We currently live in our 1950s three bedroom bungalow. We would like to raise the ridge height and then extend into the roof space and to the rear of the property to give us four first floor bedrooms and a large kitchen/living/dining room on the ground floor. The budget we initially had in mind was£150,000, however, discussions with an architect suggest the budget may be too tight and £200,000 would be more realistic.
The bungalow has no major structural problems, but does have a number of issues we would like to address such as the poor insulation of roof, and absence of wall and floor insulation. There is cracking over both of our bay windows suggesting the need for remedial work. There are damp areas in the upper corners of some of the rooms which will need sorting out. In addition, the property has obviously been reconfigured at some point in the past as there are supporting beams in various odd places. We also have woodworm in the roof and floor.
Are we better spending the money on trying to bring our current home to how we would like it or to knock down and rebuild to modern standards, beginning with a blank canvas and not being constrained by what already exists? Advice would be much appreciated.