Extending your home or adding a loft conversion can add more than £42,000 to the value of an average property in the UK, according to a report. The report also suggests that adding an extra bedroom or bathroom to your property can increase its worth by nearly £10,000.
Nationwide Building Society found that a home or loft conversion could increase your home’s worth by about £42,700 or 22%. Adding a suitable-sized bedroom could potentially boost the value of your property by 11% or £22,100. Based on UK average house prices, an extra bathroom can add 4.9% on to the value of your home, while increasing the floor area of your property by 10% can add 5.1% on to its worth.
Research suggests that home buyers are prepared to pay more for extra space, as this was often associated with a better quality of accommodation and living.
Home owners can add up to 20% to the value of a three-bedroom, one-bathroom house when they add a loft conversion or extension which incorporates a double bedroom and a bathroom. This can also add 10% to the value of a terraced house or 13% to a semi-detached home.
Although location remains key to house values, other factors are also important in the value of a property. Other ways to increase the value of your property include energy efficiency, insulation and double glazing.
The decision to invest money into your property is one to be thought over, and you need to take into account the benefits, costs and hassle involved with an extension or conversion.
For more information on how you can increase the value of your home, contact us at firstname.lastname@example.org.
Article source: https://www.theguardian.com/money/2016/mar/27/home-extension-or-loft-conversion-can-add-20-to-house-value
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