How much value will an extension add to a property?
This will obviously vary depending on the postcode, type, size, and condition of the property. Nationwide Building Society suggested that an extension or an attic conversion could increase the value of your home by almost a quarter. Their House Price Index Special Report looked at alterations made to a typical three-bedroom house and concluded that an extra bathroom could add 6% to the value, a double bedroom could add 12% to the value, an extension or loft-conversion to form a double bedroom and en-suite bathroom could add 23% to the value, and that a 10% increase in floor space can add 5% to the average house value.
Initially the cost of an extension can be roughly estimated using the floor area. Some suggest using a figure of £1000 - £1500 per m² for a single storey extension. For a two-storey extension it is suggested that the £/m² rate for the upper floor is 70% of the ground floor rate.
According to Nationwide, moving from a three bedroom to a four bedroom house would cost an extra £40,000 on average – not including legal fees and moving costs. In many cases it is more cost-effective to extend a property, without the associated hassles of relocating.
This will obviously vary depending on the postcode, type, size, and condition of the property. Nationwide Building Society suggested that an extension or an attic conversion could increase the value of your home by almost a quarter. Their House Price Index Special Report looked at alterations made to a typical three-bedroom house and concluded that an extra bathroom could add 6% to the value, a double bedroom could add 12% to the value, an extension or loft-conversion to form a double bedroom and en-suite bathroom could add 23% to the value, and that a 10% increase in floor space can add 5% to the average house value.
Initially the cost of an extension can be roughly estimated using the floor area. Some suggest using a figure of £1000 - £1500 per m² for a single storey extension. For a two-storey extension it is suggested that the £/m² rate for the upper floor is 70% of the ground floor rate.
According to Nationwide, moving from a three bedroom to a four bedroom house would cost an extra £40,000 on average – not including legal fees and moving costs. In many cases it is more cost-effective to extend a property, without the associated hassles of relocating.
