Over the years, house prices have fluctuated around the UK, so it is important to consider how you can add value to your home and understand the true potential of your property. If you are considering adding extra space to your home, extending and converting parts of your home could help to add value if you decide to sell your property in the future. You cannot put an exact figure on how much value an extension can add, due to the location and type of extension you do, however with the right spends and right improvements, you could boost your homes’ value. For example, a recent Nationwide study found that a loft conversion which added an extra bedroom and en-suite bathroom would add an average of 21 per cent to the value of a property.
With so many properties on the market, buyers are going to be looking for something unique in a potential home, and a loft conversion offers just that. There are various types of loft conversions including:
- • Roof light conversions which utilises the original shape of the loft.
- • Dormer conversions which adds extra headroom, natural light and floor space.
Loft conversions can help successfully enhance the space you already have, rather than adding on and has massive scope for room opportunities, such as adding an extra bedroom or bathroom.
However, to begin this process, you need to make sure your loft is suitable for conversion. You will need to take into consideration the height of the loft, condition of the roof and flooring. We recommend consulting a builder or architect to assess the suitability of a loft conversion in your property. Advice on loft conversations can be found on the Which? website here.
If you are looking for something to add light, room and somewhere to enjoy your garden without having to be out in the unpredictable British weather, a conservatory could be a perfect option. There are a variety of conservatories you can invest in, such as:
- • Gable: Have a different roof to a typical conservatory, as it doesn’t slope back to the centre, but rather stays upright for the illusion of height to give a contemporary feel.
- • Victorian: A conservatory style with a bayfront, pitched roof and ornate roof ridge.
- • T-Shape: Great for detached homes with large gardens, as this style often extends across the width of your property.
As far as extensions go, conservatory installations can start from £5,000 upwards. It is important that your conservatory extension comes under permitted planning rights and if not, you will need planning permission as long as you meet the eligibility criteria. You can find out more from your local property planning department here. Overall, they can be beneficial by adding 5-7% to your property value.
The majority of single garages nowadays cannot fit a modern car, so they tend to become a dumping grounds for things you don’t tend to use or need anymore. To benefit this space, you could convert it into an additional bedroom if the garage is integrated to the property (i.e. connected through an interior door). If you were able to do this and add an en-suite bathroom, it could add as much as 20% to the value of your home. If a bedroom isn’t what you need, converting it into a playroom/study could increase the value approximately by 10%.
Adding a single or double-storey extension can be one of the most complex forms of renovation as you will need to obtain the correct planning permission (Please consult the GOV.UK guidelines here) and additional costs of an architect to draw up plans. However, they can be a worthwhile investment to create additional living spaces and can be useful for families who are looking to add more space to a property. If you choose to opt for a double story extension, it could add as much as 11% to the value of your home.
It is not common in new build and modern homes to have basements or cellar space and can usually be found in 18th and early 19th century terraced town houses due to the area below homes used as storage for coal or rooms for servants. If you are lucky enough to have one in an older property, you can create a more leisurely addition to your home by converting the space into a games room, gym, or a cinema room. With this amount of scope for both general living space and relaxing space, the basement could be a great place for you to start improving your home and could also benefit you up to 30% additional value on your property, so long as the build cost per square foot is less than the price per square foot of the area.
Overall, it is important to make sure that any conversions or extensions you are looking to do on your home are approved for planning permission with your local planning authority. You can check to see what extension types are eligible for planning permission here. It is also especially important that all work carried out on your property is done by trusted contractors, architects and suppliers.