How much value will an extension add to my property?
What are the advantages of selling my property at auction?
It is impossible to put an exact figure on this as it varies depending on the type of extension, the house, the location of the property. However, we can provide some statistics that give a good indication of what you can expect when it comes to adding value with an house extension.
Nationwide’s research on the value of improvements to an average three bedroom house found that an extension creating a double bedroom and en-suite can add up to 23% to the value of your property. An extra bathroom could add up to 6% and an additional double bedroom can add 12%.
They also found that an average extension cost was £19,750. The average return on investment for an extension was 71% and the average amount of profit generated by an extension was £14,000.
It is important to remember that these statistics are averages and can vary considerably from project to project. For an accurate evaluation of how much value your extension could add you should consult a professional and find out the current market value of your property, as well as its potential value once the changes have been made.
Offerpal can find you an agent to give you an accurate valuation of what your home is worth right now and also what it may be worth if you decide to extend.
How to add the most value when building an extension
One of the most important things to consider when adding value is a priority is ensuring your extension appeals to the average buyer’s taste. A good rule of thumb is to match your extension to the architectural style of the existing house. Make sure it flows and sits well within the house and consider how it will affect the layout. The best way to ensure your extension adds the most value is to use a professional architect or designer. They have the skill set and experience to ensure your extension meets planning laws, appeals to the average buyer, connects to the current house well and most importantly get the most out of your budget.
Be strategic when planning your extension and consider who the future buyer of your house is likely to be. An improvement that may add value in one area may not necessarily add value elsewhere. For instance extra bathrooms and large kitchens are usually good investments in family-sized homes, whereas in a busy urban area the creation of a garage could add more value.
What do I need to do to build an extension?
The first step is to consult a local estate agent to find out if it’ll be worth it in the first place. They will be able to give you advice and point you in the right direction in terms of a good local architect. The architect can then assist you with the planning application, recommendations with reputable builders and get you on your way.