Are you wondering “Does a house extension increase the value?” If so, you’re not alone. Many people who are thinking of extending their properties are keen to know if it will boost their worth. The good news is that yes, in most cases, an extension will increase its value, potentially by up to 23%. Naturally, the value an extension will add will vary from property to property and the type of extension carried out. Read on to find out how much value an extension can add to your home.
Will an extension increase my home’s value?
An extension will almost certainly increase your home’s value, and this is because space is in high demand amongst buyers. With homes becoming significantly smaller – research shows that they have decreased in size by as much as 20% over the past 40 years – people are increasingly searching for homes that can offer them more space. Whether you extend your kitchen, convert your loft or add a home office, you can expect your property to be highly desirable to buyers. You’re likely to receive higher and more frequent offers for your home if you do decide to move.
How much value will an extension add to my home?
How much value an extension can add varies depending on the property and the type of extension carried out. Research from Nationwide estimates that adding an extra bedroom and bathroom to a three-bed home could boost its value by a whopping 23%. A bedroom with an ensuite is thought to add the most value to a property, followed closely by a kitchen extension. Extending your kitchen can add between 15% and 20% to the value of your home. Loft conversions are also in high demand, making sure they can add at least 15% to your property’s worth. As you can see, the value that an extension can add to a property can be considerable in many cases.
How much does a house extension cost?
When considering how much value an extension will add to your home, you’ll need to think about how much it will cost to carry out too. Of course, the cost of an extension will also vary widely depending on the type of extension and the complexity of the work. If the extension is being constructed on uneven ground or if unusual building materials are required to make sure it fits in with your existing home or the surrounding properties, it’s likely to cost you more.
If you want to extend your kitchen or living area, a single-storey extension would be ideal. This would cost in the region of £1,500-£1,750/m², plus VAT for labour and the materials. A loft conversion, although it can add significant value to your home, can be one of the most expensive types of extension, costing anywhere from £15,000 to £60,000. The cost will vary depending on the type and condition of the roof. Extending your home isn’t cheap, especially with the rising cost of labour and materials. However, you can still expect it to be a cost-effective investment.
Is a house extension worth it?
Generally, extending your home will add value to your home, allowing you to ask for a higher figure when the time comes to sell. Although the cost of building an extension is likely to be steep, particularly if you opt for a double-storey extension or a loft or basement conversion, you’re still likely to make a significant profit upon sale. Therefore, from a financial sense, yes, a house extension will usually be worth it.
Although, keep in mind that an extension is only going to add value to your home if it’s carried out by a competent team who have the necessary skills, knowledge and expertise. Take your time when choosing a company to carry out an extension. You’ll need to ensure they have the experience needed to complete the work to a high standard.
When considering if a house extension is worth it, you should also take into account your circumstances. If you need more space in your home due to your family growing, or, for example, need an office due to working from home, a house extension is likely to be a good idea. In most cases, it’s a better, more cost-effective alternative to moving house to get the space you need.
House extensions in Brigg
Now you know the answer to the question “Does a house extension increase the value?”, you may be looking to go ahead and extend your home. At High & Dry Renovations, we specialise in house extensions in Brigg, with our team building a fantastic reputation for our quality workmanship over the years. We’ll work with you closely when designing and constructing your home extension, making sure it meets your vision perfectly. We’ll keep you constantly updated with the progress of the construction work, letting you know if there are any problems or delays to the project.
At High & Dry, we are well-known for constructing home extensions of the highest standards. Whatever type of extension you require and whatever its complexity, you can rely on us to meet your needs. Plus, because our prices are highly competitive, you can expect to receive a real value for money service.
For house extensions in Brigg, get in touch with our team today. Call us on 01652 808 049 to discuss your requirements with one of our friendly and knowledgeable team. You can also send us a message via the contact form on the website if you prefer. We’ll get back to you as soon as we can with the information you need. Whether you’re still wondering does a house extension increase the value or if you’re looking for a quote for building work in Brigg, we’re ready to assist.