Should I Sell or Extend My Property?

Buying or Extending your home is one of the most significant costs you will incur in your lifetime. It is therefore crucial to do your homework in order to spend wisely!

Buying or Selling Your Property. Our Home Development team often get the opportunity to interact with local Estate Agents, especially when selling our New Build properties. The word is, and has been for at least the past twelve months, that we are ‘in a buyer’s market’ and it looks to remain that way for a while yet, sadly not great news for those thinking of selling their homes.

This appears to be the reason why so many people are considering alternatives to selling and also explains why building companies have been extra busy of late. Would be sellers are deciding to stay put and instead invest their money in their current homes. For our company, we have noticed a steep rise in Extension and Home Improvement works.

Extensions. Increasingly, families both prefer and require larger living spaces and are no longer willing to ‘make do’ like our parents. Today we all have so much paraphernalia, toys – clothes – shoes – accessories etc., that we are in need of that extra storage space to fit it all in. Additionally, people want extra rooms in their homes for things like home cinemas or home gyms. Sadly, our fears also play a part in needing more space as we no longer feel comfortable allowing our children to ‘play out’. Instead we prefer to invite their friends to our home, which means the ‘little people’ also need their own space to enjoy their hobbies and time with friends. The easiest answer to a lack of space dilemma would be to build an extension to your property.

There are two main types of Home Extensions, attached and detached. Where a person wishes to increase the internal footage of their home by adding an extension, for example, to the kitchen and creating a beautiful open plan kitchen / lounge area, or by adding another room on top of an existing single storey extension and creating that great new master suite upstairs, these would be marked as attached extensions. Whereas, an outbuilding or room built in the grounds of the main property is considered a detached extension of the home.

What would it cost to build a new Extension or Outbuilding?

In order to answer this question, your builder would have to take many factors into consideration. The more obvious things to consider would be things like the size of the extension and how it is positioned in relation to the main property, or the depth of the footings required to prevent any chance of subsidence later. The not so obvious points to consider, amongst other things, would be the ground conditions upon which you intend to build, if there are any access restrictions to the area, the higher cost of materials if you are required to match, for example, old style sash windows or roof tiles, or moving of pipes or manholes.

Do your homework and spend your money wisely!

If a builder gives you a quote off the top of their head for X amount to complete Y job be cautious as they may just be saying that to secure the job, the work could cost you a lot more than first quoted. Do get a few quotes and use a reputable building company that can provide you with references of past work, and is willing to fully listen to your requirements before providing you with a detailed quote and payment terms in writing.

Contact Bishop Ltd – for professional and stress free building services!

www.bishopltd.com | 0208 926 2010 | info@bishopltd.com