Homeowners in the North could double the value of their property with THIS renovation
Deciding to sell up and move house is always a stressful time. You’ve fallen in love with your home and community, but you’re looking to expand your family and in need of an extra bedroom. Sadly, moving seems like the only option. or is it?
Hold that call to the estate agents. If you live up North we have some good news for you. If you have the space at home, adding an extra bedroom could almost double the value of your property!
A recent study by Safestore found the value of a one bedroom home in Glasgow, Leeds or Newcastle could increase by 46 per cent with the addition of an a new room.
If you’re looking to add an extra room to your three bedroom house, you could be set to double the properties value.
How much ‘value’ does an extra bedroom add?
Image credit: Louise O’Bryan
In Newcastle, where the average cost of a three bedroom house is £154,000 an extra bedroom can increase the value by 78 per cent. That’s an extra £120,000 when you eventually decide to sell-up.
The study looked into the average value of one to four bedroom homes in nine major cities across the UK, to determine the value of renovating.
The property values of homes in Newcastle and Leeds were significantly lower than in other UK cities. Yet, it boasted more drastic home value increases with each additional bedroom.
Image credit: Jeremy Lawrence
Unsurprisingly one bedroom homes in London were found to have the greatest value increase, when another bedroom was added. Boosting the price by 50 per cent.
Yet when it came to adding any further extra rooms it had a lower impact on the value, in comparison to northern cities.
‘Properties in the UK are marketed first and foremost by their number of bedrooms, ‘ explains Laura Howard, Zoopla spokesperson. ‘Creating an additional bedroom immediately pushes your home into the next ‘value bracket.’
‘An extra bedroom is often made possible through a loft conversion. This can create the opportunity for an extra bathroom too – adding further potential value.’
Image credit: Douglas Gibb
while an extra room might boost the value of your house, it can also take up a lot of time and money before you’ll see a return on your investment.
‘As well as the relevant planning permissions, there is obviously the cost of the work to consider. Which can range from £20,000 up to £45,000 for a double bedroom loft conversion with en suite,’ Laura points out.
When you weigh up the cost of renovating against the related costs of moving (stamp duty, surveys and legal fees) if could still work out cheaper.
‘Even if the value-add of your home doesn’t increase to cover the cost of the work straight away, it’s likely it will over time. In the best case scenario, the value added will outweigh the cost of the work from the get-go,’ Laura adds.
So will you still be adding an extra room, rather than making that call to the estate agents?