Decisions to be made in the great space race
Sometimes it seems that every house on every street in every city, town and village is covered with scaffolding. Sometimes this is for access to carry out roof repairs but more often than not, there’s an extension underway.
Perhaps a loft conversion, a rear extension or a second floor being added to a single storey extension.
Whichever works are under way, it is hardly surprising since there is clearly demand for extra space in many homes. This may be due to the arrival of additional children or the inclusion of elderly relatives needing closer care and attention. It may also be the result of the increase in home working, escalated by the pandemic when many employees were required to work from home, part of a trend that had started earlier.
To satisfy the need for extra space, one alternative is to build a garden building or “pod” which, if fitted with a power supply, water and heating, can easily become a home annexe for both work or pleasure or accommodating guests (which may of course not be a pleasure but will definitely be work).
However, if you want more space, whether up into the roof void, down into the cellar or to the side, this makes good financial sense.
There is the cost of the building works and the fitting out and quite likely architect’s and planning fees but consider the alternative. To sell up and move from your existing home to a new one, there will most likely be a selling agent’s fee, two sets of solicitor’s fees, possibly a mortgage lender’s and surveyor’s fees a removal and packing cost plus stamp duty on the purchase of the new, larger property.
There are also additional “hidden” costs which can range from a few pounds to thousands of pounds for new light fittings, a modernised bathroom or kitchen or carpets, curtains or blinds if not included in the sale. These soon begin to mount up.
With most extensions, don’t forget that VAT is payable on most bills and remember that you’ll be living in the middle of a building site for a period of time which inevitably will be longer than first expected.
There is the potential for disruption, stress and anxiety, especially if costs begin to exceed budget, and the certainty of a thick layer of dust.
Financially, according to Nationwide, a loft conversion creating an additional bedroom and ensuite bathroom could increase the value of your home by more than 20 per cent, though this is an average.
The cost of the conversion will determine whether or not this is economically sensible. The same, of course, applies to a single storey extension and with current planning relaxations, this could be up to eight metres deep for a detached property which is not in a conservation area.
While pondering alternative ways of creating more space, you probably won’t bother to spare a thought for people who live in a home that they adore in a location that suits them perfectly but in a property that is just too big for their current needs.
Perhaps their children have flown the nest and started their own home or elderly relatives have passed away but whatever has happened, so much space is not only no longer wanted but a move is completely undesirable.
Occasionally you will hear of an extension being demolished, although this is very rare.
Splitting a house into two parts is one option or mothballing rooms or a whole floor is another. Neither may have any appeal and so in the end they are simply stuck with what they’ve got.