Whether you are selling up or just looking to improve your home, there are numerous ways to increase a property’s worth.
The figures certainly add up – choosing to add a loft conversion or conservatory can add more than £42,000 to the value of an average property – while an extra bathroom could boost its worth by nearly £10,000.
Based on average house prices, Nationwide Building Society calculated that an extra bathroom could add around five per cent – or £9,600 – on to the value of a home, while increasing the floor area by 10 per cent could add another £10,000.
Creating an extension or loft conversion could also increase a property’s worth by a great deal – and adding a decent-sized extra bedroom has the potential to boost the value of a home by around 11 per cent, or £22,100.
Robert Gardner, chief economist at Nationwide, said home buyers are prepared to pay more for extra usable space, as this is often associated with better quality accommodation. “Homeowners that add a loft conversion or extension incorporating a double bedroom and a bathroom can actually add more than 20 per cent to the value of a three-bedroom, one bathroom house,” he revealed.
Looking at different property types, increasing the floor area to add an additional bedroom of 13 square metres could add 10 per cent to the value of a terraced house or 13 per cent on to a semi-detached home, when upgrading from two bedrooms to three.
If a homeowner were upgrading from three bedrooms to four, this could add 10 per cent to the value of a terraced home, nine per cent to a semidetached home and nine per cent to a detached home, according to Nationwide’s analysis.
Extending your living space is always a good idea, but the danger is that your conservatory ends up looking like something just bolted on the back. Make sure the conservatory matches the style of the rest of the house. Don’t make it seem as if it’s in any way separate, with its own entrance, for example.
You can enhance the feeling of space and flow by installing the same flooring throughout your downstairs living area. It leads the eye on and ensures that the conservatory feels part of the rest of the house.
A conservatory (cost £5,000-£30,000) can add around seven per cent to the value, while a full-blown extension (£10,000- £30,000) can add around 11 per cent.
Another option is to add a novel ‘garden room’ to a property.
Source: s1homes Fife magazine