21st December 2021
Housing prices have been rising in recent times, which coupled with an increase in family sizes has led to people investing in extending a house instead of relocating to a new property. If you’re thinking about opting for a house extension in London, you might have a number of questions as the research that goes into the entire process can be time-consuming and you’re bound to ask if the investment is worth it.
We know there are questions swarming in your mind, and to help resolve these issues, we have compiled a list of the most frequently asked questions relating to the financial aspect of opting for a home extension, so you can be better prepared to undertake the project.
Do home extensions increase the value of a property?
If you want to sell your home in the future, a home extension may be a good method to ensure that you get the most return out of the sale. However, this is only true if the additional cost is less than the value it adds to your home.
It’s difficult to quantify the value addition will bring to your home because it depends on certain factors such as the size of the expansion, property type, and the location of your home.
This is why it’s critical to get advice from an expert. They may assist you in determining the present market value of your property and produce an estimate of what it could be worth with an addition, allowing you to decide if the investment is reasonable.
If you determine that an extension is correct for you, it is critical that you hire an experienced and reputable contractor. It may be tempting to accept the lowest quotation, but this might result in a sub-standard or even dangerous house expansion, causing you additional financial problems in the future.
Will a home extension have an impact on my mortgage?
While building an addition or remodeling your house may not affect your mortgage or repayments, it is a good idea to notify your lender if you make any substantial modifications to your property that modify or extend its structure.
What is the cost of an extension?
Unfortunately, there are no fixed expenses associated with house additions. The property type, the size of the expansion, and the contractor are all elements that influence the cost.
When it comes to providing information regarding the extension you desire, be as clear and detailed as possible to acquire the most realistic quotes from builders.
Also, get quotations from a few different providers so you can figure out what your project’s typical cost should be.
Is it better to invest in an extension or to relocate?
There is no right answer to this question as it is based on your personal preferences and circumstances.
Many of our clients require more room as their families grow, yet they must remain in the area of their child’s preferred school or want to live close to family members. In these cases, we advocate a house addition rather than a relocation.
In most circumstances, home addition is less expensive than relocating. By the end of it, you’ll have extra space without the stress of transferring, and the value of your home will probably have increased, which will benefit you in any future move.
An addition to your home will only be “worth” the money if it is completed by specialists, safely, and by a business, you can trust. If you hire a contractor who doesn’t complete the project correctly the first time, you may be obliged to pay for the work to be redone or modified to meet health and safety regulations.
Contact us today if you have any questions or want to get started on your own home extension project.