Rapidly growing property prices have already pushed many people out of the housing market. But, if you’re lucky enough to already have a foot on the ladder, you could be in a position to increase your assets with an extension.
According to research carried out by Nationwide, adding a bedroom and a bathroom through an extension or loft conversion can add more than 20% to a property’s value.
Many older properties have small kitchens that don’t offer space for all the latest juicers, bread makers, blenders and other modern paraphernalia. A single storey extension at the back of a property is an easy and low cost way to solve this, and can give you a grandiose kitchen/diner at the end of it.
A four-metre single storey extension ranges in price from around £18,000 to £35,000, not including kitchen fittings and appliances, and should take around 6-10 weeks to complete.
If you have some space to the side or back of your property, or even a garage that isn’t being used, you could potentially build a two-storey extension. This will not only add more space to the downstairs living area, it could create extra bedrooms and a bathroom too.
A two-storey extension that runs the length of the property can range from anywhere between £60,000 and £120,000 on average, and take 3-6 months to complete. It’s a big investment in both time and money, but when done properly this type of extension can significantly increase the value of your home.
Loft conversions come in all shapes and sizes – from simply boarding over the floor and adding a window in the roof, to creating new roofs and extra bathrooms.
Prices can start from as low as £10,000 and reach upwards of £50,000, depending on the complexity of the work and the finish required.
However, be warned as there are numerous properties that can’t have a loft conversion due to space. So, before you plough ahead and start planning what your dream loft will look like, make sure to get it checked out first.
You can bring a lot of space, and a lot of light, into your home with the addition of a conservatory. Prices of conservatories vary massively, as there are so many different options you could go for.
When planning a conservatory, think carefully about what you want the new space to be used for. Will it be a spacious dining area, a place to sit and enjoy the garden or a play area for the kids? This will help you decide on the size and dimensions to go for.
Before you get started
Prior to beginning your extension, it’s important that you have all the necessary permissions in place.
First of all you’ll need to apply to your local council for planning permission. Then, if your extension means building against a wall shared with your neighbour (a party wall), you’ll need to have a party wall survey carried out. This is very important and ensures that you have evidence of the condition of the party wall, on both sides, before and after the works are carried out.
And remember, whether it’s worthwhile investing in an extension depends on the original value of your property. If the increase in value is less than the cost of the building works, you may be better off leaving things as they are and putting your money elsewhere.