The debate between moving house or extending your current property is often a dilemma for many homeowners. During lockdown, we've spent the majority of our time in our homes, making us re-evaluate our needs and whether we've got enough space. But what are the best value-adding extensions that will give you the biggest return-on-investment?
Not only can extensions give us spatial advantages and interior style gains, they can also add value to the property when you do decide to sell.
To make the 'extend or move' decision process easier,My Tool Shedhas spoken to property experts to determine which extensions are worth it and how much value they can add to your home.
THE BEST EXTENSIONS FOR IMPROVING YOUR PROPERTY'S VALUE:
They found that adding an extra bedroom to a property could add anextra 20% to the value, meaning thatyou couldadd £46,400 to the average UK home.
The top five value-adding extensions emerged as:
1. Extra Bedroom – 20% increase in value 2. Bigger Kitchen – 15-20% increase in value 3. Loft Conversion – 15% increase in value 4. More Living Space – 10% increase in value 5. Extra bathroom – 5%increase in value
AN EXTRA BEDROOM CAN ADD 20% TO YOUR HOME'S VALUE
According to a survey by NAEA Propertymark, half of estate agents believe that adding a bedroom adds the most value to your home. But, how much exactly can an additional bedroom add?
Well, the research shows that an added bedroom to a three-bed home could add a staggering 20% to a property’s value. You are guaranteed to add 20% or more to the house value if the additional bedroom is a master with an en-suite. Meaning you could add £46,400 to the average UK house.
See Also: How to sell your home in 2020
HOW TO INCREASE YOUR KITCHEN SPACE AND PROPERTY VALUE
With open-plan living becoming increasingly popular and the need for a separate dining room feeling outdated, it’s little surprise that kitchen extensions are so popular. Director of the Practical Planning Company, Benjamin Heginbothham, says a kitchen extension is one of the most popular home improvement projects architects carry out.
Evidently, a bigger kitchen is desirable to new and existing homeowners, but how much value can they add through an extension?
This is all dependent on the size of the current kitchen, if you’re opening up a narrow kitchen you can expect to add £35,000 - £46,400 (15%-20%) to the average UK house. However, Heginbothham claims you won’t add much value “if you’re merely extending a kitchen that’s already a decent size.”
See Also: Cool and clever kitchen extensions
LOFT CONVERSIONS CAN MAKE A £15,000 PROFIT
Despite an extension with an additional bedroom or bigger kitchen adding the most value, these are costly, so you may need to wait a couple of years to see a return on investment. However, if you’re looking to sell in a hurry, a loft conversion may be your best bet as it can give you a far bigger return on investment.
The average loft conversion costs £20,000 to build but can add £35,000 (15%) to the average house value – giving you an astonishing £15,000 profit.
Heginbothham explained that to maximise your profit potential, it’s best to use the loft conversion to create a master bedroom with dormer windows to increase the floor space area.
See Also: Stylish and smart loft conversion ideas