When a developer finds a prospective property he must assess the upturn in market value against what he is going to spend in order to realise this profit. In the recent boom years property developers could easily make a profit without even developing their asset. Holding onto a property for even just a few months could give a massive profit. So against the backdrop of a recession where house prices remain static or even decrease in value the developer has to be shrewd.
Knowing that location, location, location is paramount as different areas yield varying ceiling prices for properties; Ilex Building Services saw the potential for this property in the picturesque Lincolnshire village of Scothern.
Origin Design Studio was appointed to gain planning permission and provide supplementary Building Regulations services to turn the small two bedroom cottage into a remodelled three bedroom cottage. The proposal included for the removal of the existing lean to outbuilding into order to provide a two storey extension. Negotiation with the local planning authority WLDC resulted in a sub-ordinate side extension in order to clearly see the new addition against the backdrop of the existing property. Consequently the first floor area required a vaulted ceiling in order to retain the cottage feel for the building and provide adequate circulation headroom. Traditional looking windows and doors were installed to maintain the character of the property and conservation area.
The property was bought for £80k back in 2009 and a total of £35k was spent in order to extend and refurbish the existing building. It was recently valued at £145k making a healthy £35k profit. Not bad during the age of austerity!
If you are thinking of a building project and need architectural services drop us a line so that we can help. Alternatively you can contact Ilex Building Services at ilexbuildingservices@ltdhotmail.co.uk
