Financing renovation advice

[Trottergal]

Advice / tips / opinions please!

So we live in a 3 bed semi. Realisation that moving to a larger home is not affordable where we live. So we are planning that the house would benefit from a loft extension and also a ground floor rear extension.

We currently have funds to pay for one of the options from profit made on selling my flat that was my first home.

We are thinking then on a remortgage to fund the other part.

So in terms of sequencing do we do the loft first to increase number of bedrooms in the property and increase our LTV thereby enabling us to borrow more?

Or is there a better option I'm not aware of? Other way of financing? Is it generally better to do lofts first? (In my heart we need the ground floor a lot more at this point but I want to be sensible about the order in which we do things!)

Or is it best to try and do virtually as one project?

It will cost you more to do the work than it will cost to move to a larger sized house because the cost of renovations is huge at the moment.
In terms of financing, I assume the bedrooms would be more sensible to do first, but it may not increase the value of the house all that much. Have similar houses nearby done it recently that you could check the difference in price?

I'm not sure that true where we are in the southeast. We have a 3 bed house worth around £500k but to step up to a 4 bed with good downstairs space in our area we can't find anything really cheaper than £800k that we like(most are well more like 900k) and even that would need work doing. So I think doing the work ourselves will be cheaper than moving. If our house was 4 bed the valuation would go up to around 700k for same on our street.

Well that's reassuring. I am glad prices are finally sorting themselves out. 400k seems like a very healthy maximum budget (so as not to end up in negative equity). I wouldn't have thought it would be anywhere near that much for an extension and loft conversion, even down south. I would go for it if I were you.