to build or not to build, that IS the question.....

[brookster]

comments, thoughts and opinions much appreciated.. ...here is the scenario folks
i own a nice black faced stone 3 bed semi circa 1880, located in west yorks, which over the last 2 years i have renovated up to a reasonably high standard - new kitchen, new carpets, fully decorated etc. now comes the good bit that is giving me sleepless nights...at the side of the house is a large single storey stone outbuilding, not built at the same time as the house, which is split into 2 parts front and rear, the front part came with the house and i have recently completed the purchase of the rear part from the next door neighbour, along with all her rights of way etc. my original plan was to simply convert the building into a garage by removing the dividing wall and installing a garage door, but i have since changed my mind and would like to build a 2 storey extension with garage and lounge on grd floor and large master bedroom with en-suite upstairs. my main worries are:cost to increased value ratio, i would have to have the gas meter moved, and my main sewer drain runs right where i would have to dig foundations. help me persuade the wife it would be worth doing, please !!!!! apologies for the long post but i got carried away

 

[chappers]

Adding an extra bedroom adds a quantifiable value to your house just look and see what the difference is between 3 and 4 bed properties of similar type and then weigh this up against the cost of doing the works, like wise with the garage.

 

[legs-akimbo]

Renovation costs of a high standard run higher than do new builds.
If you aim to stick a monstrosity onto a no doubt elegant property then you will not recoup the value of the development. If it will be a sympathetic and aesthetic build then you can not fail to benefit. Drain runs can be rerouted with ease mostly.

 

[TexMex]

Your best source of information would probably be an estate agent. One of my mates has been improving his home for years. This included an extention (giving him 5 double bedrooms) but has has now reached the ceiling value for his area (about £550K). He was considering putting a swimming pool in the back garden, but it probably wouldn't make any difference to the value of the property. Ironically, just down the road, a similar house has been knocked down and a block of 24 (yes TWENTY FOUR), flats is being built on the site. They are selling for £220K each. Someone is going to make a hell of a lot of money on that.

Now if you could convert what you have, into two separate houses, you would probably get quite a good return on your investment.