What adds value to a house?
Discussion
Welshbeef said:
When looking at £ per m2 let's call it £1,000 for a pitched roof but no kitchen or bathroom.
Now let's say the length is 10m and width 5m so 50m2 therefore that is £50,000 plus vat if he is VAT-registered. So do you double that if it's 2floors ?
You have not got a hope in hells chance of building for a 1000 / m2 in the Thames valley.Now let's say the length is 10m and width 5m so 50m2 therefore that is £50,000 plus vat if he is VAT-registered. So do you double that if it's 2floors ?
I design a lot of extensions in the area , at present I have 38 projects at various stages so like to think I have a reasonable idea of local costs..
Busa mav said:
You have not got a hope in hells chance of building for a 1000 / m2 in the Thames valley.
I design a lot of extensions in the area , at present I have 38 projects at various stages so like to think I have a reasonable idea of local costs..
Just the basics no kitchen no bathroom no carpets what is the ball park number?I design a lot of extensions in the area , at present I have 38 projects at various stages so like to think I have a reasonable idea of local costs..
Busa mav said:
1650 / m2 plus whatever vat you get stuck with .
Do I need to add new bigger boiler to that or does this value include an element towards such things. Thinking about it with a kitchen and bathroom carpets good doors etc you could easily be £3-4k per M2 it's crazy really as say Derby you could get a reasonable ground floor for £20-25k all in yet Reading wouldn't be far off £100k - bonkers.
guindilias said:
Spudler said:
guindilias said:
I always look to make sure there is a stream of water running through the basement, Welshbeef - and ideally the house would be owned by an imaginary "odd" uncle, and be virtually derelict.
Also, have a garden that is around a mile long, but 5 ft wide, at your own property.
stewjohnst said:
northwest monkey said:
The ceiling price is also incredibly important & the type of the property.
One of my rentals is a house in Peel Green in Manchester. Ceiling price of a tip-top property (traditional early 1900s 2-bed terrace) is about £110k. If my property is tip-top and is valued at £110k, adding a £20k pool in the back garden, or a £20k loft extension may improve desirability, but certainly wouldn't put the value up by £20k. Buyers in the area wouldn't expect and wouldn't pay for it.
There is no "formula" for adding value.
This more than anything is a factor. I happen to have a unique house for the area (it was a repo and needed serious work so I got it for not much more than a typical 3/4 bed in the area) but as a 6 bed detached with no other six beds in the area and no other listed buildings, the valuers never really know what to do with it come remortgage time. One of my rentals is a house in Peel Green in Manchester. Ceiling price of a tip-top property (traditional early 1900s 2-bed terrace) is about £110k. If my property is tip-top and is valued at £110k, adding a £20k pool in the back garden, or a £20k loft extension may improve desirability, but certainly wouldn't put the value up by £20k. Buyers in the area wouldn't expect and wouldn't pay for it.
There is no "formula" for adding value.
For reference it's worth another £100k than when I bought it on paper but all the renovations were done by me from replumbing the central heating, updating the radiators, changing the plug sockets, light fittings, removing artex (after asbestos testing) , fitting a new kitchen plumbing a downstairs bog, etc... Kept tabs on the bills and spent about £60k to get it where it is.
Base of the revaluation was a well species bathroom and kitchen as ever.
We are in the process of buying a house. There was a choice of two - one fully refurbished to a very high standard in an OK road, one needing full refurb in a great road (London).
We went for the latter. The former was the most expensive house in the street. The latter, pretty much the cheapest. I can see more upside of a bad but improvable house in a desirable road that I can the best house in an average road...
hardcastlephil said:
My other thought has always been about condition - it needs to be either a complete project, or ready to move into. Anything else and you are not reaching full potential. There's no point spending £30k on a loft conversion if the lounge smells of dog piss!
Phil
I came to the same conclusion. Phil
Harry Flashman said:
hardcastlephil said:
My other thought has always been about condition - it needs to be either a complete project, or ready to move into. Anything else and you are not reaching full potential. There's no point spending £30k on a loft conversion if the lounge smells of dog piss!
Phil
I came to the same conclusion. Phil
This thread http://www.pistonheads.com/gassing/topic.asp?h=0&a... demonstrates that money spent does not mean additional value. Prepared to bet that the flat involved sold for nothing like the price he wanted.Probably not even a third of it!
I've looked at this quite a bit recently, and as far as I can tell minor stuff (kitchens/bathrooms/flooring/windows) = not a lot, if anything.
Can definitely make somewhere more saleable, it's attractive to have less to do when moving in and sorting a place to live in, but no real value added.
Major extensions can add value, but depending on where you are in the country makes a big difference to any gain in value.
you'll be lucky to even cover the cost of work in lancashire for example, more likely to make a "profit" in the middle of a prosperous city down South.
