How much do you love your car? Enough to tuck it into its own bed every night? Or, like the majority of UK motorists, do you rarely use the garage?
Well, did you know converting your garage into extra living space could boost the value of your home?
Based on average house price figures, Admiral Loans has worked out that each square foot of living space is worth £350. This means it’s possible by converting the garage could add up to £45,000 to the total value of your property.
Another report by Nationwide is similarly positive, suggesting a basic conversion of a single garage can add up to 20% to the value of your home.
Before you get on the phone to your local builder, however, there are certain things to consider.
Plan Your Space
What will you use the extra room for? You could use the new space to extend an existing living room or kitchen but, if you have a growing family, an extra bedroom or children’s playroom will bring smiles to little faces.
With so many of us now working from home, an office would cut down your daily commute – and could even leave the car redundant.
Or perhaps you’ve always wanted your own gym? This is one of the most popular – and easiest – conversions to go for. By adding insulation, a floating floor and training equipment, you can get fit without the hassle and financial outgoings associated with a gym membership.
Plan Your Budget
Before deciding to go ahead work out your budget. Based on our research at s1homes, converting a garage into extra living space will set you back on average between £5000 and £10,000, which makes a great investment.
Always ask your builder to give you a full breakdown of costs to allow you to plan your finances and avoid any surprises.
The good news is, if the garage is attached to your home, you probably won’t need to pay for planning permission, as the work will be allowed under permitted development rules.
If your garage is separate to your house, however, you will probably need to apply for planning.
Either way, always double check with your local authority before any work commences.
For all the best properties to buy or rent for you and your car check out s1homes.