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How much value will I add?

  • 15-02-2021 12:00PM
    #1
    Lolzipop
    Registered Users, Registered Users 2 Posts: 7 ✭


    This might be a stupid question.

    I want to convert my attic to two bedrooms & ensuit, plus a small extension on ground floor.

    Bank want to know how much it will increase the value of the home... how do I figure that out? I've no idea...

    I checked Daft.ie - houses in my area are either close to my current valuation or POA, or they are miles outside the village and cost 3 times what my house costs.
    Tagged:


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,726 Mod ✭✭✭✭Gumbo


    Lolzipop wrote: »
    This might be a stupid question.

    I want to convert my attic to two bedrooms & ensuit, plus a small extension on ground floor.

    Bank want to know how much it will increase the value of the home... how do I figure that out? I've no idea...

    I checked Daft.ie - houses in my area are either close to my current valuation or POA, or they are miles outside the village and cost 3 times what my house costs.

    Estate agent valuation.

    Must be a big attic to get 2 official bedrooms up there.


  • #3
    Lolzipop
    Registered Users, Registered Users 2 Posts: 7 ✭Lolzipop


    Thanks. Yes, it is a large attic.


  • #4
    Isthisthingon?
    Registered Users, Registered Users 2 Posts: 175 ✭✭Isthisthingon?


    Hi ,

    Just curious how this went?
    I am in the same postion - remortgage loan apporved in principle for an attic and kitchen extension - however it will be done by 2 seperate builders.

    Estate agent the bank wants us to use is asking for drawings and costings - problem is both builders are neccesarily savvy in that regard - not dodgy, have been recommended by friends but are old school builders .

    Scratching the head to see how we can get something to show EA & Bank?


  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 41,726 Mod ✭✭✭✭Gumbo


    Isthisthingon? wrote: »
    Hi ,

    Just curious how this went?
    I am in the same postion - remortgage loan apporved in principle for an attic and kitchen extension - however it will be done by 2 seperate builders.

    Estate agent the bank wants us to use is asking for drawings and costings - problem is both builders are neccesarily savvy in that regard - not dodgy, have been recommended by friends but are old school builders .

    Scratching the head to see how we can get something to show EA & Bank?

    Your going to need drawings as your going to need sign off by a professional for the bank to issue funds.

    Better just get someone in now.

    Attic requires significant structural and fire safety measures, doesn’t matter how good the builder is, they are legally not qualified to certify, design the structural elements etc


  • #6
    Calahonda52
    Registered Users, Registered Users 2 Posts: 13,186 ✭✭✭✭Calahonda52


    Isthisthingon? wrote: »
    Hi ,

    Just curious how this went?
    I am in the same postion - remortgage loan apporved in principle for an attic and kitchen extension - however it will be done by 2 seperate builders.

    Estate agent the bank wants us to use is asking for drawings and costings - problem is both builders are neccesarily savvy in that regard - not dodgy, have been recommended by friends but are old school builders .

    Scratching the head to see how we can get something to show EA & Bank?
    ???

    “I can’t pay my staff or mortgage with instagram likes”.



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  • #7
    Isthisthingon?
    Registered Users, Registered Users 2 Posts: 175 ✭✭Isthisthingon?


    Bank wants an valuation on the proposed extension - have been told this will be done by an estate agent that the bank chooses.


  • #8
    Lolzipop
    Registered Users, Registered Users 2 Posts: 7 ✭Lolzipop


    Hi all

    Sorry for the delay I didn't get any notifications that anyone had responded!

    So we have an architect/engineer doing drawings for us now and a tender list to get costings. Then I have a construction company waiting to get the tender list/drawings to give me an actual price for the work. Then I need to get one of the banks "Valuers" (estate agents) to value the house based on the drawings, then it's back to the bank and fingers crossed. Tis long but not as messy as I thought it would be. The cost of the extension will determine whether I go to bank to top up mortgage, or just try the credit union. We will see.


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