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Does extending your home really pay off?

Last Updated on : 29th September 2020

It happens to us all at some point.

With new additions to the family, assorted piles of clutter and working from home like never before, the house that once seemed so large suddenly starts to feel small.

To move, or to extend, though, that is the question.

When deciding whether to go bigger or go to a new home, foresight can be useful: balancing the short-term gains of selling with the long-term payoff from extending. If you are wondering whether extending your home really pays off, we have the answers- plus a guide to some of the possible ways you can extend.

The gains of extending – space and sale value

From kitchen overhauls to loft conversions, choosing to expand your home can be great for breathing new life into a property and adding to its value.

Loft conversions

One option for expanding your home is through a loft conversion.

Costing roughly £500-600 per m2, a loft conversion can add, on average, £23,754.57 to a property, according to Homebuilding.com. This value, however, varies considerably given the type of property, its location and the size of the conversion.

Loft conversion by Simply Loft on Medusa Road, South London.

Arranging a site survey with a loft conversion specialist, such as Simply Loft, can help you to determine what type of loft conversion is feasible for your property, from a popular dormer to a more complex mansard conversion.

To get more bang for your buck, it’s also useful to consider how you intend to use the new space. Rather than opting for a new home gym or work study, research suggests it may be wiser to invest in a new double bedroom. This is according to The Telegraph, who found that adding a double bedroom to a property can boost its sale value by more than 10%.

Kitchen overhauls

Another brilliant way to add value to your property, by expanding your home, is through a kitchen extension. Side return extensions or rear kitchen extensions offer the most cost-effective solutions for gaining space, especially on period properties. Costing upwards of £20,000, a swanky new kitchen can be expected to add around 11% in value to a property, coming out at around £33,000 for an average UK home (The Telegraph, 2020).

And, for a kitchen extension that really pays off in the long-run, an open-plan living design should be considered, claims new findings from The Telegraph. Quoting Mark Hayward, managing director of the NAEA, “When searching for a home to buy, house-hunters are usually looking for a useable space – an open plan kitchen and dining room is becoming a must”.

To discover if your kitchen is suitable for an open plan overhaul it’s best to contact a leading kitchen extension provider, such as Simply Extend. Offering a range of options, from a rear or wraparound extension to a side return extension, Simply Extend draw up designs to your exact specifications to create beautifully bespoke kitchen designs.

Kitchen extension by Simply Extend on Scholars Road, South London.

The costs of moving

Financial

Moving house is not a process that comes without its costs- £10,414 worth, according to reallymoving.

After factoring in the hefty imposition of stamp duty, averaging at £4,500, then there’s the costs of using a property solicitor and an estate agent to consider. Add in additional costs for hiring a removal service, as well as mortgage arrangement fees, and it soon becomes clear how the money piles up.

Time and effort

Though we all value money, we also value our time. Selling and moving house can be a frustratingly lengthy process, with no guaranteed timescale.

In the stages of selling, first there is the hunt for the best estate agent, then the need to fix any major structural issues, all before preparing the house for viewings. After the ordeal of selling, the home must be prepped for its new owner, mortgages arranged, contracts drawn up, locks changed, and possessions packed. Then the hunt is on again, but this time for a removals company.

By contrast, if you choose to convert your property, there is a clear design and build process with an agreed timescale to follow. Once a site survey is conducted, architectural plans drawn up, and planning permission gained, construction typically takes only 6-8 weeks to complete for a loft conversion and around 10-12 weeks for an extension.

So, does it really pay off to extend?

Factoring in the costs of moving house, as well as the potential gains in property value from extending, either through a loft conversion or a kitchen extension, to answer the question- yes, we believe it does pay off to extend!

If you have been considering a loft conversion, why not get in touch with Simply Loft today on 0800 917 7571 for a free quote. As London’s leading loft conversion specialists, Simply offer a range of conversions suited to any property. Confident in the quality of their builds, every project is guaranteed a ten-year warranty and a promise to price match any competing offer.

Alternatively, if you are considering a kitchen extension you can contact Simply Extend today on 0203 285 7355 to arrange a free site survey.

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