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 Shed (opens in new tab)has 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.
HOW TO INCREASE YOUR KITCHEN SPACE AND PROPERTY VALUE
With open-plan living (opens in new tab) becoming increasingly popular and the need for a separate dining room feeling outdated, it’s little surprise that kitchen extensions (opens in new tab) are so popular.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.”
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.
Ruth Doherty is a lifestyle journalist based in London. An experienced freelance digital writer and editor, she is known for covering everything from travel and interiors to fashion and beauty. She regularly contributes to Livingetc, Ideal Home and Homes & Gardens, as well as titles like Prima and Red. Outside of work, her biggest loves are endless cups of tea, almond croissants, shopping for clothes she doesn’t need, and booking holidays she does.
Parlor palm care - the foolproof 3 step guide to looking after this elegant houseplant
Parlor palm care is easy if you know how, and plant experts share their secrets for flourishing fronds
By Lilith Hudson • Published
Modern bedroom ideas – 22 ways to give a big boost to this room's personality
Choose these modern bedroom ideas and give the most important room a gorgeous uplift
By Lotte Brouwer • Published
Florist Angela Maynard on how to care for dried flowers and how to style them in a modern home
Knowing how to care for dried flowers means you can have stylish arrangements that last for years. Author and florist Angela Maynard shares her tips
By Angela Maynard • Published
11 beige living room ideas that prove beige can be far from boring
Beige living room ideas might sound not sound like the boldest of color schemes but this pared-back palette can be just as striking a brights
By Amy Moorea Wong • Published
How to use color in small living rooms – expert tips for getting the perfect scheme
Bringing color into small living rooms can be tricky, but with the right hues and our top tips, you can make the space look brighter, bigger and just better
By katesleeman • Published
How to choose cool colour combinations for your home
The right colour combinations will look good throughout your home. Dagny Thurmann-Moe of Koi Colour Studio shares the no-go palette pairings and power hues
By Livingetc • Published
Buying a used kitchen could be your savviest design idea - here's what you need to know
Buying an ex-display used kitchen is a way to a high-end home at High Street prices
By Jacky Parker • Published
Home decorating: Tricia Guild's guide to a confident scheme
Home decorating advice from legendary designer Tricia Guild OBE
By Livingetc • Published
How to achieve beautiful paint finishes according to interior designer, Nicola Harding
Beautiful paint finishes transform a room and are easier than you think
By Livingetc • Published
The meaning of style, by interior designer Russell Sage
Acclaimed interior designer Russell Sage talks broken rules, secret ingredients and looking good in any light
By Russell Sage • Published