Staying put
Avoid the expense and uncertainty of buying a bigger home – build an extension instead Words | Graham Norwood WHEN PEOPLE wanted more space in their house for themselves and their families they used to move to a larger property – but not any more. Increasingly, more people are choosing to remain in their existing [...]
Avoid the expense and uncertainty of buying
a bigger home – build an extension instead
Words | Graham Norwood
WHEN PEOPLE wanted more space in their house
for themselves and their families they used to move to
a larger property – but not any more. Increasingly, more
people are choosing to remain in their existing homes.
Hometrack, a housing research fi rm, predicts that one in seven people
considering moving house in 2008 will decide against doing so.
There are two reasons for this forecast. Firstly, the slowing housing
market is making home-owners increasingly cautious. Secondly,
existing owners are deterred by the high cost of moving: legal and
removal fees plus stamp duty means it costs an average of £4,700
to move house, according to the Woolwich, and if you are looking to
buy a high-priced property, these costs rise further still.
Many owners who decide to stay put are fi nding new ways of
extracting more space from their existing homes – and increasing their
value – by building extensions, be they up into the loft, backwards and
sideways at ground level, or even downwards, turning small cellars into
fully-fledged basements.
So which way to build? For Ed Mead of London estate agent Douglas &
Gordon there is little competition. “A loft extension in an urban house usually
wins out over a sideways or backwards ground-floor extension,” he says,
“because it probably means more bedrooms, and automatically adds value.”
Basement extensions, Mead believes, are best undertaken in Victorian
terraces or similar homes with an existing cellar. But there is a caveat, Mead
cautions: the cost of excavation and disruption means this is worthwhile
only if a house is already worth £750,000 or more.
Edward Oldrey of Rural Scene estate agency advises that anyone in a
country property with an outbuilding could “extend” by getting planning
permission to convert it into a room – a spare bedroom with en suite
bathroom, for example, or even a games room for children.
“Having planning permission for an outbuilding doesn’t necessarily boost
the value of a property if it’s sold at that stage,” he says. “But it would
increase its saleability. When a conversion’s actually done, of course the
value of that building is then far greater than as an outbuilding.”
breathing new life into inverclyde
Riverside Inverclyde (ri) is the
local Urban Regeneration
Company established to
drive the delivery of a
focused, integrated
regeneration programme for
Inverclyde, and strategically
guide investment decisions
by both the public and
private sectors.
The £400 million joint initiative
between Scottish Enterprise
Renfrewshire, Inverclyde
Council, Communities
Scotland and Clydeport will,
over the next 10 years,
dramatically reshape the
environmental and economic
future of five miles of
waterfront from Port Glasgow
to Greenock, spreading the
benefit of new investment to
the wider Inverclyde area.
The partnership is fully
supported by the Scottish
Government and has been
designed to secure the
long-term economic growth
of Inverclyde by increasing
employment rates and
average earnings as well as
the percentage of small to
medium sized businesses.
KEY PROJECTS
development areas to be
advanced. A mixture of high
quality residential, commercial,
retail, marina, leisure and
public space is being created.
In turn, residents, businesses
and newcomers will benefit
from investment, development
and employment opportunities.
Victoria and East India
Harbours: Plans are being
driven by a £45 million
partnership between ri,
Inverclyde Council and
Clydeport. Proposals for the
30-acres site include new
housing, a 220-berth marina
development, commercial
areas, restaurants and a
theatre. Quality public areas
will be created, including a
new riverside walkway and
additional green space. Site
start date for phase 1 is
anticipated during 2008.
When complete, ‘The
Harbours’ project will have
created 290 new homes as
well as leisure, retail and
business space.
James Watt Dock: Carried
out in conjunction with
Clydeport, the project will
redevelop James Watt Dock creating a major mixed use
development including
residential, leisure, marina,
commercial and retail space.
As part of the first stage
plans, ri and Clydeport will
undertake a series of works to
make Grade A listed Sugar
Warehouse wind and
watertight. Site start is
anticipated for February
2008, with completion late
2008. When complete,
145,600 sq ft of commercial
space will have been created
at the dock, plus 49,000 sq ft
of retail and leisure and a
new community composed
of 1352 apartment units.
Estimated development
value is £181.2 million.
Kelburn Business Park:
ri is leading the development
of the 7.5-acres site; a well
connected location, ideal
for quality commercial activity
and light industrial use.
Site start date is anticipated
during 2008.
Riverside Business Park:
Adjacent to the A8 to the
west of Greenock, ri will
develop a 4.5-acres site
to provide modern office
accommodation, consisting
of 26,000 sq ft over two
storeys (in phase 1).
The project will attract
investment and encourage
company growth. Construction
is due to begin Autumn 2008
and is likely to be complete
mid summer 2009 with suite
sizes ranging from
approximately 750 – 1500 sq
ft and on flexible terms.
THE POTENTIAL
Over 10 years, the
development has the
potential to generate:
• 2,600 jobs;
• 4,570 new residents;
• 110 construction jobs;
• 2,285 housing units;
• Education and
training space;
• Retail and leisure
space; and
• Business space
configured in line with
occupier demands.
BE PART OF IT
Riverside Inverclyde presents
a wide and exciting range
of investment opportunities.
For further information visit
www.riversideinverclyde.com
or call 01475 755080.
