Compare the cost of getting more space
Need more space but don't know how to get it? Well why not look at all your options and compare the costs. To help you out we have taken the 4 most popular solutions to creating more room and looked at the costs involved in each.
We think the best option for you will usually be to convert your garage and you might assume that we are pretty biased but we aren't. We have tried to be as objective as possible with the costs we attribute to each option but you should feel free to check the figures for yourself.
The tables below show the 4 options that we thinko most people could consider to increase the living space in a typical 3 bedroom family home. We haven't looked at a basement conversion as these are traditionally very expensive and are really only of use when there is a real issue with planning permissions.
The 'typical' 3 bedroom house we have chosen costs around £225,000 and for the first of our options, buying a larger house we are assuming a cost of £260,000.
Option A. Move to a larger house
When you move house there are many fees that you need to pay for both buying the new house and selling your existing house. This table shows the most important of those fees but please note that there could be additional fees that we haven't considered below.
| Selling your current house (a 3 bedroom home worth £225,000) | |
|---|---|
| Estate Agent Fees (1%) | £2,250 |
| Legal Fees | £1,000 |
| Removal Expenses | £1,000 |
| HIPS | £300 |
| Buying your new house (a 4 bedroom home worth £275,000) | |
|---|---|
| Stamp Duty (3%) | £8,250 |
| Legal Fees | £1,000 |
By this reckoning then, the moving cost alone for getting a bigger home would be £13,800 plus the actual difference in cost of the new home, in this case £50,000. Therefore the total cost of moving will be somewhere in the region of £63,800 which of course gives you a brand new home which you will be very happy with.
Option 2. Converting your garage
This is obviously our favoured option but lets look objectively at the costs involved. Obviously depending on the size of the garage and what you intend to use the garage for the cost of a conversion can vary. However we would estimate than on average a simple garage conversion will cost around £10,000.
You should remember that the addition of a garage conversion will add value to your house in the same way as an extension or a loft conversion. This figure has been put independently at 10% for a garage conversion which means that the 3 bedroom property which was worth £225,000 is now worth approximately £247,500.
Option 3. Converting your loft
A good loft conversion is a fantastic addition to any home. The only issue that we can see is the sheer cost. A typical loft conversion according to those in the know is around £35,000 and although there will be added value to the property just like a garage conversion it is rarely enough to justofy the initial cost of the work.
A well finished loft conversion will add more value to a home than a humble garage conversion and estimates put the added value at around 15% of the initial value. So our 3 bedroom house with a loft conversion is now worth £258,750
Option 4. Building an extension
In the same way that a loft conversion can increase the value of your home just like a loft conversion it can be costly. To extend your home by the same amount of space as your existing garage the cost could be up to £30,000 and would only increase the value of the house by the same 10%. So just like the garage conversion your 3 bedroom home is now worth £247,500 - you've just paid £20,000 more to get it!
Converting your garage is the cheapest way to get more space
Let's compare the figures;
| Move House | Garage conversion | Loft Conversion | Extension |
|---|---|---|---|
| - £63,800 | - £10,000 | - £35,000 | - £30,000 |
| - | Increase by 10% | Increase by 15% | Increase by 10% |
| + £50,000 | + £22,500 | + £33,750 | + £22,500 |
| - £13,800 | + £12,500 | - £1,250 | - £7,500 |
These figures are just a guide and obviously you should check them out independently but on the face of it only the garage conversion has any chance of you making back the money you have invested.
So in an ideal world you improve your home, acquire a new room and if you ever decide to sell your home you will make back the money that you spent on the conversion.
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