Extensions are a great way to add value to your property; they provide additional space and, when designed carefully, can add character and flair to you home. If you are considering a home extension, wondering what the the cost of a home extension will be, or interested in how much value an extension will add to your home we’ve got the answers! Keep reading to find out whether an extension is the best solution for you and your family.
Do extensions add value to a property? And what are the construction costs?
If a driving factor for extending your home is increasing the value of your property, and you are considering selling in the near future, it is critical that the estimated cost of construction is lower than the potential added value. Not only will this help to maximise your profits, being on budget is a sign that the architects and builders that you’re working with are experienced and can be trusted to do a good job. Some key considerations that you will need to be alive to when planning your project are:
Using a high quality architect, interior designer, and builder
When looking to add value, it is paramount that you appoint qualified consultants that can ensure the project will be delivered to high quality standards; that includes Architects, Structural Engineers and Builders.
One of the biggest risks of building a new extension is that, a poorly designed and/or built extension could actually decrease the value of your property! This is because, if you decide to move at some point in the future, the new buyers may perceive your property as being less well constructed overall, or even need to fix what has been built.
To avoid this we use a fully integrated process from start to end; this ensures that at all stages of your build all the professionals involved, from the interior designers to builders, will have a cohesive understanding of your project.
So after all that, how much value does an extension add to your home? Well it varied depending on the scope of your project and the location of your home, but a good ballpark figure is 5 to 10 percent of your homes value.
For many people this is a great way to add value to you home and if you want to find out how much it might cost you can use our free architects fee calculator to get a quick quote. For many people however there are several other options that are often overlooked:
Having planning permission can add value to your property!
Even if you decide that right now isn’t the time to undertake a new project, a simple granted planning application can put you in a great position! If you’re looking to increase the value of your home many buyers don’t realise that a granted planning permission application can render your home far more desirable to prospective buyers. This is because – for a new homeowner buy and develop a property – an already granted planning permission application can hugely decrease the risk of buying the property.
Should I extend my house or move?
Both options come with their own challenges, advantages, and disadvantages.
Moving and purchasing a new property will allow you to start afresh on a blank canvas and start making new memories. It also leads to another question; can you afford to purchase a new property within your budget?
On the other hand, extending is a great option as you may have already created wonderful memories in your current home. This would be a great opportunity to continue making new memories whilst ensuring that your home will cater to your increasingly growing needs.
Finally, an often overlooked opportunity to transform your home is:
Making changes to your interior architecture
Extending may not always be the answer to your spatial trouble. Sometimes, a clever internal arrangement can provide you with better and more cost-effective results.
So now you know how much value an extension will add to your home!
If we’ve inspired you to considering extending, changing your interior architecture or maybe even helped you rethink your planning application strategy, feel free to get in touch or use our free quick quote tool. At HOKO we believe in contemporary designs that cater to your individual needs and budget so that the spaces we help to create are an extension of you!