According to research conducted by Nationwide, an extension adding a double bedroom and en-suite to an average three bedroom house can add up to 20% to the value of your home. In another survey conducted by Zoopla, the average return on investment for an extension was 71%. How much value can an extension add to your home?
With figures like this, it’s easy to see why many homeowners are looking to extend their property.
However, it is vital to remember these statistics are exactly that – statistical averages across the entire country. The costs and added values from extensions will vary considerably from project to project. The amounts could be entirely different according to the area you live in and even from neighbour to neighbour!
Your unique aims and objectives will impact costs (both in terms of the structural build and final finishes) – whilst styles of extension will have varying appeal. With this in mind, we take a look at the most popular styles of home extension and ways to add value to your home.
First things first, it all starts with proper planning…
Planning your extension project
When planning your extension, factor in the amount you are likely to spend. Make sure to put plans out to tender for in-depth quotations. As part of this, don’t automatically go with the cheapest construction quotes. Whilst this can be tempting, superior artisanship and high quality materials will all impact the ultimate value of your home.
Just make sure not to go past the ceiling height of property prices in your area. If you’re embarking on an extension project (with a specific aim of creating profits), do your research first. This should include costs, as well as what appeals to local buyers and current market activity.
One of the best ways to ensure your extension adds value is to hire a professional architect in the planning stages. This will ensure your extension complements your existing home, as well helping your project pass planning applications and create a stunning, functional home.
If you’re thinking about an extension, book a call with us today to see what can be achieved for your property.
Dealing with structural issues
Before we take a look at some of the most popular types of home extensions (and the potential value they can add to your property) – one of the most important things to consider is dealing with structural issues first!
Even if your home has the most beautiful, innovative glass extension – if the existing building isn’t structurally safe and secure, it won’t add value.
Structural issues such as subsidence can (in some cases) involve significant costs with underpinning and related work. In terms of adding value, it’s an essential aspect of any home improvement though. Consider aspects such as:
- Problems with the roof, including leaks, tiles or rotten timbers
- Any damp, bowing or cracks in the walls
- Repointing or repairing existing brickwork and chimney stacks
As part of your extension project, it’s also worth considering updating your existing heating, wiring, windows and plumbing (if appropriate). This will all add value to your home, especially if you carefully incorporate environmentally friendly approaches to heating and energy efficiency.
These jobs all tend to be quite disruptive (involving lifting floors and plastering), so it’s good to do them at the same time as any other building work.
What are the most popular types of house extension?
In the UK housing market, space is at a premium – so adding square footage is a wonderful way of increasing the value of your property.
We’ve already seen how this can vary greatly from project to project, but here are some of the most common types of home extension, and the potential they have to boost your home’s value.
Additional bedrooms and bathrooms
Extra bedrooms and bathrooms often offer the biggest return on investment for home extensions. Whilst costs will vary depending on the scale of the project, this generally adds between 10-20% to the value of a home (and sometimes even more).
If you’re adding a bedroom extension, make sure there’s a balance with the number of family bathrooms – as well as your existing living space. Your home won’t appeal to prospective buyers if it has lots of bedrooms but a tiny kitchen and lounge!
Loft and basement conversions
Both loft and basement conversions create space within your property without eating into your garden or impacting the appearance of your home. This is particularly appealing if you’re renovating a period property.
According to Savills, basement conversions can add between 10-15% to the value of a property. Loft conversions can add even more – up to 20%. Make sure extra staircases don’t impact existing living space, and natural light is brought into both loft and basement spaces through dormer windows, rooflights or natural sun tunnels.
Improving the overall layout of your home
Even a small extension can help homeowners create open-plan living spaces that work for modern life. When searching for a new home, buyers prize large open kitchens, lounges and dining rooms.
Work with an architect to play around with floor plans, thinking about the way that internal walls can be reconfigured, and clear sight-lines introduced. Just remember that if you are changing any load-bearing walls, this will come with additional costs and complexity.
Conservatories and glass extensions
Glass extensions are one of the most popular ways to create space and modernise your home. These can be as cost-effective or luxurious as you wish – with obvious impacts on the budget and ultimate profits. A “standard” glass extension is estimated to add around 7% to a home’s value however.
If costs are an issue, smaller projects like bifold doors can bring a massive amount of light into your home. They create the feel of an “outdoor room” without a large extension!
Concluding thoughts: Single or double-storey extensions?
Last but not least, a common question is whether single or double-storey extensions are better for increasing the value of your property.
Well unfortunately, the answer is it depends. A double-storey extension is likely to add more value to a home (on average up to 12%) – but only if this is done sympathetically to the original building! The same applies to single-storey extensions, which add on between 5-8% to the value of a UK property. The larger and more complex the extension however, the larger the costs – so bear this in mind when planning your project!
Ultimately, any extension should aim to make your home a more enjoyable space to inhabit for you and your family. By focusing on creating a beautiful, liveable space – you’ll also increase your home’s value whenever it’s time to sell.
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