MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
We have a really nice victorian terrace in a village we like, which we have owned for 8 years, got small easy mortgage and it's our first house. Problem is, since the arrival of the wee bairn in March we have really felt like we have out grown the house and would like/need more space.
So we have 2 options:
1. Move, bigger mortgage etc but there are places in our village and they're not perfect but would give us more space to grow. But cost and hassle.
2. Extend - we can convert our loft for a 3rd bedroom and extend out the back for an extra downstairs room and loo. I estimate this is around 60k worth of work, (not entirely sure best way to fund this) and living in a building site for x months......
Not sure what to do for the best, anyone else been in same position and can offer advice and experience?
Been there...
We decided to extend just before finding out MrsM was pregnant with twins. It cost us £30k for a single-storey extension (NOT a uPVC tent on the side of the house - a proper slate-roofed, brick-built extension) - the cost included knocking through an internal load-bearing wall so lots of under-pinning and RSJs etc. It also included re-siitng the electricity meter and fitting a cloakroom.
We are really happy with the new space we have and I can say with 100% certainty that we would have been actively looking to move now had we not done the extension.
BUT...
Had we known then what we know now, I think I would potentially have moved then, rather than extend. Whilst the new space is great, we still find ourselves struggling a bit for space. And the mess involved will be huge for the work you are considering - with a little 'un around it will be very difficult to cope. You are going to be looking at around 6 months of disruption.
AND...
Consider whether you will be able to actually get the planning required for the work you want to do and also - do you have decent outdoor space? If you don't, no matter how big the internals are, you may find you want to move so the kiddie has somewhere to play (safely) outdoors.
Will you get your money back? Ie, will spending fifty grand on an extension add fifty grand to the value of the house? More / less?
Would a loft conversion suit instead?
Would a loft conversion suit instead?
Extend - we can convert our loft for a 3rd bedroom
extend in my view - loft and extension - you can then get stuff done exactly as you want
Aye, as above.
If our neighbours weren't complete fluffy bunnies by strimming their garden at 10pm and partying every weekend till 3am after fitting laminate flooring; I'd extend rather than having to move house. But then I really like my house, it's just a shame we had some chav's move in next door.
Mind, as we can hear every conversation now it seems he's about to declare himself bankrupt, so maybe repossession is on the cards. Never thought I'd wish that on someone.
OP - do you have lots of secure outdoor space at your current place?
We looked at this a few years ago, and once I'd worked out how much 'dead' money was involved (taxes, solicitors, estate agents, fees etc) - extend was basically 'free' and it didn't matter whether the house was worth more or not.
We looked at this a few years ago, and once I'd worked out how much 'dead' money was involved (taxes, solicitors, estate agents, fees etc) - extend was basically 'free' and it didn't matter whether the house was worth more or not.
Is a good point and one of the reasons we decided to extend - moving would have cost us £10k-ish on stamp duty alone so we decided to invest it in the house.
Here's what we did...
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We did the loft 2 years ago when the Mrs was up the duff. Its fairly easy to live through TBH as all the work is done from the outside appart from when they run the plumbing and elec down to the main supply.
Extending out the back is far far more disruptive to day to day life as we will loose the kitchen and they will mess up the garden. The costs seem about right, out loft was 35K and the back extension of the dining room and kitchen into one massive room is going to be 30K. This is much cheaper than moving to the equivalent house where I live, probably in the order of 50K.
If you can only afford a small step up the housing ladder then extension maybe the way forward but it's tweaking what you've got so may still want to move in a few years anyway. Guessing you're in a lower stamp duty bracket so moving isn't so pricey really.
I extended and renovated my previous house - gave me a big kitchen instead od the 6'x7' that was there originally and really compromised living in the house; probably made it easier to sell when I did move.
We have quite a long but narrow garden, with a garage and off road parking.
House which we could potentially buy has more room around it but currently no off road parking and garage, but space to install subject to planning. So effectively there would be building there as well. :-/
Done some costing up and it all seems equal whichever way to go. and looking at the market locally the 60k extension would add around 70-80k on the house value.
How do people fund their extensions? We haven't quite got 60k in equity currently, but will have when completed. Can you get mortgage extensions based on future value once building work is complete? or get stage payments during the work?
60k extension - I'd consider moving out & renting for 6 months, stay out of the way and let the builders get on with making a mess £500 a month rent for 6 months will "only" add 5% to the cost of the extension
trb - our thoughts exaclty and have factored house rental into the budget for the extension.