Posted on 26 October 2017 by
Will an extension increase the value of my house? If you’re planning to add an extension to your home it’s important to understand how much it will cost, and how much it could potentially add to the value of your property. The below tool, produced by the Office of National Statistics allows you to utilise the latest data looking at property prices per square metre in England and Wales to help you find out what value you could increase the overall value of your home or property by adding additional floor space.
The tool should only be used as a guide and it’s important to remember that the value an extension will add depends on many things, from the quality of construction, the room type and the exact location of the property within your local authority. This calculator uses average values for houses across local authority areas.
Our team can help look at what your options are for raising money from your home, these options can include:
Further Advance: It may be that if you are doing smaller works you can get the finance from a further advance on your current mortgage deal.
Remortgage: if you’re at the end of a fixed term mortgage you could remortgage to release some of the equity in your current house and take advantage of the low rates that are currently available.
Second charge mortgage: Second charge mortgages, secured loans or home owner loans as they are sometimes known are called second mortgages because they have secondary priority behind your main (or first charge) mortgage. They are a secured loan, which means they use the borrower’s home as security and are popular if you are tied in to your current mortgage, and aim to repay the second charge via a remortgage when your main deal expires.
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.