Extension or sell?

Hi,

I have a query regarding my home. It is a 3 bed mid-terrace in Kildare and we are undecided as to whether to move house or extend in order to meet our needs. The house has been valued at €300,000 and we estimate an extension (from builders quotes) to come in under €40,000. End of terrace houses in our estate are currently fetching €315,000 but the side entrance is the only way they differ to our home.

As our mortgage is currently only €195,000, we can afford to re-mortgage in order to do the work. What I am wondering is how much can I reasonably expect the extension to add to my home? I know it will not add the value it will cost but in terms of living there, it would be worth it for us. We intend adding a downstairs bathroom with shower, a large bedroom and a utility making a 4 bed mid-terraced home. Any opinions?

Hi Shibbyj,

We are in the exact same predicament. If you are happy with the area then I would stay put and do the extension. If you sell then buy again you will have given approx 10,000 to auctionneers and solicitors and will probably have a much higher mortgage payment, but if you stay put and invest the 40,000 then you will only owe 235,000 and you will have the extra space for another few years. We have decided to extend as the uncertainty of the current market means that you may find a new dream home but may be unable to sell your own anyway at the price you want. I know it's a dilemma, but hope this helps.
Best of luck with it.

shibbyj said:

What I am wondering is how much can I reasonably expect the extension to add to my home?

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Have a chat with some of your local estate agents. They should be able to advise either by a quick chat over the phone or call into their offices at a quiet time. Potential customer and all that.

Thanks for the feedback. It's nice to know we are not the only ones throwing the option around. I haven't found my estate agent very knowledgable but will ask another agent for advice...thanks again.