Balancing cost of renovation with max sale price?

[MrsSharp]

WWYD....

We bought our home for £455k in Dec 2009. The house really needs new kitchen and new ensuite. We've briefed builders based on our ideal plan/wish list (knocking through into dining room, new utility etc) and had one quote in so far which comes in at £55k!! We're waiting for other quotes to come in, but fear that they won't be hugely different.

We are mindful that we wouldn't expect to get any more than £495k if we were to sell after the work was completed (due to stamp duty threshold etc). Have spoken to one estate agent who confirmed this. We don't have any immediate plans to sell, think it's much more likely we'd look to move in 5 years or so.

Soooooo.....would you do the work even if you feared you may not make all the money back? Or would you be sensible and adjust your plans to make sure you didn't spend over £40k?

Would really appreciate your combined wisdom!

[noddyholder]

You could definitely do a kitchen and en suite for half that if you source all materials yourself plan the design and hire builders.It depends if you want to live with something fab for 5 years or you can cope with ikea.I am always mindful of resale because I move a lot and buy and sell houses for a living

[Fiddledee]

Who knows what will happen to house prices in the next 5 years. Can you live with it as it is over the next 5 years? Are you sure you would move in 5 years time?

I would spend the money and make it good to live in - not go too excessive with the fittings.

[MrsSharp]

Thanks for your replies. We've had another builder round today, and hopefully his quote will be cheaper.

The changes we're hoping to make will really make the house better/more practical for us to live in over the next few years. Without making the changes I certainly can't see us staying here any longer than 5 years really as the layout isn't great for a growing family.

Thanks!

[woodforthetrees]

Agree that if you shop around builders and are prepared to source stuff yourself you might find a few bargains. We cut corners on some Things and spent on others....