In today’s property market, the cost of moving to a new home can be considerable. Solicitor’s fees and a survey account for around £2000, and stamp duty, particularly on larger properties, can amount to a hefty sum. Stamp Duty rates from 25th March 2010 and for two years thereafter are as follows:
Residential Property Purchase Price | Rate of Stamp Duty Land Tax |
Upto £250,000 | 0% |
£250,001 - £500,000 | 3% |
£500,001 - £1,000,000 | 4% |
£1,000,001 or more | 5% |
It is therefore unsurprising that people are increasingly looking instead to spend money on extending their properties wherever possible, thereby adding space and value to their homes. Indeed, estate agents across the country agree that a loft conversion, extension or conservatory are the top three ways to add value to your home, even more so than a new kitchen or bathroom [Egg.com news release, Oct 2004].
Depending on your property and the plot it is built on, you might be able to extend upwards in to the attic, outwards into the grounds and even downwards into a basement.
Unless you are experienced in a wide variety of DIY skills, you are strongly advised to hire a specialist firm to undertake any extension to your home. These companies provide a great deal of experience as well as architectural, structural engineering, planning submission, project management, plumbing, electric and building services.
We’ve briefly considered the pros and cons of each type of extension on this page; use the links for further detailed information.
A professionally fitted conservatory can cost anything from £5,000 upwards, depending on specification and size.
A professionally converted loft usually costs around £20,000 to £30,000, but can be much more expensive depending on specification and size.
A professionally developed basement can cost anything from £50,000 upwards, depending on specification and size.
The cost of a professionally developed extension will vary considerably depending on the size, nature and specification of the project. There are generally no hard and fast rules except for the standard planning permission criteria and building regulations stipulations. Use the useful links below for further details.
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