No matter how you shape the debate, the costs of a new build, selling your existing home, moving, relocating and all the accompaniments is an expensive and stressful undertaking. Furthermore, new builds are certainly more expensive than planning and extending your home with an energy-efficient, conservatory or extension of your choice.
With existing home values rising, it may be a good opportunity to consider how an extension will positively affect the aesthetics and functionality of your home. If you have the opportunity to extend into the garden, it might add the extra space that you desire, and one that your family can grow into over time.
THE EXTENSION DILEMMA
What many British homeowners are finding is that the typical three bedroom home just does not have enough space to support their family, and more commonly in modern times, their work-at-home business. Property experts recommend that purely seasonal rooms be avoided, as the real value comes when areas of the home can be used year-round. Weather-dependent extensions do not add anywhere near the same value that an insulated and energy efficient extension will contribute.
Terry Holmes, the Director of estate agents Beresford’s offered this recommendation: “A huge proportion of the UK’s housing stock has three bedrooms but few have four. A fourth bedroom extension will be sought by buyers looking for a property suitable for older children or elderly relatives. However, it is important not to make any additional room too specialised. It may suit you but it could deter some buyers who might think that they are paying more for a space they would not use.”
With that qualifier in mind, homeowners should be aware of their investment and make decision that will, add value to the next buyer. Then the question becomes, “What adds value?”
While a fourth bedroom might help, you cannot please all the people all the time. Today’s buyers like open kitchens, open living areas and great bathrooms. Investing in extensions that cover any of these bases are sure to yield a good return.
THE COST OF EXTENDING & BUILDING
In today’s market, extensions are a great buy. Jamie Lester of Haus Properties (and formerly of BBC’s The Apprentice) says that existing homes are selling for around £600 per square foot. A good quality extension will cost between £150 and £200 per square foot. For example, extending your floor plan with bi-fold doors and opening the home to natural light with today’s high tech windows and skylight would indeed yield big returns.
Extensions costing can yield big returns in the long-term. One aspect of planning your extension that property agents all seem to agree upon is that, as Lindsay Cuthill of Savills told The Telegraph; “It’s important for an extension to be in keeping with the existing property and my advice is to avoid overbuilding.
“An extension that eats significantly into a tiny garden will not achieve optimal value. And in response to concerns that a relaxation of planning controls will open the door to cowboy builders, there will still be the safeguard of building regulation and controls.”
Homeowners should plan carefully to ensure the extension is situated comfortably and enhances the property’s overall value. In some cases, this can mean retaining the services of an architect, which is an added expense but which can make certain your investment is wise. Architects can also ensure that your extension is compliant with local regulations.
If you like the location of your home, but you’re looking to add more space, an extension may be a viable option. Whether its a small conservatory, or a larger extension to add another bedroom, extending your home can add value and improve your lifestyle significantly.
If you are looking to extend your home, take a look at our range of bi-fold doors, so that you can seamlessly link your home with your garden. For more information, get in touch.