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Don't
go to the cost and
hassle of moving.
Build an extension,
advises Graham Norwood
Sunday
April 15, 2001
The
Observer
Your
home is cluttered,
you need more rooms
and extra space
- the obvious conclusion
is that you must
move to a new house.
But if you add up
the cost, you may
want to think again.
Increasing numbers
of people are choosing
to extend their
homes rather than
move because it
may cost much less.
Councils
across the UK recorded
dramatic increases
in the number of
planning applications
received in the
year up to last
September - in the
North West and South
West of England,
rises of between
9 and 13 per cent.
Most requests involved
plans to extend
houses by adding
a conservatory or
extra room, or by
converting a loft.
Much
of the spur to extend
is driven by recent
changes in stamp
duty, which make
'trading up' to
larger houses much
less attractive
in some sectors
of the market.
People
wanting to move
to a larger house
beyond the £250,000
or £500,000 levels
could fund a substantial
part of an extension
if they stayed put
instead and used
the money they would
have spent on stamp
duty.
Creating
more space at home
is now the key driver
for the home improvement
industry. Alliance
and Leicester polled
2,500 homeowners
to list their most
desired home improvements
- adding a conservatory
was top of the wish
list and a loft
conversion or more
general extension
came in third.
Tim
Hague of Alliance
& Leicester
says: 'Not all home
improvements will
make you money as
tastes differ greatly.
Stripped floorboards
may appeal to young
couples but may
not be so practical
for a family with
children. People
looking to add value
should create extra
space - most people
move because they
need extra space.'
At
the higher end of
the market there
has always been
a tendency to create
more rooms.
'It's
roughly true to
say that more space
equals more value
added to your property,'
says John Goodwin,
head of the town
planning division
of estate agent
Carter Jonas. However,
he warns against
multiple extensions
and overdevelopment
- for example, turning
a five-bedroom house
into an eight-bedroom
one which would
be simply out of
place in the locality.
'Many
people with enough
money to buy a house
at the top end of
the market, say
£500,000 or above,
actually buy quite
cheaply and then
remodel their property
drastically, including
adding extensions,'
says Goodwin. 'But
they tend to do
it sympathetically.'
One person
doing exactly that
is George Franks,
an estate agent who
has chosen to extend
his five-bedroom Victorian
house in Clapham instead
of buying. 'Moving
home is an expensive
hobby. When you take
in legal costs, stamp
duty, agent's fees,
the removal company,
time off work, disruption
- you could be talking
£30,000 or £40,000
or even more, which
would comfortably
pay for many types
of extension,' he
says.
He
is adding a breakfast
room/play space
to his ground floor
and converting his
loft into an additional
room. 'It will cost
about the same as
moving, but it keeps
us in the same area,
which we like,'
he says. He submit
ted his planning
application to Lambeth
Council last September
but a decision has
yet to be reached
- indicative, he
says, of the pressure
local authorities
in many city areas
are under as people
want more space
but are increasingly
reluctant to move.
'People used to
marry and buy a
flat,' says Franks,
'then buy a small
house, then a bigger
one when more kids
came along, and
then a fourth house
later on. You're
finding that the
cost of moving nowadays
means people try
to make those four
leaps into two or
three by making
their houses larger.'
'You
get the extra space
you want and actually
add value to your
home - so when you
do come to sell,
you win both ways.
More
space without more
problems
•
Let your neighbours
know what you plan
to do
•
Obtain a professional
design for your
extension - it will
look better and
may add more value
to your property
•
Make sure your plans
do not make you
less secure - avoid
flat roof areas
or porches which
give access to upstairs
windows
•
Ensure plans for
lighting in the
extension do not
affect nearby houses
•
Check there are
no covenants in
your property which
may require you
to consult with
others before starting
work
•
Liaise with planning
officers to see
if your proposals
are 'permitted development
rights' which do
not need permission
- or if they are
larger changes,
which do
•
Remember planning
consent rules vary
if you live in a
conservation area,
a National Park,
an Area of Outstanding
Natural Beauty or
on the Norfolk Broads
Source:
DETR.
It's
an improvement,
but will you get
your money back?
Extension
to house/new room:
Will add value
Loft conversion:
Will add value
Garage: Will
add value
Kitchen:
Will usually recoup
investment
Central heating:
Will usually recoup
investment
Swimming pool:
Won't recoup investment
Garden/landscaping:
Won't recoup investment
Turning bedroom
into bathroom:
Won't recoup investment
Stripping wooden
floors: Won't
recoup investment
Double-glazing/window
replacement:
Will normally recoup
investment
Source:
Abbey National,
based on its internal
data.
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