How much will my house extension be worth?
We are often asked by clients if they will get all of the money they invest in a house extension or improvement project back when it is complete!
It’s a good question and below are 5 things to consider before deciding if it is worthwhile or not for you:
1. We are all different.
2. Why are you considering the project?
3. What is going to add the most value?
4. Over what period are you making this investment?
5. The lifestyle investment explained.
1. We are all different.
Just as we are all unique humans, what drives us when it comes to extending or renovating our “castles” varies greatly from person to person, couple to couple or family to family. This should be celebrated as every project should be considered with you at the heart of it. We aim to provide the best advice for your given circumstance. It will always be that some people are looking for a short return on their project as it’s not their forever house, whilst others are looking to improve so they can stay around forever. Families will expand and those whose chicks have flown the nest will contract.
2. Why are you considering the project?
Understanding exactly why you are looking to extend or improve is important. Along with celebrating the above, your “why” is crucial. It usually goes beyond the physical manifestation of what the build will look like and has a much deeper reasoning behind it. It’s easy to suggest and expanding family will require more space. When we look a little deeper, we begin to learn about the frustration of what exists at present. The emotions attached to what is working, what isn’t working and what could be improved, uncover the why in a project and it is wise to have a think about these when engaging with an architect/designer.
3. What is going to add the most value?
This can be answered in two parts. In monetary terms, bedrooms, bathrooms and kitchens always add most pound for pound value in a home extension or renovation. An additional bedroom and improvements on things that are traditionally expensive to improve will generate a perceived value at the end of the project. With regards to value however, you should consider what is valuable to you? Is it extra living space, is it better access to your garden, is it a space to work, entertain, for the children to play or is it just simply living in an alternative manner. These all have a value to the individual and are as equally important when considering what your investment should look like and over what period you may make it.
4. Over what period should I invest?
This will really be determined by what you hope to achieve but more importantly how long you are going to stay in the property. If you are planning on creating a forever home then you should look to take a longer term view on getting the absolute best design and solution to allow this to happen. Accepting that pound for pound you will not get the initial investment back, it is important to consider what it is worth to you to be able to stay where you are and enjoy a better way of living forever. What value can you put on that… it’s a tough one but certainly can change your thinking when it comes to getting it right. If this is a short term improvement then the actual cost needs to be weighed up against what you will get back more quickly. It is important not to be too ambitious with specification and accept that this may not be your forever home and that moving now or a modest upgrade may be all you need to do at the moment.
5. The Lifestyle investment explained.
We wanted to finish by revisiting the lifestyle investment and why this is really important to us and the type of customer we really love to work with. Those that are looking to create a unique and improved lifestyle from their project are in it for the long term. They usually understand that although the monetary return on an investment is going to take a much longer period they will enjoy their new space forever and that over the period the quality of specification and materials will not need replaced any time soon. The value of the property to them is how they will be able to live when it is completed and all of the memories they can create by living in an improved fashion.
Our job at Tinto is to help you understand your why and use these emotions to drive more practical decisions when it comes to investing in your property. If you have enjoyed reading this and would like to learn more please get in touch: www.tinto.co.uk
