should i extend my property?
I have a two bedroom property in london in a really nice area. It has development potential – i can turn a two bedroom one bathroom house into a four bedroom three bathroom house. It will cost 100 grand to do. At the end of it i want to remortgage the property to pay back the 100 grand loan to do up the property and then rent it out for as long as i want until the market is good to sell again.
is this a good plan given the turmoil in the economy?
It will be well worth it. It will help the value of your property increase with more bedrooms although, you should get an appraisal of your property first because you don’t want to over do it and not get the maxium value for it. You want to keep within the limits of property value in your area.
Normally i would have said yes, but with the economy being so unsettled and the possibility of a full blown recession still looming, i would be very cautious about undertaking a very substantial commitment at the moment.