How Extensions Can Maximise The Market Value Of Your Home
Committing to major home renovations, such as an extension, is a big decision. But done right, an extension will not only improve your own enjoyment of your home, but it will add value to the property.
And according to data from Churchill, it’s something many homeowners are looking to do. Their research showed that in the three years leading up to 2019, the most popular reasons for seeking retrospective planning permission were:
- Single-floor extensions
- Double-floor extensions
- Loft conversions
- Garage conversions
- Open-plan spaces
Despite the inevitable – albeit temporary – upheaval of renovating a house, growing families are increasingly choosing to extend their homes rather than move. It can often prove more affordable, especially if you’re able to add more value than you spend. And that’s possible with well-designed extensions.
Done right, an extension will not only improve your own enjoyment of your home, but it will add value to the property.
Whether you’re choosing to extend your home to be able to have many more years of enjoyment living there, or to increase its market value to sell, here are our top tips for using an extension to add value to a property:
Create an open-plan kitchen dining space
It’s likely you’ll have heard a lot about open-plan spaces – this way of connecting the living room, dining room and kitchen has been popular for some time. While there are some thoughts that open-plan living might have peaked and conventional floor plans may return, the right open-plan spaces are still desirable for house hunters looking for practical spaces.
To balance the demand for increased socialising space with a need for privacy, an open-plan kitchen and dining room is usually the most desirable option. It can be used to maximise the natural light in your home or, in smaller properties, maximise the usable space on offer.
Remember it doesn’t just have to be one large space. You can carefully use glazed partitions to create a visual link to other spaces, or fit large doors to fold back when needed – or close to create a more intimate space.
Inside this easy to ready free guide, you will learn how much extensions, loft conversions and other renovations to your home are typically priced.
Add a high-quality conservatory
Gardens also add value to a property, so it’s important to consider what outside space you’ll lose with an extension and how you can maximise what’s available. The obvious choice is a conservatory. But we’ve all been in cheap, nasty PVC conservatories. They feel dated and could even deter buyers, rather than entice them.
To make sure a conservatory adds value to your home, it’s worth investing in high quality materials and ensuring the space acts as a link between indoors and outdoors. They should add light to the rest of the home, and feel a part of the space they’re connected to. This means you need to ensure a conservatory is well-insulated, so it isn’t shut off for half the year. After all, what’s the point in spending the money if it isn’t a space you regularly use?
Convert your loft
But you don’t have to lose outside space to extend your home. Loft conversions are one of the most lucrative investments, with the potential to increase the value of your property by up to 20%. If you’re friends with your neighbours, and their houses have a similar footprint, it’s a good idea to ask to see their roof extensions.
You can get an idea of head height, the amount of light and how many rooms you could fit in. It’ll help you think how you could improve on their design, and make a similar space work for you. After all, loft conversions can be used for whatever you need – master suites, playrooms, studies and so on.
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Add another bathroom
Put simply, an extension will give you more space. But it’s how you use that space that really adds value. If it’s possible in your renovation plans, squeeze in another bathroom. Typically, it can boost your home’s value by 5% – which is worth nearly £15,000 on the average UK home. If you choose carefully, a bathroom won’t cost you that much to install. How much you’re willing to spend will obviously depend on your motivations for extending – whether it’s to sell or to stay.
Would you consider an extension? Make sure you get the most of the space available in your home, and add real value – to the property and your lifestyle. Get in touch today with any design queries.
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