An extension can provide numerous benefits for you as a homeowner, such as creating a more spacious and intuitive living environment for your everyday life. One of the most important questions that many people wonder, however, is 'does adding an extension add value?' It's true that building projects can very often serve as a creative way to raise your property price, but the degree to which this is true will depend on a number of factors regarding the home itself and your exact extension plans.
Does An Extension Add Value To Your Home?This crucial question is answered by first considering the type of property that you are going to begin working on. For instance, if you're adding an extra bedroom to a one-bedroom apartment it might be more useful to potential buyers than adding a fifth bedroom to a four-bedroom house, although this will also depend on other factors. You can use this calculator to work out what value your extension could add by using local property prices per square metre. Although square footage is just one aspect, it's a useful tool to help guide your project.
Consider The Quality Of The ExtensionIt's important for homeowners to opt for the highest quality extension to suit their needs and in order to impress future buyers with a well-built construction. When you're considering whether an extension will add value to your home, however, you want to also balance the cost of the build against the potential property price increase. As building projects can sometimes run over budget, it's important to factor in how important a significant value increase is for you. An estate agent will be able to advise on whether your home might benefit from an immediate increase or go up in value over the longer term.
Ensure That You've Researched Your Location
Besides the property type and the extension itself, the final factor that dictates whether your building project will add value is the location of your home. A property in an urban area where space is at a premium will often see a significant price increase from an extension, whereas a house in the countryside might not see such a dramatic rise. It's important to seek advice from an estate agent about the maximum 'ceiling' price of homes in your area so as not to outprice yourself from the local market.
Extensions are always an excellent way to improve your living conditions and add value to your home, but it's crucial to ensure that the project is well designed for your property and that the build is carried out to a high standard. At BDS, we have a wealth of experience with a wide array of different projects, so contact us today for more information or to request a quote for your extension plans.
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