A survey recently conducted by The National Home Improvement Show has identified that over 51.6 per cent of homeowners believe that adding an extra bedroom will increase the value of a property, with almost a third of respondents believing this will add 5-10 per cent to the value of the home and another third believing it will add another 15-20 per cent.
A further 41.9 per cent believe that a loft or basement conversion will add value along with 64.5 per cent believing that extending living space will add value.
Spokesperson for The National Home Improvement Show, Michael Holmes, editor-in-chief of Real Homes magazine and presenter of Channel 5's, I Own Britain's Best Home says: “ If you are looking to add value to a home, adding extra living space such as a bedroom is a popular and effective way to do so. However, one key question which needs to be asked is what impact these changes will have on the value of the property, now and in the future.
“One of the easiest ways to do this is to contact three local and reputable estate agents to value the property as it currently stands and what it would be with the addition of the new space, such as a bedroom.
“As a benchmark, you should be looking to add at least 10 per cent increase to the value of the property. However, you need to be clear what your budget is, how you are going to finance the project and how much this will eat into any overall profit if you decide to sell the property.
Home improvers have a number of different options open to them if they are adding an extra bedroom.
- Garage, loft and basement conversions
The garage, loft and basement conversion business is booming and is considered the most valuable alteration that you can make to your home, according to figures released by Nationwide.
National Home Improvement Show exhibitor, The London Basement Company, for example, has seen a 30 per cent increase in the number of people adding space in the home through basement excavation and construction. This is a popular solution for urban areas where space is limited and the only option is to go up or down. It could add as much as 20-30 per cent to the value of the property.
Extension
Extensions continue to be an incredibly popular way to add extra living space to a home. In many cases, the cost of an extension is more viable compared to moving house, especially when looking for a property with more bedrooms than your current home. If you are lucky enough to have the garden space, building an extension can be the most rewarding way to add the maximum amount of space to a home. However, if time is not invested in planning, costs can escalate and completion dates can over run.
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Work with what you have
The layout of a house and its rooms isn’t always the most effective allocation of space. Some spaces can be awkward, too small to be of any use or too big resulting in junk and clutter to be built up. This is often the case in period conversions.
Before any major renovations are considered, create an accurate floor plan of your house taking care to identify what space you use, what space you don’t use and the reasons why you use it or fail to use it.
While this option may involve a high level of disruption depending on how much ‘rearranging’ is required, the careful rebuilding of internal walls and partitions can mean you can create an additional room by just making the best use of existing floor space.
- Garden rooms
If you need extra space but don’t want the expense and disruption of an extension or loft conversion, then these insulated solutions could be for you. They are easy to install and range in price depending on your budget and your needs. Size and complexity can range from kit buildings to bespoke structures, for example options include a one room garden building or a studio or guest house with several rooms with plumbing and cooking facilities.
- Pods created off-site
Structures such as pods can be constructed off-site, to the exact specification without the need for wet trades on site. Once the pod has been made it can be installed and fully operational in a couple of hours. Two stories can be created in just under two weeks.
The National Home Improvement Show in association with Real Homes magazine will take place at Earls Court, London from 2 – 4 October 2009.
For more information about exhibitors, seminar schedules and tickets visit www.improveyourhomeshow.co.uk or call the ticket hotline on 0844 581 0802. Tickets are £7 in advance if booked before 3pm on Friday 1 October and £12 on door.