Extending and converting your home is an excellent financial move, according to Mick Jones, from conservatory roof replacement company Transforming Conservatories. However, there are several things to contemplate before going ahead. People need extra space for various reasons. It might be due to plans to extend their family or perhaps make room for a growing home business. Purely to raise the value of their property is also a widespread motive, although this might not always be the case.
While practical reasons such as needing more space often make extending a viable decision, it is not always a sure-fire way to add value. Being practical and thorough with regards to assessing costs is vital and, without doubt, the first thing on the list of things to consider.
Setting an affordable budget is first and foremost. Indeed, keeping your feet on the ground is essential. There is absolutely no point in reaching for that castle in the sky if your budget cannot meet the demand.
Most people will turn to their existing mortgage lender in the first instance, and this is often the best place to go. Your current lender will be able to tell you relatively quickly how much you might be able to borrow. All lending companies and banks have a cap on borrowing as well as specific terms and conditions. If your current lender is not offering competitive rates, shop around. There are lots of offers up for grabs. However, over-borrowing is invariably a mistake. Be careful with regards to biting off more than you can chew.
The type of property you have will affect the costs involved with an extension or conversion, as well as how extravagant your ideas might be with regards to features, fixtures, and fittings. If you intend to add value rather than build some kind of personal “creation”, it is sensible to keep it simple.
The type of conversion or extension you might be planning is of great significance. Converting an attic to an apartment, for example, might be more expensive than adding a conservatory onto a detached house. Why? The technical ins and outs of building on the top floor are far more complicated than extending into the garden on the ground floor.
Additionally, more rules and regulations are applied to converting an attic because of the neighbours and other similar considerations. Obtaining the correct planning permission is vital, and asking an architect to give you some idea of what will be involved early on is a good step forward.
There is no answer set in stone regarding how much value will be added to your home if you go ahead with extending or converting an existing building. The bottom line is that you need to make some preliminary inquiries regarding financing and construction possibilities before hiring an architect or builder. That said, if you do the correct homework and make sure you “keep it real,” without doubt, adding an extension or conversion will very likely add significant value to your home.
- By: seeeco
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