We all know that moving home can be time consuming, costly and frankly quite problematic, so why put yourself through the stress? Often one of the main reasons homeowners choose to move is due to lack of space, but why not stay put, like a rising number of people are, and extend your home instead? In particular, extending upwards, either by adding a loft conversion or an entire new floor, is becoming an increasingly popular choice.
In the last year the tradesmen here at JH Building & Maintenance have seen a large influx of clients requesting larger, upward extensions, which is unsurprising as it’s a smart investment.
You may first hear the words ‘build an entire new floor’ and dismiss it as a ludicrous idea, but for many it is becoming a way to dramatically increase the value of homes around the country. Yes it’s a fairly large pay out for the homeowner at first, but it will more than likely add a remarkable amount of value to your property in the long run.
You’ll be pleased to hear there is a simple way of working out whether extending upwards is a financially viable option for you. The cost of adding a floor to your home will typically be between £2,500 and £4,000 per square metre, meaning that your property must be worth more than this on a per square metre basis to ensure that you generate a profit.
It’s also worth noting that extending property in areas where house prices are rising is a particularly smart move as it would help to improve the potential returns for the homeowner when they come to sell. This is why where we operate is particularly convenient. As skilled tradesmen based around South-East London, in places with rising property demand such as Beckenham and Orpington, you’re likely to get great returns.
Previously, homeowners who wished to extend their property were faced with the obstacles from NIMBY’s (Not In My Back Yard); a group of residents and local politicians who oppose new developments for fear of loss of the area’s character. However for those who want to extend their property the timing couldn’t be more perfect. In last month's Summer Budget, the Chancellor George Osborne announced that he is to go against these groups and instead introduce laws to allow thousands of homeowners to build an extra storey on their property without requiring the permission of the local council.
The recent Summer Budget also provided a further reason for homeowners to bring the troops in to extend their home. As of the 6th April 2016, the level of Rent-A-Room relief has increased from £4,250 to £7,500 per year. This means that after you have created this brand new upward extension, it will not only add value to your home should you sell it later down the line, but it will also maximise its rental value. This is of course great news for you, as you can generate extra income, something no homeowner with any sense would want to turn down!
If you would like to take a look at what our previous clients thought of our home improvement services then check out our testimonials page. Alternatively if you’d like further information about the wide variety of building and maintenance services that we provide, don’t hesitate to get in touch on: 0208 697 5622 or email info@jhbm.co.uk.
https://www.jhbm.co.uk/index.php/why-move-when-you-can-improve
