How much value will an extension add to my property?
Move or improve?
It's the key consideration when weighing up whether to extend your current home or move to a completely new property; what value will a typical extension add? Is the outlay worth it or should you just move?
Well, we've all heard the saying: ‘don’t move, improve’ but in recent years this has become more and more relevant to UK homeowners. Previously it was pretty common for people to look at moving more than once in a ten-year period. Now days, families are far less likely to make a move and it's see why.
It’s not easy buying a new home, and far less so for first time buyers. From stamp duty, solicitors, surveyors, removal and estate agent fees, the costs of moving house aren’t small. What’s more, in this uncertain housing market, you might be asking is now even the right time to move? Or should you be considering extending or renovation your current home?
But it’s not only the cost aspects that keep people from making the move. For many, a home is so much more than just the bricks and mortar its made of– it’s your sense of belonging and community. Your neighbours, local shops, those nearby walks, your kids’ school, all these wonderful things combined together are what give us that warm ‘at home’ feeling. So why should you lose them when all you need is a little extra room and space to grow?
How much value can building an extension add?
Of course every home and situation are different and there are a number of factors that affect added value which we will explore later.
There are plenty of extension types and styles out there for you, and they all generate completely different added value rates. Shown below are just some options you might want to explore, with an indicative outline added value. Of course there are lots of variables to consider when assessing added value, but the figures below give a good idea as to what you can expect for these typical extension types:
Single Storey Rear- +£40,000
The most recognisable of extensions, and perfect if you have the garden space to spare. A rear extension allows you to open-up existing space, such as your kitchen/dining area, or lets you transform the whole of your ground-floor.
Two Storey Extension- +£70,000
If you’ve got the funds, an extension of multiple levels can revolutionise your home. Expand your living space, add on new bedrooms, there's no limit. Of course, all this extra room will take a large amount of work and money. However, rooms like an extra bedroom can generate a lot of new value, so it's worth considering!
Wraparound- +£50,000
Like a rear extension, but it also incorporates any available side space. These are commonly added onto period properties that tend to have a side alleyway to utilise. You could also just take your home out into this alleyway and create just a side extension to reduce costs.
Conservatories- +£25,000
Although conservatories have fallen out of fashion in recent years, there are modern versions that really can impress! They also have the added advantage of being constructed mainly off site. This can save you money, as well as reducing the inconvenience caused during the on-site construction process.
*These figures are based on the average UK house price and are very much subject to change. See below for factors that can affect your extensions’ worth.
So What Affects Value?
As you can see from the indicative figures given above, the type and size of extension you opt for can dramatically alter how much value you add onto your home. But that’s not the only factor you need to consider when it comes to building an extension. You should also think about:
Your Location
Naturally, where you are in the UK affects the value of your home, and it’s the same for your extension. The national average for value added by a 15m2 rear extension is around £40,000. However, that same extension in Central London can add anywhere between £124,000 - £280,000 in extra value! And on the opposite side, those in Burnley and Hartlepool have the least amount to gain, with as little as £15,000 added into their home.
*All values are based on ONS data / national averages. They are estimates only and subject to inflation. All properties are unique and we advise you to get an independent valuation before beginning your works.
What Room You Extend
What room you actually choose to extend or renovate makes a huge difference to added value. Whilst extending existing rooms like the kitchen will definitely be a worthwhile addition, it’s the creation of new, quality rooms that’s going to give you the biggest results. A new bedroom can be your greatest ally here to get the greatest ROI, but en-suite bathrooms can also be desirable to future buyers.
Ceiling Prices
Wherever your property is located, there will generally be a ceiling price for a certain property in a certain area. If your location is affected by a ceiling price, it means that no matter how much improvement you undertake, your home is unlikely to exceed a certain price point on the market. This can be a nightmare if you’ve just invested a large amount of money into a pricey extension. It really is a prudent idea to do your homework here and research the top price you can expect for your newly extended property. Local agents may be happy to help on an informal basis.
Build Quality
Whilst everybody loves a deal, don't be tempted by a cheap price or unbelievable deal from a designer or building contractor. Whilst it may be tempting to save some money on an expensive project, beware the downsides of this approach! Getting a quality architectural designer and builder on board at an early stage should be your number one priority, as a shoddy design or works not completed to a high standard can seriously damage the value of your home. No one wants to be dealing with shoddy builder mistakes, nor live with an extension that doesn’t match the quality of the main house.
As our name suggests, Extension Pro are experts in the house extension and property renovation sectors! Our unique selling point is "One company, One point of contact, One easy experience"!
Its an ethos we live by, being a complete one-stop solution for the design and build of quality extension projects, all completed in-house by our expert team. What's more, every step of the process will be managed by your very own dedicated project manager from design to construction.
We can help with every step from..
Our Design Packages
The first step in your extension journey is to get a quality design and fulfil any planning requirements, don't worry we have you covered! Our in-house design team offer a range of design and planning packages to suit all budgets. We will even manage the planning and building regulation application processes on your behalf!
Please reach out and let us price your design package, we have services to suit all budgets.