To find out what value does the house extension add to the house, we need to look at what planning authority would let us have for house extensions to be successful. Good thing is that planning has been relaxed and people are extending their homes more than ever!
The changes have given homeowners more flexibility to improve and increase the value of their homes. Previously, without planning permission, you could add a single-storey extension of up to 3 meters in depth for an attached property and 4m to a detached house, these distances have been doubled.
How much value does an extension add then?
It will depend on type of extension that is and where the location of the property it is. James Morton from Yopa says: Generally speaking, the higher property prices are in your area, the greater the value extending a property will add. Sounds obvious right?!
So what the figures say?
Uswitch quotes: Outside of London, property typically costs £900-£2000 per metre square, whilst inside London property costs around £5,000-£10,000 per square metre. So, in the right location, £20,000 of building work could add more than £50,000 of property value.
Nationwide's research on the value of improvements to an average three bedroom house found that an extension creating a double bedroom and en-suite can add up to 23% to the value of your property. An extra bathroom could add up to 6% and an additional double bedroom can add 12%.
Zopa's surveyed 1000 home-improvers and found that an average extension cost was £19,750.The average return on investment for an extension was 71%and the average amount of profit generated by an extension was £14,000.
These figures are based on statistics, It is important that you do your research, a property in London will have more value than property outside London. A very good point is to ask the estate agents questions about adding additional space or additional rooms what would that add to the property but do not just take their word for it do your own research too.
Here are the tips on house extension planning permission and regulation rules click here
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