If you’d like to live somewhere a little more sizable, or desire to increase your property value to a percentage much higher than where it currently sits, extending your property might be your best option. It’s no small feat but successfully pulled off, having a home you can look back and say ‘I put my mark on that,’ can do wonders for your self-confidence in the property market.
In fact, many people make a career of this, purchasing homes, decorating and extending them, only to then sell them on. This is a wonderful time for adventurous design, but there are a few things you should consider if you’ve decided to undertake this option.
What things do you ask? Well, this list is here to help inform you of them. First, before any other consideration: GET PLANNING PERMISSION. Without this, your construction is doomed, and you’re likely to face financial or punitive penalties.
Cost
How much will the entire project cost? It can be easy to think of what the actual construction cost will be, all that will take is a reasonable valuation from a construction firm. Remember though, these projects often go over budget and over-schedule. Not only will the exterior cost a fair amount, but the interior decoration, plumbing, wiring and structural support will all cost too. Holistically look at the entire process, and figure out which way you’d best like to fund this.
Sometimes, if someone in your family or close friendship group has great construction or DIY skills, you might be able to build the extension yourself. This shouldn’t be done by people who ‘think’ they can do it, but rather by people who ‘know’ they can do it. If you’re unsure even by 5%, you’re better off hiring the professionals.
Time
How long will the project take? Once you’ve come to an initial scheduling, add another 50% of time allotment onto that. You’re more likely to have it exceed the initial time expectation by that amount if you’re lucky. These things always run over. This doesn’t mean assume incompetence on the part of the construction workers you hire. On the contrary. Sometimes necessary materials aren’t delivered in time, sometimes the weather is so bad it prevents further safe construction work, and sometimes a structural mishap delays the project for weeks. It’s most likely to be all of these. Take this into account, stay patient, and continue on towards your dream.
Valuation
Consider the cost/valuation ratio. If the cost is high, but the boost in property value extortionate, it might be worth going ahead with the plans. Using a reliable valuation and property selling the firm to help you will be beneficial here. Homebuyers use Hungry Agents, so you should make sure to value your sale through them for the best and most accurate pricing assessment.
Design
It might be tempting to go completely design mad with a new extension because this part of the property is solely yours. However, it’s best to keep with the exterior styling of the original property, to best keep the house uniformly styled and tasteful. This will increase the property value even more because an aesthetically disjointed house plainly looks bad, and property valuers rate highly what looks good.
After considering these options, and then figuring out what practicality you will use the new space for, you’re in a position to start the work. Look for competitive construction firms to help you out, plan all the way, and your home is sure to look better than you ever dreamt of when you first conceived the project.
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