing deal…. suddenly extending the floor space that you have already got seems like a much more appealing option.
Ultimately renovating can cost much less than relocating considering moving expenses stamp duty and fees to horrible estate agents..adding an extra bedroom can be much easier on the bank balance.
Adding an extra bedroom while turning a small kitchen into a spacious kitchen diner are a sure fire way to instantly justify their costs.
These days the fashion is to have larger living areas with variable use in mind, being able to watch your children do their school work while you are cooking and your partner is using the laptop to plan your next holiday or sort out the finances is much more how we want to live these days.
Before you finally choose a project confront the costs and benefits of a loft conversion or kitchen extension to the money wasted in solicitor’s fees, mortgage arrangement fees, estate agents commissions and to the tax man when you move.
Average property prices in the UK are still around £210,000 and in London hovering around £390,000 .
When you add the uplift in the value to the fees that you have not paid out ( by not moving) the benefits all very significant.
For example the average cost of moving including mortgage fees etc for in London is around £19,000 add this to the 15% uplift in the average house price for a loft conversion
(£392,000 x 15% = £58,800) and you are £77,000 better off. Once you have taken account of construction fees you still have over £30,000 left over for a new car or a nice holiday.
So if you can stand a little discomfort for a few weeks there never has been a better time to do this. Unsurprisingly most people think the summa is the best time to do this but actually you will get a more precise and foster job done in the winter simply because your builder is not so run off his feet
People that are searching for info about internet marketing, please check out the website that was quoted right in this paragraph.
Filed under Home Improvement by on Oct 10th, 2010. 