One popular way of adding more living space to your existing home is to add an extension. Whether you want to enjoy the convenience of a larger kitchen, or need more bedrooms for a growing family, a two-storey or single-storey extension could be the ideal solution. However, before you carry out your project, it’s important to ask how much an extension could add to your property’s value.
While most people extend their homes so they don’t have to sell up and move into a larger property, at some point, it’s likely that you’ll want to find a buyer, so knowing whether your extension will bring you additional value benefits is useful in order to determine the most sensible budge for your project.
Of course, the value that any extension could add to the value of your home will vary widely, depending on the style, complexity, and size of your extension and your property’s location. A typical three-bedroom property in the UK with an added extension to create a double bedroom and ensuite bathroom may benefit from an extra 10%-12% added to its value.
Nevertheless, it’s essential to do some research so you can understand how your extension’s design could impact on the value added to the property. Adding bathrooms and double bedrooms will usually add more value to your home.
To obtain the most accurate evaluation of the value that any extension may add to your home, it’s best to speak to a local architect or property expert to obtain professional advice. You’ll need to determine your home’s current market value together with its possible value after you’ve made the proposed changes.
Which Extensions Will Add Most Value To My Property?
If your primary goal of home extension is to increase the value of your property as much as you can, there are some home conversion and extensions that will give you the extra value you seek. Some of the best include:
- Loft conversions – these will add an average of around 20% to the value of your property. As an affordable and effective way of creating additional living space for a growing family, a loft conversion is often used for adding another bedroom, usually with an extra ensuite bathroom attached.
- Single storey extensions – these add around 5%-8% to the overall value of your home. A single storey extension is often used for extending living rooms or kitchens to increase the property’s overall living space. As open plan designs are especially popular with the UK’s homeowners at the moment, a single storey extension is a great option.
- Double storey extensions – these add as much as 12% for a full double storey extension as you’ll be able to increase your overall living space while also adding bathrooms and bedrooms that make your home worth even more.
- Conservatories – these add around 5% to 7% to the overall value of your home and are a great choice for homeowners on a budget who want a larger living area. The average cost of adding a conservatory to a property is about £9500, so it’s one of the most affordable ways of gaining more space while also boosting your home’s asking price.
- Garage conversions – on average, a garage conversion can add between 10% and 20% to the value of your property. As one of the most valuable extension projects, garage conversions are a great option if you don’t actually use yours for its intended purpose as it can create a useful additional living space. By creating a bedroom and ensuite bathroom from your garage, you can add as much as 20% onto your property’s value, or by adding a home gym, playroom, or study, you can add around 10%.
Many people wonder whether a conservatory or a regular extension could add more value to their home. Overall, it will depend on the conservatory or extension’s style and size, but overall, a general extension is probably going to make your home more desirable than adding on a conservatory, especially if your extension will add a bathroom or bedroom, and the more desirable a property is, the higher an asking price it can command.
What Do I Need To Consider When I’m Adding An Extension To Add More Value?
When you’re adding any extension to your home, it’s important to ensure that the works won’t end up being more expensive than the amount of value that they could add to the property. With that in mind, here are some key points to keep in mind:
Do some research into the ceiling prices for properties nearby that are similar to your own (once the works have been carried out).
Compare your overall budget for the work to the amount of value that could be added and ensure that the extension’s estimated final cost will be under the amount of possible added value that it could bring. Bear in mind that any issues like deeper foundations or sloping ground may result in the extension becoming more expensive.
Remember that while quality will cost you more, it will also bring more value to your home overall, so take the time to find qualified and experienced tradespeople to do the work for you to the highest possible standard.
Which Factors Affect The Cost Of My Extension?
The overall cost of your home extension will vary depending on several factors such as the style, design, and size of the extension itself, the property’s location, and the finishes and fixtures you select. On average, a small extension of 20 square metres in the UK will cost you between £25000 and £50000, while a medium extension of 30 square metres will cost between £37500 and £67500.
If you’re looking for a larger extension, one measuring 50 square metres will cost between £62500 and £112500, while a 30 square metre extension using premium quality materials will cost between £52500 and £100000. Bear in mind that if your property is in the South, you’ll probably need to spend more on an extension than if it’s located in the North.