An extension is a great way to add space to your home. From expanding your kitchen with a single-storey extension to building a full two-storey extension, there are many ways of achieving the extra space that you need. However, whenever carrying out a major home improvement, such as an extension, one has to consider – How much value will this extra space add to my home?
Most of the time, when a property owner decides to embark in an extension project, it is not with a view to sell. As a matter of fact, most times, it is in order to avoid selling. Most of the time, any form of improvement, extensions included, will add value to your property. However, it is important to understand how much value a possible extension would add to your home to have a better idea of what a sensible budget would be for the project.
How much value does an extension add? The value an extension can add to your property can vary greatly depending on the size, style and complexity of the work done, not to mention the location of the property.
In the UK, an average 3-bedroom house with an extension that creates a double bedroom with an en-suite can add up to 12% to the value of the property. It is of great importance, when deciding on a budget, to do your research and understand how the design and quality of your extension will have a bearing on the value it adds to your home. You can gain some insight by speaking to local property experts and architects. This will help you accurately estimate the current value of your home, as well as its potential value once the changes have been made.
If your main goal when extending your property is to add as much value as possible to your home here are some suggestions on what you can consider doing:
One of the most popular home improvement projects, a loft conversion is a popular way to gain extra living space. Most commonly used to add an extra bedroom and potentially an en-suite bathroom, this type of conversion can add up to 20% to the value of your home if done to really high specs.
Single Storey Extension.
This type of extension is mostly used to increase kitchen or living space. With open-plan living becoming more and more popular, a home with an extended living space is very desirable. Doing a kitchen or living space extension can add between 5 and 8 percent of value to your home.
If you decide to embark in this type of project, you will most probably not only be adding living space but also bedroom and bathroom areas. An expansive extension like this, can add round 12% to your property market price.
A garage conversion is potentially one of the most valuable home improvement projects you can do. With most of the garages in the UK not being utilised to store vehicles, it is no surprise this is a no-brainer when it comes to home extensions. Converting a garage into a living space, can add to a whopping 20% of value to your home if you convert it into a bedroom with an en-suite. If you convert it into a study, playroom or a home-gym you will be looking at around 10%.
To make sure that the money you invest in your extension project, there are a few things to keep in mind:
- What is the celling price for similar properties in your area.
- Compare the budget to the value add and make sure it does not exceed the potential added value.
- Keep in mind any complexities such as ground sloping or deeper foundations that could make your project more expensive than originally thought.
- Make sure that you do a quality build by hiring experienced and qualified people. Quality might cost more, but it will end up adding more value.
The price of an extension will vary greatly and will greatly depend on the size, style and design of the actual extension, the location of your property and the fixture and finishes. We recommend you find a building expert in your area, and that you compare prices and quotes before committing.
At Dominant Construction, we are always keen to talk to you about your project. Call us at 020 71186155 or come and visit us at our office in Hammersmith and we will be happy to have a chat on what type of extension would be best for your property. At Dominant Construction we are always happy to talk about construction.