Opinions on building an extension please!

[bluecatt]

Having failed to sell our house in the current climate, we've opted to build a large two-storey extension. We'll need to remortgage to do this.

I'd love to know if others think this is a good idea given the financial state of the country at the moment.

Also, could you give me a rough idea as to the proceedure for getting an extension? In what order do I consult whom etc.

Cheers

[buildersmate]

I don't know who has suggested this to you but I suggest you speak to a Chartered Surveyor who specialises in valuing first. It may be a good idea - but you really need to understand the parameters.
If, say, you have a small house on a large plot and it is smallest house on the road, then configuring it in the way you suggest may be beneficial. But you might get much of the planning gain merely by GETTING THE PLANNING PERMISSION (so that buyers can see what is possible).

If you have a house the same as others on the road and you've already extended it - then it is probably not a good idea.
As a principle, unless you are turning into a property developer, you should extend your house in line with what your needs are.
The simple truth may be that you are just asking too much money for it - sorry.

Procedure - talk to Planners to see if it fits the planning policy, get plans drawn up, get planning permission, (for a two-storey extension) get building regs drawn up - unecessary on a small extension, get builders to quote on basis of drawings, contract with builder, get work done, pay for work. You'll have to work out where 'ask lender for more money fits in- probably after the very 1st step.

[bluecatt]

Thank you buildersmate. Very useful information there.

The extension is not to help the sale of the house. We have decided not to move and instead build an extension - we originally wanted to move for more space. I realise I didn't make this clear in my question!

We do have a small house on an enormous plot - biggest plot on the street.

Thanks again.

[jen78]

Make sure you get a full illustration on your remortgage that you can afford to pay any rise at the end of your fixed rate period should you not be able to find a comparative deal at the end of it if you want to remortgage again.

Also make sure you are aware of early repayment penalties in case you do decide to sell up at a near point in the future.

Depending on what you do, repayment protection insurance may be an idea.