Looking for a way to increase the value of your house? Worry not – your house doesn’t have to be a money pit, as long as you know what you’re doing. What are your options when it comes to house extensions, and what’s there to be gained?
How big can the value increase be?
When considering house extension as a mean to add value to your house, it’s always important to weight the build costs against potential value gain. Easier said than done, huh? Well, not necessarily.
Even if you lack the basic market knowledge, you can contact your local tradesmen for quotes on the cost of a house extension. Compare the quotes to average prices per square meter on your local market and you’ll get a rough estimate on how big the difference can be.
Properly executed house extension provides anywhere from 5% to even 13% increase in the overall house value. To achieve the best results, you need to use materials both of adequate quality and price. Keep in mind that even if the materials used for the house extension offer satisfying money-for-money ratio, there are other factors that affect the outcome – the most important of them being the type of house extension.
What are the most popular types of house extension?
Different rooms provide a different increase to the overall value of your house. Here are some of the highest value-increasers in the field of house extensions:
An extra bathroom can typically increase the value of the average UK house by £15,000, but one has to keep in mind that performing a bathroom extensions is not exactly cheap. The cost of finishing a bathroom can vary from around £2,500 to upwards of £7,000, which affects the money-for-value ratio.
Single or Double-Storey Extension
While single-storey extensions are already big winners when it comes to increasing the value of your house (around 4-7%), nothing beats a full-blown, double-storey extension, which can provide upwards of 11 per cent increase – that’s around £33,000 for the average UK home!
Ruban Selvanayagam from ‘we buy any house’ experts Property Solvers couldn’t agree more: “adding to the square meterage of the property undoubtedly boosts the value. If you’re lucky enough to be in a Permitted Development area, the number of hoops you’ll have to jump through with the council’s planning office is considerably less. However, it’s worth noting that these types of extensions is costly exercise and you will still need to adhere to ever stricter building regulations. You should definitely work with a qualified architect and structural engineer rather than go it alone.”
Conservatories are gaining popularity all across the UK. The reason? Weather. People want a place where they can enjoy their garden all year round. Due to that fact, this type of house extension is also a big winner when it comes to increasing the house’s value. Just don’t forget to use materials of appropriate quality. While glass conservatories on average mean around £5,000 increase, their cheap PVC counterparts can even deter potential clients.
Now that you’re aware of the potential increase of the value of your house that can be achieved with a smart use of house extension, it’s time to decide whether to go for it or not. If you’re unsure if your knowledge is complete yet, you can always check this place for more useful tips on adding value to a residential property. Good luck!