Sunday, July 23, 2006
Would I be better off on the dole?
I just extended my house. Well I say just, It's taken from the forst week of February until this week, about 8 weeks over the planned project time scale, but hey it's finished.
A couple of tuips for anyone about to embark ona similar project. First get a builder you can trust to project manage the whle jpb for you to a fixed price. that way any financial headaches are his not yours! Second, once you agree the price keep a couple of grand back in reserve until satisfactory competion of the job. Builders are always busy, and are usually turning down jobs because they are in demand. this means as they near completion on your job, it's tempting to move on to the next one and forget about the little snagging jobs that need doing. My builder, Ricky, has been brilliant in this respect, but had he proven awkward to get in to finish off, I had a £2000 lever to use to get him back.
Anyhow, It has cost me roughly speaking, £7000 each for five rooms to be added, okay three bedrooms, a hallway and a garage workshop, but the added value to my house must come to around £60000 for a £32000 layout. My little 3 bed hosue is now 6 Bed. I foresaw the extension potential when I bought, so I didn't mind the £11000 negative equity I lost on my old flat when I moved. I now have a £120K mortgage on a property that must be valuing at around £250K.
The beuaty of it is, I could still extend on all four sides! I still have a garden large enough that mowing the grass takes a couple of hours.
So am I bragging or what? Well, no, I earn a reasonable salary, but have a wife who in traditional manner stays at home to raise the children. My mortgage is manageable with care, my car is 12 years old, and I sometimes have to buy Smartprice instead of ASDA brand or better just to make ends meet. I can't help noticing at work that the Stealla drinking, Benson and Hedges smoking Vectra driving holidaying in Spain jetski ownijng unemplyed are having a better tiem of it. Would I be better of on the dole?
A couple of tuips for anyone about to embark ona similar project. First get a builder you can trust to project manage the whle jpb for you to a fixed price. that way any financial headaches are his not yours! Second, once you agree the price keep a couple of grand back in reserve until satisfactory competion of the job. Builders are always busy, and are usually turning down jobs because they are in demand. this means as they near completion on your job, it's tempting to move on to the next one and forget about the little snagging jobs that need doing. My builder, Ricky, has been brilliant in this respect, but had he proven awkward to get in to finish off, I had a £2000 lever to use to get him back.
Anyhow, It has cost me roughly speaking, £7000 each for five rooms to be added, okay three bedrooms, a hallway and a garage workshop, but the added value to my house must come to around £60000 for a £32000 layout. My little 3 bed hosue is now 6 Bed. I foresaw the extension potential when I bought, so I didn't mind the £11000 negative equity I lost on my old flat when I moved. I now have a £120K mortgage on a property that must be valuing at around £250K.
The beuaty of it is, I could still extend on all four sides! I still have a garden large enough that mowing the grass takes a couple of hours.
So am I bragging or what? Well, no, I earn a reasonable salary, but have a wife who in traditional manner stays at home to raise the children. My mortgage is manageable with care, my car is 12 years old, and I sometimes have to buy Smartprice instead of ASDA brand or better just to make ends meet. I can't help noticing at work that the Stealla drinking, Benson and Hedges smoking Vectra driving holidaying in Spain jetski ownijng unemplyed are having a better tiem of it. Would I be better of on the dole?
# posted by Martin Thorp @ 2:09 PM 
