House extension is a good way to create space, and provides a cheaper alternative to the high costs of moving, but is it an effective way to raise the value of your home?
House Extension over Moving House
With the cost of moving home getting ever costlier, recent years has seen an increase in the number of cramped householders choosing instead to stay put and free up some space by extending their property or converting their loft. By building a conservatory or extension to an existing property, or by converting the loft, householders can bypass the time, effort and numerous fees associated with moving.
Besides a room you may need, the extension can also be used for fun. You can create your own game room, fitness, lounge room or any other pleasure room that comes to mind.
Probably the best thing about an extension is that you get a lot more house for a lot less money and hassle than buying a new bigger one. Plus one day if you decide to sell the house it would be quite a price booster.
Adding Value to your House
In a stable housing market, it has also proven to be a good way to add thousands of pounds to the value of an average property.
In 2006, when the UK property market was still relatively buoyant, the Nationwide building society reported that an extra bedroom would add an average 6% to the value of a house, whilst an additional bathroom would add an average 5%. The most profitable home addition, however, was a loft conversion. A conversion of 300 square feet of loft space into an en suite bedroom could have potentially added over 20% to an average property’s value.