House renovation

[Matt83]

Hi all

I am after a little bit of advice. Before the Covid-19 outbreak we had our house on the market and nearly sold it.

Having reflected for the past couple of weeks, we are contemplating extending our current house and remodelling some of the layout.

We are thinking of adding a rear single storey extension, converting the loft, replacing a reception room with a utility and downstairs cloak. Having roughly costed the work up we are looking in the region of £150k. Obviously the work would be done over the course of 3-4years, we couldn't afford it all at once.

Our worry is that the current ceiling price for our street is around £300k, and by doing the above and with our existing mortgage we would be close to the ceiling price. The other side of the coin is it would make the home perfect for our family needs now and in the future. We would live in the house for the next 20 to 30years.

People thoughts would be greatly valued

Thanks

I think it sounds like a great idea IF you are getting the house you want in the area you want that will be suitable for 10 years plus.
The values in the street etc will fluctuate over time, I'd only be concerned if you wanted to sell it within the next 2-5 years. Otherwise, I'd go for it.

Thanks cakes

If we did the work it would be our forever home. A lot to think about as it would be a big financial outlay

We are mid renovation, we went for it as we wouldn't need to move, we could afford the mortgage and bought a wreck originally. But if it's long term no point worrying about values in the short term. Good luck

Thanks Slightly

I have just been looking at your progress on the extension thread. I feel for everyone mid building work. The space will be good when complete though.

Me and the OH are leaning toward going for the extension and loft conversion. I think we will look at options post CV as not much happening at the moment

We extended three years ago. 6 months work solid but amazing. Never moving j til,the care home beckons now

Thanks everyone for your responses, they are giving us the confidence to crack on with our plans.

Just need to get to the other side of CV!!!

Midway through our second large project on this house . We had enough garden for a rear extension 8 years ago and now are building a large loft.
I love it - has allowed us to stay in the area we love and choose a house style that's perfect for us 💓

Another tick in the box

I have been keeping a close eye on the extension 2020 thread. The progress made with your conversion has been remarkable. I hope you get it finished soon

I'd spend some time carefully thinking about exactly how you would use the space, now and as you/any children get older. Work out exactly what will be worth doing for the money.

We are extending as we can't afford to buy a large family home, so we bought a small house on a large plot. For various reasons we started actually building several years later than we intended, but that gave us time to reflect on the plans and go back to Planning with some revisions. You might find now is a good time to have online discussions with builders/architects?

Thanks Pragmatic, pragmatic by name and by nature.

Our children are 11 and 8 at the minute. So the remodel and extension is definitely with the future in mind. We plan to move our bedroom into the loft. Our daughter will then have our current bedroom. We then plan to rejig the layout a little to make our son's room a little bigger, hopefully that will future proof his growth!!

I think I will speak to one of my best friend who is an architect and bounce my thoughts off him.

Appreciate all the suggestions