For most of us, particularly when it comes to property, bigger is certainly better.
However, it has almost become too easy to add an extension to a property over the last few years, particularly with planning laws said to be as flexible as they have been in decades.
There’s no doubt that there are plenty of cases where an extension will be worth its weight in gold for your lifestyle and your financial situation. There are some cases where it doesn’t always work out to be like this, and today’s article will now supply you with four key questions to ask before you part with your money.
How will you pay for it?
First and foremost, can you afford it?
Nowadays, the number of mortgage products geared at helping out homeowners looking to extend has increased substantially. The options are endless, whether it’s releasing equity from your current home or taking out a basic unsecured loan.
Regardless of your choice, make sure that this is truly affordable. It’s easy to get lost in the hype of making your home bigger, but ask yourself if this is really affordable for your lifestyle before you press ahead. Once it’s started, there’s no going back.
What’s the true cost?
Some of you might be tempted to skip to the next question at this point, as your architect or surveyor has drafted up all the costs, and you’re comfortable you can afford the work.
Unfortunately, this mentality can come back to bite you. While architects are great designers, it’s certainly not uncommon for their estimates to be slightly different from the actual build cost.
As is the case in most industries, the best method is to obtain quotes from reputable builders in the area. The R-factor is quite crucial here; make sure their team has adequate insurance before you progress.
Will it add value to your current property?
Again, this is one of those questions that some of you may skim over. After all, this is your forever home, and you may not be overly concerned about whether or not your renovations are going to add value to it.
However, it’s probably worth investigating if you don’t fall into this category. What is the ceiling of prices in the area you are in? Have you already reached the limit? Is there a demand for a fourth bedroom?
As you can see, these questions are all about analysing the local area and seeing how your new-look home will stack up against it. There’s a great calculator to explore the impact of an extension on this government page.
How will your living arrangements be affected during the build?
Finally, how are you going to cope during the build? In some ways, this can tiptoe over to your costs, as in some cases, you may have to find alternative accommodation while the extension is taking place. These works generate vast amounts of dust, and this means that it’s just not practical to remain on-site.
2018 ·