The Times, 26/05/2024

‘Moving not improving’ worked for us

Quoting George Barkes from Stacks Property Finders

It’s a similar story in the Cotswolds, where turnkey properties that are ready to move into are in high demand among high-budget buyers. Whether to improve or move is rarely a simple calculation, however, says George Barkes of Stacks Property Search.

“Renovation costs have risen to about £450 per sq ft. Adding a high-end kitchen extension, with all the bells and whistles, can cost up to £150,000. For a simple single-storey extension, to be used as an office perhaps, you will pay about £50,000. And it’s always a big undertaking when you do a major refurbishment,” he says. “But the cost of moving is high too. Stamp duty on a £1 million property is more than £40,000, plus all the other associated fees. Upheaval levels and costs are high in both moving and improving scenarios.”

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