Adding value to our house

[irisetta]

We have just purchased a glorious, almost untouched, 1931 property - huge bay windows, high ceilings, picture rails, the works - and with the extension work now planned, I can now visualize the lovely kitchen/diner/family space, plus extra space (extending to rear, front and back). We paid 640,000, most houses along this road are currently going for minimum 700 due to catchment for a wildly popular state secondary.... but it does need a lot of work! It sold within a week of going on the market first time round, then slid back on a little while ago and we grabbed it.

It sits on a sizeable plot - drive can comfortably accommodate 3 cars. Wide back garden, not a bad length. Only protected trees and fields opposite.

However - it is on a major main road. Heavy goods vehicles thundering down, near constant traffic from dawn to dusk. From the house you don't hear it hardly at all with the double glazing - or even from the back garden! You can hear it, but the birds are noisier

• Back garden is overlooked. Boy, is it overlooked! Right from behind. However, we have purchased 2 of the most beautiful Portguese laurels, they are evergreen but so lovely, plus we have a south facing garden so all the shadows should mostly fall on us.. ? (also we are planting a beech hedge along the back fence).

Question is - would anything we do to this house add a lot to the value? I anticipate spending up to £150,000. Probably a little over. Any thoughts welcome x

Well everything you have suggested to do will add value. But if you are there for the long haul, it's your home so you wont be looking to move any day soon right? It sounds like it is in a great location so will appreciate with no work done to it either.
Do what you need, especially get the double glazing done and enjoy your new home.

@irisetta

We have just purchased a glorious, almost untouched, 1931 property - huge bay windows, high ceilings, picture rails, the works - and with the extension work now planned, I can now visualize the lovely kitchen/diner/family space, plus extra space (extending to rear, front and back). We paid 640,000, most houses along this road are currently going for minimum 700 due to catchment for a wildly popular state secondary.... but it does need a lot of work! It sold within a week of going on the market first time round, then slid back on a little while ago and we grabbed it.

It sits on a sizeable plot - drive can comfortably accommodate 3 cars. Wide back garden, not a bad length. Only protected trees and fields opposite.

However - it is on a major main road. Heavy goods vehicles thundering down, near constant traffic from dawn to dusk. From the house you don't hear it hardly at all with the double glazing - or even from the back garden! You can hear it, but the birds are noisier

• Back garden is overlooked. Boy, is it overlooked! Right from behind. However, we have purchased 2 of the most beautiful Portguese laurels, they are evergreen but so lovely, plus we have a south facing garden so all the shadows should mostly fall on us.. ? (also we are planting a beech hedge along the back fence).

Question is - would anything we do to this house add a lot to the value? I anticipate spending up to £150,000. Probably a little over. Any thoughts welcome x

Take a look at the other properties of a similar build in the surrounding area. See what they are worth and what improvements have been made, bearing in mind the situation of them as opposed to where yours is (next to/not next to main road etc etc..)

most houses along this road are currently going for minimum 700

And maximum?

If it's less than £800K, then obviously your £150K budget is going to outstrip the current ceiling price for the road.

But if you're staying for ages, who care? If you have the money to spend, want the perfect house, are staying for the good school and making it the best family house for you, then why does it matter if your £150K will "add value" for a randomer at an unspecified time in the future?

Ask yourself instead, will it add value for me? Is this £150K making me happy? (Or should I blow some of it on holidays and high times?)

A new kitchen and bathroom would add value but only do it if the house needs it.

@NoSquirrels

most houses along this road are currently going for minimum 700

And maximum?

If it's less than £800K, then obviously your £150K budget is going to outstrip the current ceiling price for the road.

But if you're staying for ages, who care? If you have the money to spend, want the perfect house, are staying for the good school and making it the best family house for you, then why does it matter if your £150K will "add value" for a randomer at an unspecified time in the future?

Ask yourself instead, will it add value for me? Is this £150K making me happy? (Or should I blow some of it on holidays and high times?)

Absolutely this. If it’s a long term family home bring the house up to the standard you want to live in, if you are a developer looking to flip the property then look at the ceiling price for the road and don’t spend above that.

Bought for 485k, Doing 200k of work, ceiling price of road about 585k.

We are frankly mad.

But we are making it work for us, we’ll get the benefit of living in it looking beautiful. We aren’t intending to move for 15 to 20 years. The location is great. We can afford it.

What we are doing makes the house more liveable for anyone, not just us.

A house is for living in, not just an investment.

Have you actually purchased it or just had an offer accepted and now are wondering if the numbers stack up?

What’s the ceiling price for a semi on a main road in the area? Don’t compare it to houses on quiet roads as that’s a different price bracket (seems to be up to -20% for a main road near me).