I looked long and hard at adding another bedroom, and large reception room, kitchen extension and some other internal remodelling to my 3 bed detached cottage in west Berkshire. Cost, would be lucky to get change from £150k, more than likely it would end up closer to £200k.
Would it add that to the value of the house, highly unlikely in my opinion... then again I'm constantly amazed by house prices that are all over the place... just down the road, 4 bed new build, £500k, just behind my house 4 bed new build (granted bigger garden and off the main road, and a bit bigger) £1,000,000... seems a mega jump for a "bit more space!... so may it WOULD add 200k to my house for the extension.
But frankly I cant be arsed with all the disruption and stress of having a job like that done.
Can definitely make somewhere more saleable, it's attractive to have less to do when moving in and sorting a place to live in, but no real value added.
Major extensions can add value, but depending on where you are in the country makes a big difference to any gain in value.
you'll be lucky to even cover the cost of work in lancashire for example, more likely to make a "profit" in the middle of a prosperous city down South.
I looked long and hard at adding another bedroom, and large reception room, kitchen extension and some other internal remodelling to my 3 bed detached cottage in west Berkshire. Cost, would be lucky to get change from £150k, more than likely it would end up closer to £200k.
Would it add that to the value of the house, highly unlikely in my opinion... then again I'm constantly amazed by house prices that are all over the place... just down the road, 4 bed new build, £500k, just behind my house 4 bed new build (granted bigger garden and off the main road, and a bit bigger) £1,000,000... seems a mega jump for a "bit more space!... so may it WOULD add 200k to my house for the extension.
But frankly I cant be arsed with all the disruption and stress of having a job like that done.
I tend to agree on the kitchen and bathrooms comment though, as these are things that people like to redo themselves.
As our new house is a 10 year plan, not a forever home, I will be re-using old kitchen cabinets, hanging new doors, and buying as little new as possible - just a nice worktop, really, and instead of very expensive flooring I will sand back and seal the wood floors (except in the extension, where an accident of design makes putting wet UFH in pretty easy). Freestanding, high quality appliances including range and double fridge freezer: no expensive fridge drawers, warming drawers etc etc. I'm sure the next owners will do all of this.
Bathrooms will have nice floor tiles, but simple hip high wood panelling instead of expensive stone, no fancy electronics or super luxury stone etc.
But the loft conversion will be done very well, as it's effectively a new gbuild into the roof, hard for new owners to re-fit, and is effectively mine and Lady F's sanctuary. Good money will go here into full width bifolds that will overlook a park, excellent insulation, cooling, wet room etc.
As our new house is a 10 year plan, not a forever home, I will be re-using old kitchen cabinets, hanging new doors, and buying as little new as possible - just a nice worktop, really, and instead of very expensive flooring I will sand back and seal the wood floors (except in the extension, where an accident of design makes putting wet UFH in pretty easy). Freestanding, high quality appliances including range and double fridge freezer: no expensive fridge drawers, warming drawers etc etc. I'm sure the next owners will do all of this.
Bathrooms will have nice floor tiles, but simple hip high wood panelling instead of expensive stone, no fancy electronics or super luxury stone etc.
But the loft conversion will be done very well, as it's effectively a new gbuild into the roof, hard for new owners to re-fit, and is effectively mine and Lady F's sanctuary. Good money will go here into full width bifolds that will overlook a park, excellent insulation, cooling, wet room etc.
TA14 said:
Welshbeef said:
Looking at house prices in my street doing what they have done seems would easily cover costs and some decent Profit.
Is that working out your costs at £1,000/m2?Welshbeef said:
TA14 said:
Welshbeef said:
Looking at house prices in my street doing what they have done seems would easily cover costs and some decent Profit.
Is that working out your costs at £1,000/m2?Looking forward to your build thread
TA14 said:
Well you can play about with those numbers all day and I agree that in your case you could make a £100,000 'profit' however if the figures turn out to be say: £195,000 increase in value, 143m2 extension at £1,700/m2 then cost = £243,100.
Looking forward to your build thread
Am I right in quoting the ground floor and 1st floor area as a total? Assuming I am. Looking forward to your build thread
I bought the grand designs and home builder monthlies on the weekend. In one a family had bought a bungalow 3 bed very tired for £300k but had then spent a total of £145k on it and turned it into an amazing House 4 bed I think hovering glass staircase (typical top end appearance Grand designs) apparently local agents valued it at well over £800k. I'll try to take a pic of that article and put it in here. God knows how they did it that cheap but there are many examples in it of huge gains so unless they bought it well under market price or somehow the stuff they did to the house then the gain on the value add is impressive and clearly if like to replicate some of that or at least do the right thing.
Agree build thread.
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