living:room, Reveal potential when buying, selling or extending your home

Extending a Home - Challenges and Opportunities

	In an uncertain property market, would you like to know: If your home has the potential to add space and add value? If it the potential additional space is enough to meet your needs? If that potential could help the property weather the market? If you can avoid the cost, expense & disruption of moving? How can living:room help? .


	The Challenges If you are already a homeowner and need more space to meet changes in lifestyle – getting married, growing family, working from home – extending your home may be a viable alternative to moving in the current market and can protect the value of your original investment. Aside from the problems associated with selling a home and buying a home, moving home, even if only from from a first time buyer home to the average house price in Dublin can cost in excess of €30,000 - excluding the deposit. There are other issues to consider as well – getting to know new neighbours, children moving to new schools and perhaps a longer commute to work. The Opportunities Between 2004 and 2007, there was a 29% increase in the number of homeowners who applied for planning permission to extend or renovate their homes. Adding space is acknowledged as the best way to add value to your home – this can be done by adding an extension, reconfiguring internal arrangements or converting attic space (providing conversion complies with Building Regulations).The general slow down in the building industry should make it easier and more cost effective to carry out building work and home improvements. How Does This Affect You? Whilst there are costs and some disruption involved in carrying out work to your home, these may be outweighed by the opportunity to stay in the same location and create a home that meets your individual needs. How living:room can help: A planning potential report can: Identify the opportunity to add space and add value to your home; Determine if the additional space can meet your individual needs; Identify if there is enough potential to ‘future-proof’ your home against fluctuations in market; Avoid time, expense and disruption of moving to meet lifestyle changes. View a sample report >> For more information call us now on 087 678 0895 or fill in the enquiry form on our contact page >> .

What's the story?

The Permanent TSB / ERSI House Index report for end of year 2008 indicated that house prices dropped nationally by on average 9.1% for the year (13.3% when adjusted for inflation), compared to a fall of 7.3% in 2007.
Dublin house prices which saw a sharp falls in Oct and December, saw an average decline of 11.7% compared to an average of 10.2% elsewhere in the country - the steepest declines were in the commuter counties around Dublin - Wicklow, Kildare, Meath & Louth - where average prices fell by 16.8% during the year.
Falls in interest rates have been good news for existing homeowners but there have been further restrictions on new mortgage lending in the wake of the Banking Crisis in 2008. However, the Government have announced that under the recapitalisation of the AIB and Bank of Ireland, mortgage lending by these institutions will increase by 30% in 2009.
A survey published by the Irish Auctioneers & Valuers Institute in Jan 09, indicated that their members did not expect the market to improve until 2010, with a predicted fall in house prices of between 5 - 10% this year.

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