Adding Space, Adding Value
We all know that sometimes that increasing a property’s living space is a great way to bump up its price. It can however be difficult to find extra space that can be converted. Recently we’ve seen a few articles with some different conversion ideas, so we thought we’d pass them onto you.
The three main areas of the home we’ll cover are the loft, garage and garden. Refurbishments themselves are situational but if you are planning a conversion then hopefully these suggestions can help you work out a way to do it.
This can be converted in a variety of ways from light conversions that require very little structural change to mansard conversions which are more extensive. Mansard conversions require a sloped roof to be replaced with a new structure and the roof made flatter. These types of conversion generally need planning permission. Whereas a light conversion may be able to help create rooms in the already existing loft space. Lofts are a good place for adding bedrooms or bathrooms. The cost of getting a loft conversion can vary quite dramatically depending on the type but can increase the price by 15%. As an example, if we take the current average UK house price of £365,697 this can equate to a £54,855 increase.
If you don’t have convertible loft space, then the garage can be the next best place. Currently of the 10.6 million garages in the UK 4.6 million are only used as junk rooms, and that doesn’t include the car. Garages, being on the ground floor, have more options as to what they can be converted to. They may even have empty space above them that can be used. Converting a garage generally costs between £15,000 to £20,000. It can increase the house price by 20% depending on the room(s) created. This could equate to £73,139 on the average property. The problem with garages and loft conversions is that the spaces original use is storage, and people need storage space. So, don’t go overboard changing these spaces as the storage space may be necessary.
Garden space can add value to your property, so we’re not saying scrap it all. But a conservatory can add living space while keeping the feel of outdoors. Design is important with a conservatory as it needs to feel open for it to boost the price. Double glazing is the minimum standard for windows. There are other options that may increase the value of the property. For example, solar control glass allows light in but not heat – keeping it cool in the summer, self-cleaning glass is resistant to dirt build up, and triple glazing can be used to make the conservatory extra energy efficient. Building a conservatory is usually quite easy when it comes to planning permission. The only issue that may arise when linking a conservatory to a house is that it is as energy efficient as the whole property. A conservatory can add up to 10% to a property’s value, £36,570 for our average property. The average cost for a decent conservatory in the UK is £15,000-20,000, so there is definite room to make some money.
Make sure you know what you are doing when you want to make these kinds of changes to a property. These kinds of price increases are only possible when they are done right. It may be tempting to add space to every property, but it isn’t always worth it due to a neighbourhood’s ceiling price. If you want to learn how to get the most out of your property, then make sure you come along to one of our Free Property Investing Seminars or 3-day property courses.