In today’s article, we look at how smart extensions can help you increase your property value given the significant rise in the UK property market. Since February 2021, the UK residential property market has been rising steadily, showing great signs of promise to homeowners looking to enter the seller’s market.
According to a recent article by The Guardian, the UK property market has hit its fourth rise consecutively in October 2021, reaching an all-time high, however, regions such as London have shown minimal growth compared to other regions – so why would this be the case? The answer lies in the architectural contributions to residential properties in regions with more residential zones and larger properties.
Not All Extensions Add Value
There are a few factors that get taken into account when property valuations take place, and according to Leaders, a leading UK estate agency, adding space is one of the best ways you can increase your property value and a qualified architect can help you with this. It’s not just a matter of extending spaces in the home, but rather about adding an extension to the right spaces based on local supply and demand as well considering where spaces can be repurposed.
In most cases, local supply and demand will determine whether or not an additional room or extension has truly added value to the space. For example, if there are lots of two-bed terraced homes in the area and you develop a three-bed so that it becomes a four-bed, the property value could rocket. However, if there are already lots of four and five beds and only a few two or three beds, you might not get a great return on investment. Therefore, it is best to do research, and potentially to work with your architect and estate agent to decide on what makes sense for the property.
Which Rooms Offer Higher Return On Investment?
As most estate agencies will tell you, key rooms will always include kitchens, bedrooms and bathrooms. Additions such as a conservatory for more living space, or extending your kitchen with a side-return, can add a significant amount of value to the property. These days, a home office or study certainly adds great value and to a property, particularly to the practical use of the space. A new bathroom, or en-suite, will certainly add more value to the property, although this can be a particularly expensive endeavour if not planned properly.
Consulting with our expert team at Draw Plan can certainly ease concerns around this, and will help you avoid some common mistakes that homeowners make with these kinds of extensions.
Consider Repurposing Existing Spaces
Some existing facilities can be converted quite easily, to add value without breaking the bank on builders and materials. A garage, for example, could be converted into a living space, especially if it isn’t housing a vehicle and you have space to park outside. A loft can easily be converted to another bedroom, which can sometimes add up to 15% to the potential value of your property.
Our team at Draw Plan have worked on quite a few first-floor extensions during the 2020 and 2021 year, offering additional space to properties and then repurposing some of the other spaces in the home to improve quality of life and adding value to the practical use of various spaces.
What is also crucial to bear in mind when considering your home refurbishment or extension is whether your property still offers the potential to add additional space and/or extensions to it. An estate agent will also consider whether there’s any scope for extending or renovating the property further during a valuation. This can add further value to your home, as they often find that buyers are keen to make the space their own.
Start Planning For Renovations Early
Considering all the aforementioned factors will help you to increase your property’s value over a period of time. Even if you’re just considering doing renovations in the distant future, we strongly recommend making contact with our Draw Plan team today. We would be happy to help you plan, budget and advise on how to increase the value of your property, add to your quality of life and increase your home’s general curb appeal.