A recent study has concluded that extending your home or having a loft conversion can increase your property’s value by up to 20%! This means it can add up to more than £42,000 on an average property while adding an extra bathroom only boosts the cost by only £10,000.
The Chief Economist at Nationwide – Robert Gardner stated that, homeowners were more than happy to pay for more extra space as it was often associated with higher quality accommodation.
He quotes, “homeowners who add a loft conversion or extension by while incorporating a bedroom or bathroom can add more than or up to 20% onto the value of a three bedroom, or a one-bedroom house.”
By increasing the floor area by 13 square metres it could potentially add 10% onto the value straight away within a terraced house or even 13% within a semi-detached house. Even though an extension does add value, a loft conversion will increase it by up to 22%, reports say.
Gardner also states that the location of your property also plays a big role in increasing your value, other factors also include the size of your property, how many bedrooms it has and how much floor space is available.
Before you even think about a loft conversion or extension, you need to take into account the individual costs and the work involved as it doesn’t take overnight to complete.
To add more value onto your property, Gardner suggests that another way to make it appeal to buyers is by making it more energy efficient, for example, through the use of double glazing and better insulation. This way, you’re not only increasing the value, but you’re also keeping your energy prices and emissions on the down low.