To Extend or Not Extend

[jackd]

Hi does anybody have any advice to offer on this, I live in a 2 bedroom semi (Glasgow area) and I am either going to move or build an extension. I would be building the extension with the aim of making a profit on it and then selling. The extension would either be garage with a utility room at the back with a master bedroom/on suite upstairs or a utility room, and living rooms with the master bedroom/on suite upstairs.

What I am wondering is would it make that much by doing it and then selling, I would be doing part DIY. There are 3 bedroom semis in the same street which are exactly the same size as mine but with a different layout inside giving the extra room. What I'm debating is that the 3's go for 8-10 thousand more. But if I extend it would cost me a lot more and would the house be worth considerably more than the other 3's even though it would be twice the size as the others. Approximate size would be 4 mtrs wide by 7 mtrs long, Does the cost of building out way the extra value. Does anyone have any general advice/experience on this?

Thanks in advance,

JD

 

[noseall]

it is fairly true to say that moving from a three bed up to a four bed house can cost some buyers in exess of £100,000, depending on area. with this in mind, adding another bedroom by building an extension to a three bed, will give value for money.

if, as you say, the three bed's in your area are only worth £10,000 more than your two bed, then i can't see you re-couping the costs of a decent sized extension, unless your house is valued at say £60,000 or so more than its present value, once the extension is complete.

people are unlikely to pay a lot more for your extended three bed when they can get a similar sized house locally for a lot less.

 

[mikric]

I think that building an extension will very rarely put more value onto a property than the actual cost of it. ( why for example pay 60k to extend a 3 bed semi when for extra 50k you can buy 4 bed detached etc) extensions are great for people that are happy with current property ,location and such .And also lets you design exactly what you want ,without the hasle of moving and fees. I would say only extend if its what you want, and dont do it to make money, but then what do I know

 

[jono_h]

I agree with Mic, we've spent £70k on our house, adding 2 receptions and 1 bedroom. But, I don't have expected to add much more than that £70k (plus general price rise in the area) onto the value of our house.

What we do have is a house that exactly fits our needs (because we've designed the space), in the right location (because we bought the location, then made the house).

If you can't get what you want in your exisiting house, then move. If you can the stay and extend.