The term ‘Extension’ is very broad in scope. It is usually referred to ways to expand your home; this includes an outdoor living area to increase the floor area of a home or addition of a summer house or conservatory to add more space. The price of a home extension project varies; it can range from £8,500 to over £50,000. Knowing the value of whichever home extension you plan to add to your home will help you make the right decision.
Two things determine how much value an extension will add to your property ⸺ size and quality. During real estate appraisal, a valuation surveyor will consider the size of the floor area, bathrooms, and bedrooms before making an opinion of your property’s market value. The location also plays a prominent role. For instance, if your property is located in the heart of London city, the price estimate would range from £7,000 to £12,500 square-foot, while properties outside London environs have an estimated cost of £800 to £3500. This means, depending on where your property is located, a first-rate extension priced at £15,000 can increase your property value by over £45,000.
How Much Value can an Extension add to your property?
It is always important to strike a balance between the extension cost and the value it can add to your property. This usually poses a challenge for most homeowners.
For starters, you can also get a quote from a licensed contractor for an estimate of any property extension. You can weigh the quote with the current price of property per square feet in your area. This will give you a clear insight into the difference between extension costs and potential value gain.
A quality house extension can add as much as 15% to your property market value. This is why we recommend you use materials of superior quality. Don’t forget that other factors also contribute to how much value the home extension will add to your property. An excellent example of this is ‘the type of home extension’.
What are some of the benefits of home extensions?
Home extensions are highly beneficial for every homeowner. While most home improvement projects enhance the aesthetic appeal of properties, home extensions are highly functional and impact home market value. Here are some of the three top benefits of a home extension:
A cost-effective option to moving out
With the increase in houses’ price this year, many homeowners are exploring a cheaper alternative to moving to a new place. It is costly to purchase a bigger property. For this reason, homeowners prefer extending their current home as it is cheaper and hassle-free. They can avoid the whole stress of finding a house to buy and packing belongings to another area with a home extension.
The duration of home extension varies. Some might take a few weeks to complete; others might take months. But ultimately, it is an excellent way of saving the expenses you would have incurred by moving out. Engaging in a home extension project is also a good way of investing in your property.
Families prefer extending their home because moving can negatively affect family life, especially the children. Moving can be challenging for kids, causing psychological stress and dissatisfaction. So, a home extension is a better alternative in this regard.
Increases your property’s Living Space
One of the essential benefits of home extension is increasing the property’s living space. As we explored earlier, extending your home is a cost-effective alternative to moving out, especially for families that need more space.
There are plenty of ways to utilise a new flooring area, but your familial needs and comfort should determine the ultimate decision. Do you need an outdoor flooring with decking? Would prefer a relaxation spot for hosting parties and family gathering? Do you need a home office to enable you to work from home efficiently? How about a place for the kids to have fun and play during the holiday? With a home extension, you have limitless possibilities. You can transform the additional flooring area into anything remarkable and comfortable. You can even build a home conservatory or garden room. The home conservatory is becoming increasingly popular because of its ability to enhance property value and brighten any home. A home extension is a creative way to transform your house into a dream home.
Optimise your outdoor space
A home extension is an excellent way of making your outdoor space more functional. For instance, you can build a garden house or conservatory to display the beauty of your garden. They can also extend your indoor space and create an additional room to your house. Another example is the addition of a porch to your property. A porch enhances the security of your home while providing an extra flooring area and boosting your home value.