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Should i extend house or knock down and rebuild ?????
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This is probably a question that has been asked many times already but it would be great to get others feedback.
We've bought a fairly ugly looking 1930s house in a plot anyone would dream of. It is certainly not beyond redemption and we originally had some nice ideas to extend and to improve her overall appearance.
Although she is ugly, I have a bit of a soft touch for the house and in the past i have renovated others and I feel this is the way to go.
The problem is that since we bought the house the majority of people have the opinion it would be foolish to renovate when you could knock down and build an all singing. all dancing modern house for relatively the same amount of money. My wife has now also got that opinion and I'm totally now confused as to which way to go. Any comments from people who have experienced falling in love with an ugly and difficult house would be appreciated... !!!!
Re: Should i extend house or knock down and rebuild ?????
We bought a tired bungalow some 5 years ago. On the advice of our architect we applied to extend twice and went to appeal who requested something we wouldn't compromise on, after that point we followed the advice of our builder who said rebuild. Planning permission then took another 2 years to acquire. We are reliant on selling our current house to finance the new build and, as the market has collapsed, we are stuck where we are for the time being, with planning permission slowly running out!! Luckily the bungalow has been rented out for the duration but we are champing at the bit to get on.
I would honestly say, if the sums add up, i.e. cost of plot, cost of build:value of new build, I would say new build from the outset.
Hope this helps.
Good luck!
thanks for that.. sounds like you are having a few ups and downs with yours too..
All good food for thought and i hope that the market picks up enough for you to get on with your plans :)
Re: Should i extend house or knock down and rebuild ?????
look at the "end value" of a new build, take off the cost of the land, the balance is what you have to build with. BUT keep a resonable portion back for kitchen, bathrooms they can get expensive, (dont let the wife loose) always think TRADE, only go to "retail" shops for ideas and to view, not to buy!! also remember, you get a big chunk of money back at the end, courtesey of the vat man !!! I have done several self builds, and it can really pay !! when i say self build, i manage the build, as i am not a tradesman, but with common sense you will be ok visit the site every day!!
good luck, stephen
Re: Re: Should i extend house or knock down and rebuild ?????
I know VAT can be claimed back on new builds but is this the same when demolishing and re-building?
Re: Re: Should i extend house or knock down and rebuild ?????
I am thinking this through, How do you get the money off the VAT at the end, I am assuming that I would need to keep all the receipts etc..from the builders.
The builder I am thinking of using is asking for fee to project manage this through. Would you advise that I take this offer as I work full time and therefore will not be on site during the day
Re: Should i extend house or knock down and rebuild ?????
Normally the builder(if you are having the entire property built by one main contractor) would be expected to programme (in line with YOUR requirements), organise materials and labour and supervise the work in any case, and this would normally be built into his price.It is very rarely shown on the quote but you can expect his overheads and profit to be around 15% of the total construction cost, and the supervision fee SHOULD be built in to his overheads.The option is the use of a professional project manager, the benefit is the flexibility, how much involvement do you want in the project? You have a greater say in all areas of the scheme.
I agree with the previous posts regarding costings for the project but this also assumes that you are intending to sell at some time in the near future. Don't lose sight of the fact that if you intend to stay in the house for some years there is an added value to yourselves in the use you will getting from having a new house to live in. The value should also rise over the next ten years. Even if the sums come out higher than the combined existing 'end value', It way also be worth while you knocking down and rebuilding
Nick
Re: Should i extend house or knock down and rebuild ?????
Ok. This really is an age old question. I hope the following is helpful. You need to consider the following
1 VAT..This is the primary consideration. If you tear down to slab level and then rebuild, the build is zero rated. If you extend your property you will have to pay VAT on any of the works. This can make a massive difference. Beware the rules on this are complicated and you need proper advice. A "proper" builder of project manager should be able to offer advice.
2 New Regulations that relate to a new build are much more stringent than for an extension..ie Look at the new Part L Thermal Performace Data Regs. You will have more flexibility with with an extension.
3 Do not forget the cost of demolition. Demolition is now very expensive.
4 If you demolish you will have to rebuild what you effectively had for free.
5 If you run out of money and you have completly demolished you have nothing. If you extend you can always put the "other" extension on hold until you can afford it.
6 It maybe easier to get finance on an extension as the banks can see that they will always have some value above that of the land.
7 The build could be more complicated with an extension as you have to tie the new into the old. There maybe alot of stripping back also in order to gain the correct U values for insulation etc.
8 My advise is get a proper builder to do the works. Find someone you like and trust and that they have a reputation to protect. Each jod is very different and they should all be looked at on an individual basis.
Hope this helps
Jonathan
Re: Should i extend house or knock down and rebuild ?????
Knock down or extend?
I was and still am in the same situation. I bought a 1930s detached house in a fantastic plot of 3 acres, all overgrown and in the Surrey green belt.
It was derelict when I bought it years ago and every penny Ive spent on it Ive half regretted. Everyone said knock it down but the old place grew on me and I felt the presence of the elderley gentleman that passed away in it.
I would say dont get attached to it.
If you only have the four walls old windows rotten roof etc then you only have a shell. Price up a new shell and your back to where you are now. Add it up from there and thats your figure.
Demolition you can sometimes get for free if theres anything worth selling on.
My main obstacle was the green belt restricting the size of a new build. They need to be a good size to make the figures stack up.
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