Add an extension that doesn't increase the value of the house?(16 Posts)
So 3 years ago we bought a 3 bed semi detached bungalow in Surrey. It is our first home and we had to buy at that stage (gifted a deposit and prices were going up in the South East). This house was the best we could get with the best potential. Location wise it is great - just around the corner from a large village green with transport links, lots of shops/restaurants/pubs. Local schools are very good and DD has just got a place at the oversubscribed secondary. Even though we are close to the green and main road we are set back enough that it is peaceful in our garden.
Last year we extended (knocked down the crappy old conservatory and went 4 metres back) and now have an amazing 8x4.5 metre kitchen diner and a 8x3.5 metre lounge. We also dug out the ugly and now have a nice lawn and limestone patio and we are working on the flowerbeds etc. When we got permissions for all that we got permission to adapt the rest of the house. So the kitchen and lounge are next to each other at the back of the house. At the front are the 3 bedrooms and a bathroom. The hallway is more of a corridor which leads between those rooms back to the living areas. Luckily we have a porch area for shoes, coats etc.
However long term it's not going to work that well. DD's bedroom has a window into the porch and since she is nearly a teenager I'm concerned she will need more privacy. DS's room is pretty small and we only have one bathroom which is small. Have attached floorplan from when we bought the house so you get the idea.
So the plan was to add a dormer loft conversion which will have 2 bedrooms and a shower room (plus a good sized corridor with inbuilt storage). DD's bedroom downstairs would become a proper sized hallway, our room would stay but DS bedroom would become our large ensuite. Our current bathroom would become a utility. We already have a garage and a massive shed plus there will be a fair bit of room in the eaves for storage.
However... although this plan will work well for our current family I do wonder if it will be hard to sell one day in the future. Which of course we have to plan for (retirement etc). It's a good area and house prices are constantly rising but who knows what will happen.
Would you change your house just to suit yourselves or would you sell up as it is (we have added £120k to value) and move? Issue there being that we can't find anything with as much room as we will have without spending £200k+ more whereas the loft will cost about £50k (including redoing downstairs and relaying the driveway).
I'm asking now as our neighbour has started the exact same conversion and my husband is thinking we could get our dormer etc done at the same time so we can share some costs and retile together.
Sorry very long but don't want to make the wrong decision!! Thanks
Oh forgot to say the estate agents we had around to value said currently about £440k (agreed by mortgage valuer) and if we did the conversion they would expect £495k so possibly we would "make our money back", however they said it would be harder to sell a chalet bungalow.
Honestly? I think you should just do it. It would make your lives easier, and there really is no way to tell if you would "make your money back" ever. House prices tend to rise over time, and if these extensions/modifications make your home comfortable for the long-term, you aren't likely to move for many years anyway. Homes are for living in, first and foremost.
I think your plan sounds good. You will have three good sized bedrooms which will suit a lot of people. If you are happy there then go for it.
I'd put in a small cloakroom too, perhaps part of utility since plumbing is there, so kids don't use your nice en suite!
I'm sure you have, but add moving costs and stamp duty into your equation, as that could make the conversion make more financial sense....
I think your plan sounds excellent - I'm impressed that you will be able to do all that for just £50K
Agree go for it! I'd tweak so you keep beds 1 and 2 though, turning 2 into spare room/study/kids room, and have master bed and one dcs bed in loft. Bed 3 becomes stairs and space for coats etc. Can't believe there'd be no demand tbh. Sounds like an agent trying to sign you up to sell.
I'd do it but try to go for 4 bedrooms if you possibly can. If you won't lose money then definitely do it, you should make money in the long term.
Go for it.
But your floor plan has got your address on the bottom so you might want to ask MNHQ to crop the pic
Yes financially it does make more sense. And to get a kitchen like we have now we'd have to extend where we move too - plus all the redecorating. Thanks, I was just worried it would be a stupid decision.
Why on earth not! Houses aren't about value but about living
The loft space is definitely only big enough for 2 bedrooms and a shower room so no scope for 4 bedrooms. I'm keeping the master downstairs so I can have 2 teens with their own space and we can keep our privacy. Yes I could keep bedroom 2 and make bed 3 into stairs but then I would have no redo all the drawings/permissions which cost a lots of money and to be honest I really want to bring more light into the house and have a proper hallway. I hate the corridor and people walking past our bedrooms to get to the living space. In the new layout the current hall becomes like a mini hall for our bedroom (bed 1) and our ensuite. Plus I want the bathroom away from the kitchen etc which I couldn't do. I love the new layout I just didn't want to devalue the place I guess. If we really wanted another bedroom we could convert the garage.
Yes I will report the image to MNHQ - didn't spot that.
I would definitely go for it.It will enhance your life so much and likely to make money over the longer term.Do you know it will cost 50k? Including Vat? It seems low but perhaps you have good builders.
We do lots overselves - DH can do electrics, friend is a plumber, neighbour does boarding and plastering etc. When we did our extension we had it built to a shell then did the rest so will do the same here The guy who is doing our loft we used to do the roof of our extension. He is pretty well off and now works to just under the VAT threshold so we don't need to pay that.
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