In this blog, we’re looking at the different kinds of home extensions available to you and the value they add to your property.
An extension is an all-encompassing term used to describe any kind of expansion made to your home which can range from simply adding a few more square feet of room to a living area, to a double-story multi-room addition. Extensions can range in price, between £10,000 to about £40,000, so it’s important to know what value they’ll be adding to your home before you consider making such an investment.
The value added to your property depends on the size and quality of the extension that you have had added. Estate agents will calculate value through the number of bedrooms and bathrooms and will also consider floor area. For example, outside of London, property is most likely to cost around £900-£2000 per square metre and property inside of London would typically be priced at £5,000-£10,000 per square metre. Therefore, in the right location, a good quality extension costing £20,000 could add more than £50,000 of value to your property.
If you have a loft that you just don’t use, converting it into a useable room could be the way for you to add some value to your property. A loft conversion can add a lot of extra living space to a previously unused space, and is often able to be completed in a short period of time, making it a simple conversion to make.
These conversions typically cost around £15-000 to £50,000, according the specifications of your conversion, such as structural conditions of your loft, what you want done and the access to the space. You are also unlikely to need planning permission for a loft conversion, unlike an extension, unless you’re changing the roofline of your home.
Loft conversions, while effective for the family in residence, don’t often add as much value to a home as an extension due to the loss of storage space. However, when location is key in a property sale, homes in London can often benefit substantially from having a loft extension due to having an extra room. This extra value is often around the thousands.
What could be better than sitting out in a bright, airy room in the summer sunshine? Both homeowners and potential buyers are likely to see the advantage of a conservatory since it adds more space to a home in a quick and easy way. Additionally, these spaces don’t need planning permission either.
Depending on the shape and size of your conservatory, the prices for the construction will differ. At the lowest end of the scale, a standard conservatory is just under £9,000 but, if you’re looking for something more luxurious, they can cost as much as £100,000.
With these high prices, it’s important to know that the conservatory will add value to your home when you come to sell, instead of possibly negatively impacting your home. The key things to note are whether houses in the area you live also have conservatories – if they do, check whether the conservatories are adding any values to their home – and also stay aware that a conservatory is often not considered a full room when it comes to valuation.
The conservatory will be valued in the same way as an extension, using price per square metre, but they will often come in with lower estimates due to the above details. It’s also good to make sure your conservatory fits with the style of your home otherwise it could actually reduce the value.
If you’re looking for a valuation for your home, or would like some more information about how an extension could impact the value of your home, don’t hesitate to contact us at ShineRocks and we’ll be happy to help.
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You can also call us on 020 8660 2010, or email enquiries@shinerocks.co.uk.
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