With the economic recovery being only slightly less sluggish than the recession, the housing market is continuing to be one of the worst performing sectors leading many people who wanted to sell their property to stay and improve it. The thinking behind this is that home owners will profit from improved properties when the housing market does finally pick up, if planned right and efficiently, conversions and extensions can be astute investments in your property.
If your intention is to make a few amendments to your home in order to make it easier to sell when the market does improve, and providing you have the capital to support it, renovations and extensions can add instant value. While improvements such as these should be treated as long term investments and do require a lot of time, money and effort, they can be hugely beneficial. Although you must be realistic in your expectations, for example if you do not have enough space for an extension, then don’t attempt one! Similarly, if you life in a terraced house, huge renovations may not be feasible. For this reason, any changes you do make should be properly thought out. Here are a few pointers to get you going…
1. Affix an extension to your home.
The most common way of adding value to a property, they are very effective on detached homes, though that’s not to say you’ll be pouring money down the drain if you live in a terraced or semi-detached house. An extension must be designed in the same style as the rest of your house to gain the most in added value on your property, the only other alternative for it to add maximum value is if the extension adds a new major feature to a house, such as a focal point or room to the home. A little considered fact is the space the extension takes up, usually eating up garden space, so if your garden is left disproportionally small compared to the house, expect that to knock value off and make the house harder to sell.
Any extension built must have a recognisable purpose and not be built for the sake of it, or it will be counterproductive for any added value you were hoping for. One example that can be used is adding an extra bedroom to a 4 bed house when there is only one bathroom, the proportion and balance of the house if thrown off kilter. The extension must add something to the house and the personal space of who lives there, or little to none value will be added, so think long and hard about whether an extension is worth it.
2. Renovate the loft.
Loft conversions are rapidly becoming just as popular as extensions in adding value and benefit to a household, being the cheaper option and making a house seem more modern. Most conversions are priced between 8k-15k depending on the house and cause less disruption than an extension would, scaffolding being on the roof instead of side walls of a property. Not a bad deal considering the amount of space a conversion can add to a traditionally built home.
A major edge conversions have over extensions is that they don’t necessarily need planning permission, speeding up the building process; at best they can be completed in a month. Loft conversions can add a maximum of 20% onto a property price, but to get the whole 20% depends on the style and build of your property and the loft space. The roof height has to exceed 2.4 metres to be viable (2.4m is the absolute minimum height, you can get away at this height, but the taller, the better) with a steep pitched incline also being a major advantage.
3. Add an en suite to a bedroom
En suites are a good addition to larger houses, or house with one master bedroom that dwarves the others. For the minimal amount of space they use they are great value adders, they can be built to be discreet so it does not stick out and look tacked on, using a space such as a walk in wardrobe would be more than enough space for an en suite. Always keep in mind though that an en suite is an additional bathroom, so if the bedroom in question is next to the bathroom, don’t reduce bathroom space. A family house with 4 bedrooms is bad enough in the morning when everyone needs the bathroom; it would be ten times worse if there was just an en suite available!
4. Extend into your Basement
Basements tend to follow the same fate of loft/attic spaces; they attract clutter, dust and are greatly underused. Transforming your basement from a dark and gloomy storage room, to a warm and comfortable additional living space can add significant value to your property. Insulation is key here, as basements tend to be cold and damp. However, if conducted properly, a basement can become one of your favourite rooms, an isolated area where you can relax and unwind away from the hustle and bustle of everyday life.
Adding a basement to a home is also an option if the property has the space under the house available, this option is a major trend with the millionaires and billionaires of Chelsea and Kensington, adding everything from gyms to underground swimming pools. For the average house however, you can expect 12 weeks of work and major disruption to a house, more than an extension or a loft conversion would cause, temporarily moving out might have to be considered. Carving out a basement is the most expensive option on this list, because specialist machinery would be needed and moving and reinforcing a house’s foundations, it would cost around 80,000 to create. So think very carefully if the price is worth the disruption and work it would create.
5. Eradicate internal walls
From the most expensive option in building a basement, to one of the cheapest in knocking down internal walls to create more space and/or larger rooms. In the recent past, estate agents put the primary emphasis on the number of rooms in a property, now square footage is the primary concern in the value of a house. So removing walls, obviously, quickly and easily gives this extra space, with large families it is a popular option as more room would be needed in communal areas to live comfortably.
Fewer walls in a house or a more open space design increase the natural light into a home, which in turn gives a nice airy and fresher feeling to a home, making it feel more comfortable to be in. The open and inviting feeling this option gives works better for different room combinations, for example, opening the dining room and kitchen to each other is pretty much in fashion at the moment and can be a major selling point. While this list does not include every possible option for upgrading your house and home, these options are the most popular and give the right balance of improving living space and the general comfort level, and the will increase appreciation enough to make the renovations a worthwhile investment.
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