House value

milliemurphy

Does anybody know if you spend €40k putting an extension onto your house would you get the value back when you sold it ? The house is in a village in a small estate. Detached house. Thanks

braddun

yes but check on home prices with extra rooms ib your town

ted1

You can't be guaranteed, you could make a balls of the extension.

An extra bedroom and bathroom could be more beneficial, does it have a utility room? Would you use an architect or just a builder? Prices could rise or fall without you doing anything

davo10

milliemurphy wrote: »

Does anybody know if you spend €40k putting an extension onto your house would you get the value back when you sold it ? The house is in a village in a small estate. Detached house. Thanks

Impossible to answer, but the obvious question is, why put on a €40k extension if you plan to sell?

Not automatically - if every other house on your estate is worth €150k it might be difficult to go much above that.

BarneyThomas

Extra bedrooms add the most value to a house. Then Kitchen and then bathroom.

D3PO

you would rarely ever get the full value of the extension back, but you would likely get more than a comparable house on the same street. It depends on the market amongst other things.

I wouldn't be investing in an extension thinking it will pay for itself but because its needed. Any additional value it adds is a nice benefit.

ted1

By increasing the value of the house you run the risk of cutting off potential buyers.
E.g. 20 people might afford 400k but only 2 people could afford 450k

milliemurphy

davo10 wrote: »

Impossible to answer, but the obvious question is, why put on a €40k extension if you plan to sell?

The plan would be to sell the house in 5-10 years but for the short term we need extra space. Can't afford to move house at the moment. Thanks

P. Breathnach

Unless you do something non-standard, chances are that an extension will add something to the value of a house. Whether a €40k extension would add that much value to a property is uncertain - it might, or you might fall a bit short.

But consider this also: you will have had the benefit of the extra space for 5-10 years.

milliemurphy

P. Breathnach wrote: »

Unless you do something non-standard, chances are that an extension will add something to the value of a house. Whether a €40k extension would add that much value to a property is uncertain - it might, or you might fall a bit short.

But consider this also: you will have had the benefit of the extra space for 5-10 years.

That's a good way of looking at it. Thank you for your help

jackal

It would all depend on the quality and practicality of the extension. If its done properly and adds practical, well thought out space, then yes it would add value. I viewed a hell of a lot of houses when waiting to buy though, and I have to say, the majority of the extensions I saw added nothing to the house and were in some cases a liability. It's easy to think that just adding a new room is simple but serious thought needs to go into the design, otherwise you are likely to end up with compromises left right and centre which buyers will notice immediately.

HeidiHeidi

A neighbour of mine extended and rearranged his house (fairly small to start with) and wound up with four bedrooms, a small living area and basically no outside space . Complete madness IMO.

Four bed houses would be mostly of interest to families - what family would buy a house like that?

If you're extending, you need to maintain the overall balance in the house in terms of living/sleeping/outside areas.

o1s1n

HeidiHeidi wrote: »

A neighbour of mine extended and rearranged his house (fairly small to start with) and wound up with four bedrooms, a small living area and basically no outside space . Complete madness IMO.

Four bed houses would be mostly of interest to families - what family would buy a house like that?

If you're extending, you need to maintain the overall balance in the house in terms of living/sleeping/outside areas.

I've noticed that many of the houses in my area built in the last 10-20 years suffer from this. The result? They're having a hard time being sold.

The houses from the 70s/80s on the other hand mostly have huge gardens.

There was a lovely detached house around corner from mine for sale, big 4 bed. However it's been up for sale for about a year now. I see it recently changed 'to let' instead.

The issue? It had a big house price, but a tiny Celtic Tiger 'fit as many houses in as possible' garden.