Last week, The Bank of England reported that the number of mortgage approvals for house purchases fell to its lowest level in May since comparable records began, and this level is a huge 90% below the pre-lockdown levels in February.
House prices also fell for the first time in eight years last month, according to the Nationwide Building Society. It said the outlook for the housing market was ‘highly uncertain’ in the coming months.
This uncertainty in the property market is set to remain for some time as people continue to be worry about their jobs and income, and unsurprisingly, don’t want to make big financial decisions like buying a house.
If you own your home, you always have the option to extend. Often an extension is a cost-effective investment – it can be more affordable than moving to a new house and increase the value of your property considerably. If you have equity in your home, you can also consider refinancing your mortgage to finance the extension.
Do your sums first
Before you make any decisions, create a spreadsheet of the costs you will have if you were to decide to move. You may be surprised at how much it can be.
You can easily spend upwards of 10k-20k on solicitors, estate agents, surveys, removal companies and stamp duty to sell up and buy a new house. Then, the new house might be the right size but not to your style. It may need a new kitchen, bathroom, or doesn’t fit your current furniture, so you will need to factor in costs to decorate and finish the house to your taste.
Why not use that budget to extend your home so it suits your lifestyle better?
Architectural design costs
To give you an idea of what it could cost to get a professional architectural design service from KDR for an extension, here are some rough figures (+VAT).
Following a feasibility study of £95;
- Design plans for a typical ground-floor rear extension of approx. 3m x 7m (225 sq ft) would cost around £750
- A similar size two-storey extension would cost around £1,500
- Loft conversions vary between £1,500 and £2,000, depending on size and complication.
- The planning fee for a residential single-storey extension in England is £206.
- A certificate of lawful development will cost you £103.
- The fee for discharging planning conditions is £34 per request.
By having architectural design plans drawn up, you have the peace of mind that your project has been meticulously planned with long-term value, improved functionality, liveability and efficiency front of mind. You will also get accurate quotes from builders, so your budget doesn’t blow out! A well-designed home will always be worth more and we always say to prioritise practicality. Our detailed working drawings and written specifications will help you visualise what can be done.
Need some inspiration?
Making the decision to either move to a new house or extend, can be tough. To help you decide which extension would be the best fit for you and your home, check out our ‘Inspire us’ page on our website.
If you are in two minds and want to find out more about the process, please give Kevin Todd a call on 07973 227925 or email: firstname.lastname@example.org.