Posted on August 18, 2022 in Blog
When the housing market becomes slow, extending your property can be a smart option, especially if your current location is perfect for your current or future lifestyle. This option has become incresibly popular in recent years, helping homeowners to save money on stamp duty, along with the other associated costs with moving to a new house.
Building an extension to your property also adds value. Whether it’s the addition of a new bedroom, a loft conversion, conservatory or additional toilets, your house will be worth significantly more. The amounts will vary from property to property and will depend on various factors such as location, build quality and type of extension.
Note, you will also need to consider the cost of the building works. Adding £25,000 to the value of your property is great, but will not be as beneficial if you have spent £40,000 in the process. The Office for National Statistics can guide you on which parts of the country extensions are most profitable and how much you can expect the value of your home to increase by.
In Nottingham, a small extension (15m²) on average would cost you between £1,200 and £1,500 per square metre (sqm), and you can expect to increase your house value by £1,391 per sqm. Hence the importance of managing your costs and considering the full worth of your investment.
In central London, where property is at such a premium, the rules of extension pricing vary hugely. In Kensington and Chelsea, the cost is usually between £2,000 and £3,000 per sqm. However, you can expect to yield an added value of £17,988 per sqm, although it may be challenging to gain planning permission.
As with all construction projects, in-depth research should be carried out throughout. The financial commitment and impact on your day-to-day life are important considerations when deciding whether extending your home is the best choice for you, rather than making internal changes or moving to a more suitable property.
If your main objective is to raise the asking price of your home, then it is always worth first checking the maximum ceiling price of houses in your area. If financially worthwhile, you could consider some smaller-scale undertakings which could improve your properties valuation in a more cost and time effective method.
With appropriate planning, loft conversions can be quick. Staircases and boarding can be completed in a day with little disruption to day-to-day life. They also open up previously unobtainable views from the property, increasing its desirability. If your loft has a minimum floor to ceiling height of 2.2m and isn’t in a conservation area, a conversion would likely qualify for permitted development.
If you have an existing basement or cellar, then converting it to suit liveable standards may be a cost-effective way to increase the value of your property, like this basement conversion located in the Netherlands. This is especially the case in more affluent, urban areas like London. Whether this is a good idea will depend on the cost and nature of converting your basement and the ceiling price of properties in your area. We advise contacting a local estate agent for guidance.
Often the main goal of reconfiguring your home would be to add extra bedrooms to accommodate a growing family. Increasing from two to three, or from three to four bedrooms will almost certainly increase the value of the dwelling. This may be a viable option for those who want to avoid a long planning process and professional fees. You could also consider knocking through walls to enlarge a bedroom or to open up a living area. Again, in this case planning permission would not be needed, but building regulations would be an important factor.
There are a number of benefits in choosing a garage conversion as a way to extend your home, the main benefit being cost-efficiency. Planning permission is not usually required, providing the work is internal and does not involve enlarging the building.
Building costs for a garage conversion are minimal because you are working with an existing structure. However, there will be some major alterations to make, so ensure you consider the doors, fenestration, heating and utilities before moving forward. Take a look at this garage conversion which incorporates our Flushglaze Fixed Rooflight.
Building an extension is considerably cheaper than buying a property, especially considering stamp duty etc. It also allows you to have a dwelling that feels new without having to relocate from a community and amenities to which you have grown accustomed to.
If your lifestyle has changed, it is important to determine what you’re aiming to achieve in both the short and long term. Understanding this will help you to decide whether a home extension is the best route for you.
With more people needing to work from home, having a dedicated workspace and home office is becoming more of a necessity. It is important to consider the location of this new room, whether you choose to create a garden office or redesign your current home to accommodate your new workstation, just as this artist, writer, and former fine arts lecturer did.
With an ageing population and children leaving home later in life, there’s a need for more space within the home for storage and privacy. Adding extra living spaces can also increase quality family time.
Living in your house for a long amount of time will naturally result in a desire for change. Extending your home means that you can choose what to do with new added space and gives you control of the design. Extending your house can modernise and improve the efficiency of your home, with more people deciding to create open plan kitchen and living areas, making larger sociable spaces, like this extension in London which included our Flushglaze Eaves Rooflight, Fixed Multipart Rooflight, and Fixed Rooflight.
Certain areas of the property may get more daylight than others. Natural daylight has been proven to have a positive impact on vision, orientation, productivity, alertness and general health, and it has been shown to positively influence social behaviour and cognitive performance, just as this client in New York was looking for.
By providing this information, it allows us to forward your enquiry on to your local Technical Specification Manager and enables them to provide you with a formal quotation quicker.