If you’re not looking to buy or build a new home, an extension to your existing house is a great way to create new space and introduce your own unique style.
One of the main questions asked when considering a house extension is: Does it make financial sense?
It’s a good question to ask. Your home is likely the biggest purchase you’ll ever make, so it’s wise to consider the money you invest in it.
But, what does ‘worth it’ mean? There are two ways to look at it:
- Simple financial terms – the cost of the extension
- Emotional terms – the value of the extension
You need to be sure that the investment you make in your home extension is one you can afford to make financially and won’t leave you in negative equity.
But, you should also look at a home extension in terms of the value it will give you.
If a home extension gives you the right amount of space in Edinburgh and allows you to live an enhanced life, then we think it’s definitely ‘worth it’. Here are three reasons why.
Number one: It’s an investment
If you’re hoping to gain a financial return, a house extension is something you should think of as a medium- to long-term investment – five or more years.
Generally speaking, house prices rise over time. In terms of financial profit, it’s likely that your house extension will be ‘worth it’.
It’s easy to look at the cost of a home extension in vague terms. However, the reality is that it depends on your individuality, for example, financial, the reasons why, and lifestyle.
Let’s imagine your property in Edinburgh is currently valued at £300,000. You’re looking to add an extension that will cost £100,000 to build. Your property might be worth £350,000 after the extension is complete. In simple financial terms, these figures might not add up.
You need to consider ‘absolute value’. What does the extension mean to you and your home? Extensions are renowned for creating new rooms and adding new space; whether you have a growing family or want to design your dream kitchen space, an extension can add value to your life that’s hard to put a price on.
Of course, this is hypothetical. The figures rely on knowing with absolute certainty what the house will be worth when the work is completed. In reality, this is difficult to know. Estate agents will be able to offer advice, but they will be rightly cautious when giving prices based on plans.
In our experience, the prices given after work has been completed are noticeably higher than they were when they were just plans on paper. This is because it is much easier to see what has been gained.
Projects by Orocco tend to have a wow factor that adds value in its own right.
For many of our customers, a house extension is so much more than a mere way to add value to their homes. It’s an investment that can go beyond monetary value.
Number two: Solves common problems
As well as considering the potential financial gain, it’s worth noting that a house extension can be a good way to solve common problems, such as leaking roofs and damp, improved flow of your home, and more space.
Often, we work with customers who are looking to stay in their home for the foreseeable future – it’s their ‘forever home’. By undertaking a house extension, they’re really hoping to create a home that works for them. Not to mention that an extension can reduce future maintenance issues and costs.
In a nutshell, our customers are looking for long-term value for themselves. They’re effectively investing in their home to be able to enjoy the future without needing to worry.
Number three: Emotional value
A larger kitchen will let you entertain your friends and family. A change of position for your living room might help you enjoy the sunset with a glass of wine. A new bedroom will create space for your growing family.
These experiences give priceless enjoyment and when you design a home extension around these needs, they come as part of the package.
If your house extension helps you to create your dream home and one you’ll enjoy living in, then there will likely be a ‘value gain’ far greater than the financial cost. You can’t put a price on experience.
Cost or value?
Though the financial investment of a house extension can be significant, the return on your investment is often still greater.
The real-life value is priceless.