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Why extending or converting your home is best

There are lots of reasons why you may want to extend or convert your home. You may want to alter or improve your home to meet today’s changing lifestyle or you may need more space for a growing family, or you may want to develop your home for a profit; either way extending or converting your home is a sound investment.
Of course you can move to a larger property, but moving is generally regarded as the most stressful experience of your life, months of chasing solicitors and estate agents, broken chains, last minute disappointments, removals, school changes and to top it all off, the rising cost of all fees associated to it.

How much does moving cost?

Information based on a typical house value of £300,000:

Selling costs:

[wpcol_1third id=”” class=”” style=””]Estate agents fees @ 1.5%+vat = £5,400.[/wpcol_1third] [wpcol_1third id=”” class=”” style=””]Legal fees (selling)                           £1,500[/wpcol_1third] [wpcol_1third_end id=”” class=”” style=””]Buying costs: Stamp duty @3%   £9,000 [/wpcol_1third_end]

[wpcol_1third id=”” class=”” style=””]Legal fees (buying) £1,500[/wpcol_1third] [wpcol_1third id=”” class=”” style=””]Mortgage arrangement fees  £700[/wpcol_1third] [wpcol_1third_end id=”” class=”” style=””]Survey fees £1,000[/wpcol_1third_end]

Removal fees £1,000

Plus the cost of possibly re-decorating your new home to the standard of which you desire must be taken into consideration.
Example total cost of moving  £20,100

This cost will never be recovered, it is a incurred cost, and because the cost is high it usually has to be added to the mortgage.
Proof that extending or converting  can be profitable!
Information based on a typical house price of £250,000:

Extension cost =£30,000 approx.

An average size extension will add 25%+ to the value £250,000+25%=£312,500

£312,500-(the cost of build)£30,000= £282,500

£282,500- original house price £250,000= £32,500 profit

Most common ways of adding value to a property

[wpcol_1third id=”” class=”” style=””]Add extra bedrooms[/wpcol_1third] [wpcol_1third id=”” class=”” style=””]Enlarge kitchen[/wpcol_1third] [wpcol_1third_end id=”” class=”” style=””]Add extra bathroom/ensuites[/wpcol_1third_end]

[wpcol_1half id=”” class=”” style=””]Enlarge living/family room space[/wpcol_1half] [wpcol_1half_end id=”” class=”” style=””]Add an office room to stop the commute[/wpcol_1half_end]