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house extension value calculator
When contemplating home improvements, many homeowners face the pivotal question: Is it more beneficial to extend their current home or move to a new one? House extensions can significantly transform your living space, not just by adding square footage but also by potentially increasing the market value of your property. This article delves into the intricacies of extending your home, weighing the benefits against the potential downsides.
Is It Worthwhile Extending Your Home?
The worth of extending a home largely depends on several factors, including the current housing market, the scope of the extension, and personal circumstances. Extending your home can be a wise investment if it adds more functional living space that meets your needs, such as a larger kitchen, an extra bedroom, or a home office. It’s essential to consider the cost of the project versus the expected increase in property value and whether the extension will make your home more functional and enjoyable for your lifestyle.
Benefits of Improving Rather Than Moving to your home
Cost Efficiency
Improving your current home can often be more cost-effective than moving. Moving house incurs several additional costs, including estate agent fees, legal fees, stamp duty, and removal costs. In contrast, investing in your current property through an extension can enhance its value without these extra expenses.
Personalisation
A house extension allows you to tailor your living space to your exact preferences and needs. Whether you dream of a spacious open-plan living area, a sun-drenched conservatory, or a practical utility room, extending offers the flexibility to design your ideal home environment.
Avoiding the Hassle of Moving
Moving house is frequently cited as one of life’s most stressful events. By choosing to extend, you can bypass the turmoil of packing, the challenge of finding a new property, and the uncertainty of settling into a new neighbourhood.
How to Add the Most Value to your house
To ensure your extension maximizes your home’s value, consider the following tips:
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Prioritise Popular Features: Think about what future buyers might look for. Open-plan living areas, modern kitchens, and additional bathrooms often top the list of desirable features.
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Quality Over Quantity: A well-designed, high-quality extension can add more value than a larger, but poorly executed project. Focus on finishes and details that will stand the test of time.
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Seek Professional Advice: Consult with an architect to ensure your plans will positively impact your home’s market value and appeal.
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Adhere to Building Regulations: Ensure your extension complies with local planning permissions and building regulations to avoid future legal issues.
The Downside of Extending Your House Rather Than Moving
While there are many benefits to extending your home, there are also potential downsides to consider:
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Overcapitalization: There’s a risk of spending more on the extension than the value it adds to your property, especially in a stagnant or declining real estate market.
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Disruption: Construction can be disruptive to your daily life, often requiring you to live in a construction zone for months.
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Space Limitations: Depending on your property size and local planning restrictions, you might be limited in how much you can extend.
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Market Appeal: Highly personalized extensions might not appeal to the broader market, potentially making your home harder to sell in the future.
Summary
In conclusion, while extending your home can offer significant benefits, both in terms of lifestyle and financial return, it’s vital to carefully consider your specific situation, the current housing market, and long-term plans. With the right approach, a house extension can be a rewarding investment, transforming your existing property into your dream home while enhancing its value.
HOUSE EXTENSION VALUE CALCULATOR
Try our House Extension Value Calculator to Estimate the potential increase you can add to your home.
To work out the area of your house, you can use Zoopla or Rightmove.
Simply click on the link and put your costcode in. If your property doesn’t appear, you can use a neighbouring property as a guide.
A – The floor plans will usually state the internal square meterage which can you input into the calculator.
B – Input the value of your property based on the estimate from the Zoopla or Rightmove.
C – Finally, put in a rought square meter area of the extension, based on the floor plan you’ve found.
(NOTE: The added value of an extension can be influenced by various factors not accounted for in this calculator, such as the construction’s quality, the nature of the room being added, and the property’s specific location within your local jurisdiction. The estimates provided by this calculator are based on average values for properties from online estate agents which may not reflect current market prices. There is no guarentee that the added “value” of the property equates to the same amount added onto the purchase price.)
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