Extend a Room or Add More Space to Add Value to Your Home!
Extend a room in your home; this is one sure way of adding value, maybe an extra bedroom or two? Increasing space in homes can undoubtedly have an effect on your home’s value. Young families and couples, in particular, will want space for their family to grow over the years, and property that can deliver this room for expansion will often be highly desirable. However, it is important to ensure that the cost of adding extra space to homes reflects in higher sold house prices.
The number of bedrooms in a home critically affects house prices in the UK, unlike some other European countries
In many other European countries, the number of bedrooms in a property is far less relevant than it is 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 house prices of homes with three and four bedrooms is significant. Some homes with less floor space than neighbouring properties sell for more – simply because of more bedrooms. Undoubtedly, if increasing bedroom numbers isn’t an option, then 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 huge 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 price for a four-bedroom property is over £220,000. Real UK house buyers are more concerned about individuals having private sleeping space rather than the total area of the property, so adding rooms – extend a room, and dividing larger bedrooms into two will often increase house values significantly. Here are 12 more tips to increase the value of your home displayed in a handy infographic.
Building extensions will usually positively affect your home’s value
Is building an extension a cost-effective improvement to help sell your home? Building an extension is a very costly way to add extra bedrooms or space to property, so don’t do it without first assessing the cost-effectiveness of such a move. The work involved is incredibly dirty and disruptive, and it will reduce the area of external gardens and land. It is important to compare the cost of such a project with the likely effect it will have on your property’s value especially if you make improvements to sell your home. It is also important 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. A loft conversion to a fully functional room can be for as little as £8,000. However, according to zoopla.co.uk, the extra space created by a loft conversion has the potential to add up to £20,876 to the value of an average home in Britain, so the work delivers both convenience and cost-effectiveness. While some homeowners will decide to extend a room, some will go to the trouble and expense of excavating the earth under their home to 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 the fact 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 percent to the value of the common, 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.