Extending a room in your home is one sure way of adding value, maybe an extra bedroom or two? Young families, and couples, in particular, want space for their family to grow over the years, and property delivering room for expansion will often be highly desirable. However, it is essential to ensure that the cost of adding extra space to homes reflects in added value.
Unlike some other European countries, the number of bedrooms in a home fundamentally affects house prices in the UK.
In many other European countries, the number of bedrooms in a property is far less relevant than in the UK. Indeed, homes in France advertise with the total number of rooms available – there is no distinction between reception rooms and bedrooms. In the UK, the situation is very different, and the difference between the house prices of homes with three and four bedrooms is significant. Some houses with less floor space than neighbouring properties sell for more – just because of more bedrooms. Undoubtedly, if increasing bedroom numbers isn’t an option, try to extend a room, as this should add value.
Does the number of bedrooms appreciably increase my property value and make it easier to sell my house? Land Registry house prices were – on average – around £165,000 in December 2013, yet according to zoopla.co.uk, there is a significant price differential between homes with three bedrooms and those with four. Whereas the average house sold price in the UK for three-bedroom homes is around £135,000, the average cost for a four-bedroom property is over £220,000. Genuine UK house buyers are more concerned about individuals having private sleeping space than the property’s total area, so adding rooms – extending a place, and dividing more oversized bedrooms into two will often increase house values significantly. Here are 12 more tips to increase the value of your home displayed in a helpful infographic.
Building extensions will usually positively affect your home’s value.
Is building a house extension a cost-effective improvement to help sell your home? Making an extension is a very costly way to add extra bedrooms or space to the property, so don’t do it without first assessing the cost-effectiveness of such a move. The work involved is dirty and disruptive, and it will reduce the area of external gardens and land. It is essential to compare the cost of such a project with the likely effect on your property’s value, especially if you make improvements to sell your home. It is also essential to check that your project complies with current planning regulations. If you need to sell your house fast, then just extending a room will add value.
Loft conversions are usually a more cost-effective way of adding space.
According to a survey conducted by Halifax back in 2006, the transformation of a loft delivers the best value for money when extending a home. Loft conversions to a fully functional room can cost as little as £8,000. According to zoopla.co.uk, extra space created by a loft conversion adds up to £20,876 to the average home in Britain, so the work is convenient and cost-effective. However, while some homeowners will extend a room, some will create a basement. This type of extension – and the associated structural issues it presents – means the total cost of such a project can be as much as £80,000.
Extend a room or add more bedrooms. Is this a definite plus to sell my house more quickly? There is no escaping that adding more bedrooms and living space to your home is almost sure to add to its value. According to the Nationwide Building Society, an extra bedroom can add up to 11 per cent to the cost of the standard, three-bedroom property in the UK. If you are thinking about extending your home, you should first do a little research on land registry house prices and Zoopla sold prices to ascertain whether your project will deliver a return in the long term.
