We’re worried that if we spend £100,000 on renovations we won’t get our money back if we sell
Q We live in a house valued at about £350,000, with a mortgage of £120,000. We’d like to move to a house which has more living space, but properties where we live (York) are especially expensive.
We’ve seen a house nearby which is on the market for £260,000. With an extension and substantial renovation we think it would give us everything we want in a home. It would also mean that even with the costs of renovating the house and building an extension (we’re estimating £100,000), our mortgage would stay about the same. I have also seen another house near us which already has everything we want and is a lovely house, but is on the market for £450,000. We could afford the bigger mortgage but we would not be able to pay it down as quickly as one on the cheaper house.
