Should You Get A Property Valued Before Investing Into An Extension?
Increasing your property’s value is usually achieved by increasing the living space. Not only does this increase the value of your home, it also adds space for you to use in the meantime. But, how much monetary value does an extension add? More particularly, what extensions reap the highest ROI (return on investment? Our expert team here at NBC are highly experienced in completing home extensions around Surrey. As one of the leading construction companies in Surrey, we can complete extensions within the time scale and budget.
Getting your property valued before you plan to extend will allow you to compare any increases or decreases in the value of the property. This valuation will be carried out by a professional surveyor who will take notes and photos which will be sent within a valuation report. During this valuation, discuss your renovation/extension ideas with the surveyor as they should be able to provide a verbal estimate of your finished project market value. The valuation will then give you two outcomes;
- Current market value
- Post project market value
Build Cost Vs Gain
In the majority of cases, adding an extension to your property will increase its value. However, this is not the only thing you need to consider. If you plan on selling the property sometime within the near future, an extension may not be the wisest investment if the build cost exceeds the post project market value. Therefore, in most cases it is important to extend when the build cost is lower than the value gained (post project market value). NBC Construction Ltd. provides cost consulting pre planning via our own in-house architect; therefore, we can design and build projects with price certainty so that build costs do not exceed the value gained.
Top Extensions With High Returns
Double Storey Extension – One of the most popular extensions is a double storey, generally used to add an additional bedroom and sometimes an ensuite. Adding a 3rd or 4th bedroom to a property via an extension in some areas can double the property value.
Why? All properties have a ceiling price and there is only so much value you can add, before you hit your properties ceiling price. Adding a 3rd or 4th bedroom gives the opportunity for your property to break through the ceiling price and enter a new market. Remember to be realistic as a house’s ceiling price is generally a combination of the maximum price any property (of a similar size and age) in your street has sold for; therefore, the properties in your street can limit the end property value which in turn will affect your ROI.
Contact Us – Leading Construction Company In Surrey
NBC Construction is a construction company in Surrey with a team of expert builders, holding over 35 years of experience. We are a second-generation, family-run business that was born out of one man’s love for construction back in 1982 and we haven’t looked back. If you have any questions or would like more information please don’t hesitate to get in touch by calling us on 01252 or email us at firstname.lastname@example.org