Is your house starting to feel a little bit cramped? Are you concerned about your space needs as your family grows? If you’re thinking of doing some renovation around your home, an extension is something that you should definitely consider. Moving into a bigger house may have crossed your mind, but what if you’re not really in a position to move? Or perhaps you really love the house you’re currently in, and the idea of leaving isn’t something you want to think about just yet, if at all.
Extensions can provide the extra space you and your family need, with the added bonus that, if one day you do decide to sell, the value of your property will have skyrocketed. If you have the means and room to extend your property, you could really benefit from this type of construction work.
Increased Property Value
So, how much value could your home increase by with the addition of an extension? The Office for National Statistics have made available an online calculator that you can use to help estimate how much value building an extension will add to your home. The calculation is based on the latest National Statistics figures, measuring the average cost of a property per square metre in each local authority in England and Wales.
According to the report, a medium-sized extension of 25 square metres currently adds an average of £59,000 to a property price. This increases to a massive £169,000 in areas of London such as Hackney and Richmond. Other research from Nationwide found that an extension to create a double bedroom and en-suite can add up to 23% value to your property. An extra bathroom could add up to 5% and an additional double bedroom can add 12%.
These estimates are just that: estimates. A lot will depend on factors such as the quality of the extension’s construction, what type of room the extension is and the exact location of the house in the area. But if you invest in some good quality work, you could stand to add a lot of value to your house.
A Great Selling Point
An extension can be a unique selling point to potential buyers. A home that looks like it’s had a good amount of custom work put into it will always be more appealing than a home that looks neglected. An extension shows you care about the home you’ve created, and this will shine through when potential buyers are looking around your property.
Something that can really appeal to a potential buyer is an extension that matches the architectural style of the existing house. Make sure the extension connects well, and think about how it will affect the overall layout. Consider who your future buyer is likely to be and plan your extension accordingly. For example, extra bathrooms or an extended kitchen would make a great addition to a family-sized home, but in a busy urban area with no on-street parking, a garage would probably add more value.
Can Be Put to Great Use
Extensions can still be incredibly valuable to you and your family even if you’re not thinking about selling at all, or at least not for a very long time. If you’re thinking about having children, an extension is the perfect way to ensure all of your kids have their own bedrooms, without having to go through the hassle of moving into a larger house.
An extension can provide your home with that room you always felt was missing. Are you a creative type? Why not utilise the space an extension offers for a creative outlet, such as a room for painting, writing or sculpting? You could extend existing rooms to create a much larger living space where you could put a pool table or extend your kitchen to have an adjoining dining room where the whole family can gather for a Sunday roast. The options are limitless!