Deciding upon the worth of a Property Extension
A lot of people, having extended their houses, then come to want to sell the property but find it hard to place a value on it. Any over extention of their finances on recent building works may leave them in the difficult position of needing to “Sell my Property fast” and in this economic environment that is not painless. Here are some ideas and tips on arriving at such a valuation to help vendors accomplish a Quick Home Sale by placing the true asking price on it in the first place.
One way to calculate a valuation is to basically assess the present market value of the property in un-extended form. This can best be done by reviewing the actual sold prices for the same or similar houses within the district. Then add on the actual cost of the extension in today’s money (i.e. what it would cost to carry out the extension today).
Another approach is to work out the increase in floor area brought about by the extension and apply that factor to the un-extended value of the house. For example if a standard house is 1500 sq ft and is valued at £300,000 then an extension of 500 sq ft could sensibly be expected to increase the value to £400,000.
However there may be quite a few reasons why both these approaches might in fact overstate the true value.
The extension may be somewhat specialised and aimed at the particular needs of the current owner. Such an extension may be unattractive to many buyers, so little value increase can be anticipated.
The extension may incorporate curious or undesirable features, such as an extra bedroom which can only be accessed via an existing bedroom. This will detract from the value of the extension.
It may have been carried out using materials (bricks and roof tiles etc) which do not match those used for the original build. This may confer an odd look to the property reducing its attractiveness and this can quite gravely affect value.
It may have been done in a style or on a scale which is inconsistent with the original building. For example a big flat roofed extension to a small tradition village style home would cause an imbalance in façade with the attendant reduction in kerb appeal.
It may have taken away valuable outdoor space. If the garden was small in the first place this could have a large detrimental effect on the allure of the property, especially in the eyes of potential buyers with young children.
The message for house sellers wanting to Sell House Fast is to be very realistic about valuation and asking price. Take into account the above factors when trying to estimate the value of your extended property. The ideal extension is one which is barely discernible; a potential buyer should not be able to tell that the property has been extended either internally or externally.
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