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Nothing wrong with our place, but we could have an option to extend out the back, turning my mancave which is a separate breeze block shed of 4m x 8m into a permanent single story extension. As this would now join the house accessible from inside via the Kitchen and with an door to the outdoors, it would provide the following:
a) Change a current outside access toilet to be indoors
b) Provide a small Office (we both work from home when not travelling)
c) Provide a more permanent & secure mancave
Thing is, I was hellbent on staying as it and paying down the mortgage whilst I have the financial opportunity to do so.
My ask then is for pro's and cons of either beyond the obvious, because I'm not very clued up with this kind of stuff.
Thanks
I think a lot of that depends on how much mortgage you are paying at the moment and how much value could be gained by completing the works.
If you are in a one off situation where you have a chunk of cash and the addition of the extra space will add value then do it. If it won't add much value and you have a terrible mortgage rate then pay that down and consider the extension in the future.
Yeah, unless you can easily afford it and it makes sound sense in terms of adding that value to the house, its probably a good time to sit tight. Not that I would! I have taken every opportunity to extend my house/landscape the garden etc as eventually I will sell it and cash up!
Hmmm thanks.
This isn't our dream house and although it has considerable equity (currently) we'd be doing it just for a little ease and convenience the extra space brings.
Maybe better bringing the mortgage down then, and waiting for an opportunity to move.
This does mean repointing the gaps in the mancave next summer 😀
Agree, you need to assess what value it would add and go from there. Doesn't really sound like it would add a lot for a potential buyer so what is it going to cost and is that cost worth it for what it gives you?
value smallue .
does it make the house much more livable.
Ie do you need an office or is it a nice to have.
Have you got 3 kids in two rooms and expecting a 4th that kind of thing.
if its just because you have money burning a hole in your pocket mortgage every time.
I wouldn't be paying the mortgage off. Interests rates are low right now. Better to invest spare money elsewhere. Whether that's on the house or into a S&S ISA or something else depends on lots of things.
Personally I've done a fair bit to our house now and the only regret would be not doing it sooner. A bit of a change and some improvements to the way the house works can make a world of difference. If you can do the work without spending too much then go for it.
I think you have a point nickjb in that half n half may be the way to go. The extension was estimated at £15k, so I would assume £20k.
Instead of that we could have our Garden improved for a more usable space and the ageing bathroom redecorated and not spend half that.
trail_rat to answer your question its more a "nice to have".
“nice to have”.
If that’s all it is, and it will cost £20k, then unless it adds more than £20k to the value, do something else.
Although it does sound like a good addition, somewhere outside the house to “ride out a storm” also has its benefits 👍
I had a good think about this over a bacon sandwich this morning.
We have some issues with noisy neighbours which we are hoping will go away in the future, and this is not really our ideal location but was the right house at the right time when we bought, and is still a good family sized place which we enjoy in the main.
I chatted with Mrs K and we agreed we’d tart up the bathroom and re landscape the garden so the kids have more outdoor space and we can have a permanent patio / outdoor furniture arrangement rather than extend. It makes our place a good quality family house without the outlay, and we’ll continue to keep one eye out for the “ideal” house which although slightly beyond our means currently may be reachable in the future. I’m wary I can currently have the mortgage paid before I retire and don’t want to endanger that.
I guess if we sold up, it’d be a decent condition and modern decor family house with the precedent to extend and/or convert the loft, so we would be selling with options.
When you come to sell up it can be worth having the extension planning permission sorted as this can add a little value too.
Contrary to a post above, low interest rates are the perfect time to repay debt.
At higher rares, it costs more to repay - and just maintain - a mortgage.
For reference this is worth reading through:
https://www.planningportal.co.uk/info/200125/do_you_need_permission