Extensions and Lofts on a Development Property…
Improving a property by making it bigger is the name of the game here. If it’s small it’s a no brainer, if it’s mid-sized, it can be incorporated with a wow factor. If it’s big, a clever extension can make it splendid.
Generally you will always get your outlay back but that’s not really the point is it?
Have a look at neighbouring properties. This is vital in order to gauge what people in a particular neighbourhood actually want. Don’t assume you know best.
If they all have paved off street parking, PVCu double glazing and a lamp post in the garden, only buyers who like that sort of thing will be looking at your property, because they will want to be associated with the “middle everything” people who already live in the neighbourhood. Give them what they want and make sure you leave a space for the caravan!
If you extend, always try and create an extra room. At the very least take a small kitchen and turn it into a fabulous kitchen / garden room. Bigger houses may not actually need any extra rooms but you need to improve them in order to make money. Maybe the garden is big enough to create a complete annexe.
Cheaper than an extension but almost as beneficial. I visited a large detached property the other day which had a truly huge conservatory. It was actually bigger than the ground floor area of my house! It was a serious WOW factor!
They are a lot of work compared to slapping an extension on the back, so think hard first. They only come into their own in streets where people really want to live and even then they usually get done after an extension has gone up. They are really a way of avoiding moving house.
So, if there are lots around and it’s a “sought after” neighbourhood its worth serious consideration.
If it’s an integral one, I would do this every time for three reasons. You get a very cheap extra room. Virtually no one puts a car in the garage anyway these days. Cars are so big now, the garage may be too small anyway.
Make sure you define the new room when you are selling though. Everyone apparently needs a “home office” nowadays, or perhaps a games room!