Building an extension to your home will often mean a large outlay, with the hope that it will later either pay for itself or even make a profit come the final sale. It’s a decision that requires research ahead of time. The location and style of your property will play a large part, as well as the architect you choose and their ability to draft a design in keeping with your property’s existing aesthetic. In this post, we take a look at whether building an extension really will add value to your home.
One of the factors that will determine the value of your extension is what the added space is used for. An article in the Telegraph highlights the best option:
“Experts agree that creating an extra bedroom, especially with a loft conversion, offers the best bang for your buck. It could cost anything between £15,000 to £40,000 depending on the size and other variables. Some homes may have space for repositioning without an extension, for example. But figures from a Nationwide survey suggest the investment pays off. Adding a double bedroom can add more than 10 per cent to the value. Based on current values, that’s around £30,000 on the average UK home. Budget carefully according to your house size and current market value, and you could be on to a winner.”
Another value-adding room is a new bathroom, especially if your property currently only has one. En-suite bathrooms are particularly sought after by buyers, due to their convenience and perceived luxury and re-planning the layout of your house to more modern day standards can also create that wow factor and add value. If you are intending to upgrade or re-design your kitchen or staircase then all the advice available, points to installing the best you can afford as these give that visual impact which most people aspire to.
Many extensions are built to just one storey, with owners balancing the cost of building against the potential value of the extension. Two-storey extensions are in general more valuable, offering more versatility and space. Whilst they will cost more, foundations are normally designed to take another storey in any event and you only need one roof if it is single storey or two storey. The extra cost is in the increased height of the walls and of the floor and extra windows.
The value of any extension may be principally determined by the location of your property. Because of the intense competition for space in London, building an extension can be hugely difficult. Consequently, a successful extension can be enormously lucrative. In Kensington, each square metre built might add value significantly. On the other hand it can sometimes be much easier to find space for an extension in rural areas, but the value added will probably be much lower.
You shouldn’t only consider the financial side of things when deciding to extend your home. A well-designed and built extension might offer you a better quality of life, with more space and light in your home. It’s also the chance to turn a fantasy into something real! If you’re interested in building an extension or want to learn more, get in touch with a member of our friendly team today.