What adds value to a house?
Discussion
MonkeyBusiness said:
After having a South facing garden it would be high on my list.
Obviously not something you can 'add' but I'd pay a premium for.
Our new house is not quite south facing but is facing the opposite of where we last lived. We are currently staying with family next door but one and having a garden on that side of the road is light and day. Having the sun on the back garden from morning until early evening means we now use the garden much much moreObviously not something you can 'add' but I'd pay a premium for.
matty g said:
Our new house is not quite south facing but is facing the opposite of where we last lived. We are currently staying with family next door but one and having a garden on that side of the road is light and day. Having the sun on the back garden from morning until early evening means we now use the garden much much more
Totally. Ours is south West facing so pretty much 11am until sunset. Last house was East facing with a short garden 30' so summer time 3pm garden was in total shadow. (House previous to that South West facing and we totally overlooked the issue when viewing and buying).
For us we wouldn't buy a house with a garden facing the opposite or North --- of course if you have multiple acres it's a moot point.
Welshbeef said:
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.
I can understand that if you turn a bungalow in to a house then you will add appreciably to the value. After all you have presumably added a whole floor and therefore doubled the space. However I guess you'd have to do all the work yourself do it for only £145kWelshbeef said:
RichB said:
Welshbeef said:
What about Teslas home power generation station?
What does this run on? Is it nuclear? I hope so, I have a dream that every home should have it's own self contained nuclear power station. 
Chrisgr31 said:
I can understand that if you turn a bungalow in to a house then you will add appreciably to the value. After all you have presumably added a whole floor and therefore doubled the space. However I guess you'd have to do all the work yourself do it for only £145k
When I read it that didn't appear to be the case it was all subcontracted out. Also they only increased it from a 3 bed to a 4 bed.
However the other developments were existing houses but added huge £ value many multiples of the cost of the works. So need to understand how that is the case for those yet from this thread it appears sentiment would be at best you'd get your money back but be prepared to lose a fair old whack. I don't get the disconnect.
Welshbeef said:
However the other developments were existing houses but added huge £ value many multiples of the cost of the works. So need to understand how that is the case for those yet from this thread it appears sentiment would be at best you'd get your money back but be prepared to lose a fair old whack. I don't get the disconnect.
Post a link to the article or load it up somehow. There's a missing piece of information; for example my parents could build a two bed extension and add in the house purchase price they'd have well over 100% 'profit' but doing the buying the best part of half a century ago would be a significant factor.If I could make a third of a million profit from four months building work costing me £145K I wouldn't be in my present engineering job. Opportunities like that are extremely few and far between.
I think when extending the usual applies "location, location, location"
So doubling a house in a cheap area may not even cover costs, do the same in central London and you're onto a winner but obviously such homes are rare and Agents can add huge premiums for obvious "potential" you need to find homes with less obvious potential.
So doubling a house in a cheap area may not even cover costs, do the same in central London and you're onto a winner but obviously such homes are rare and Agents can add huge premiums for obvious "potential" you need to find homes with less obvious potential.
TA14 said:
Welshbeef said:
However the other developments were existing houses but added huge £ value many multiples of the cost of the works. So need to understand how that is the case for those yet from this thread it appears sentiment would be at best you'd get your money back but be prepared to lose a fair old whack. I don't get the disconnect.
Post a link to the article or load it up somehow. There's a missing piece of information; for example my parents could build a two bed extension and add in the house purchase price they'd have well over 100% 'profit' but doing the buying the best part of half a century ago would be a significant factor.If I could make a third of a million profit from four months building work costing me £145K I wouldn't be in my present engineering job. Opportunities like that are extremely few and far between.
ks. The £145k quoted could quite easily be £245k (or more) in reality once it's added up properly.The best way to add value is to actually add something that wasn't there before and is desirable (and as long as the property justifies it). So creating off-road parking if there isn't currently any parking will add probably add a bit of value whereas ripping up a tarmac drive and replacing with herringbone blocks wouldn't. Whether the value added by doing the work is greater than the cost of doing the work is debatable a lot of the time.
Giving this some more thought, and the answer was staring me in the face all along.
The best way to add value to a house, build another house in the garden.
Developers did that to mine..
1) Buy house 450k
2) build house in garden 300k-400k ish at a guess
3) sell old house for 400k
4) sell new house for 950k
5) steal underpants
6) profit!
The best way to add value to a house, build another house in the garden.
Developers did that to mine..
1) Buy house 450k
2) build house in garden 300k-400k ish at a guess
3) sell old house for 400k
4) sell new house for 950k
5) steal underpants
6) profit!
ILoveMondeo said:
Giving this some more thought, and the answer was staring me in the face all along.
The best way to add value to a house, build another house in the garden.
Developers did that to mine..
1) Buy house 450k
2) build house in garden 300k-400k ish at a guess
3) sell old house for 400k
4) sell new house for 950k
5) steal underpants
6) profit!
I did that a few years ago, walked away with circa £400k profit - it's hard to find suitable plots and it took many years to get planning - I think mine was a once in a lifetime find.The best way to add value to a house, build another house in the garden.
Developers did that to mine..
1) Buy house 450k
2) build house in garden 300k-400k ish at a guess
3) sell old house for 400k
4) sell new house for 950k
5) steal underpants
6) profit!
I stumbled across it and bought it before it hit the market, the valuing Agent didn't see the potential as it had a large garage and lots of conifers.
I don't recall stealing any underpants.
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