09/10/2024
OUR ANSWER ⬇️
Hi 👋🏼
CONSERVATORY
There are different variations of how you can convert a conservatory into a “proper extension”. You could knock it down and then rebuild an extension in its place with proper foundation walls and a roof etc. If it’s something like 3m x 3m, then you’re looking at about £20-£25,000. If you convert it instead of knocking it down then it depends how far you take it. Will you remove the glass and replace with insulated panels? Replace the glass/plastic roof with a proper roof with tiles? Will you insulate the floor? Converting has SO many variables and costs could range anywhere between £5000 and £25,000 for a circa 9-10 sQm conservatory conversion.
ROOF
Taking off an existing roof and installing a new one on an average size bungalow with 2/3 bedrooms and 1 bathroom upstairs is going to be roughly somewhere between £80-£100,000. There’s so many variables but making the typical assumptions, this won’t be far off.
FINANCIAL VIABILITY
What is the core purpose of considering a purchase that requires a lot of time and capital? Is it to establish a net equity gain post works? Is it just to make the property your own, so to so speak? In some occasions, the build cost to value-add ratio is negative and this is dictated by location. For example, the build cost will be similar if not the same; depending on specification, whether you’re building an extension in say Upper Parkstone or Lower Parkstone. However, the end value of that new accommodation will be greater in LP compared to UP. If “space” is your top criteria, then sometimes you’re better off finding a property that has been “overdeveloped” by the current owners. There is a point where you can extend your property beyond the size that the location can absorb. In these instances, homeowners have spent money that they won’t see back by increasing the size of their home by too much. If you purchase one of these then it’ll be cheaper than buying smaller and building extensions.