Will an extension add value to my house, and what are the factors I should consider?
There are a couple of things to consider here;
- The “value” that the extension will add to your everyday life,
- The financial “value”
1) This one is perhaps easier to quantify. Many of us find ourselves spending more time at home than we ever use to. Hybrid working has meant that we crave calm quiet spaces to work in, that are separate from the rest of the house. This could be a dedicated workspace within the house, or a separate bespoke home office externally.
You may also want a large open plan kitchen & dining space. A beautifully designed, light filled space where the whole family can group together will certainly add value to the way you live your lives. Cooking, eating and entertaining all within the same space brings the family together. Investing in a beautifully designed space will enrich and improve the way we feel when we are at home!
2) Next, we turn to the financial side of things. There is no doubt that investing in extending or altering our homes is usually a significant financial investment. The financial value to be added is harder to quantify as every project, property, and location is different. However, the majority of well-built extensions and alterations, which increase the size of a property normally add value and increase resale potential, particularly if you are improving and extending the living spaces.
How much “value” to be added depends on many factors, including the following;
- How much the project has cost
- The quality of the design
- The quality of the materials and workmanship
- Value of properties in the area
- Are you looking to sell up and move, or stay for years to come?
Normally, creating exquisite kitchen and family spaces tend to add the most value, including additional bedrooms. It is important that a design is proportionate compared with the rest of the property. For example, creating a huge living space to a property that has just one or two small bedrooms have more limited appeal to a resale market. A good architect will help you get this balance of space right!
We would advise you establish a clear set of goals with your architect based on what spaces you want to create, and to compliment this with local area research on property values.
It is worth bearing in mind that extending your home rather than moving will have other benefits. For example, moving fees and stamp duty are costs that you won’t need to incur. A good architect can add further value by creating spaces that are tailored and bespoke to the needs of you and your family.
In conclusion; establishing clear goals and working with an experienced architect will normally unlock huge value to the way your home looks and feels, as well as improving your day-to-day life. You will often find that extensions and improvements add resale value to your property, too. This is particularly so in the South East, where residual values remain strong. This will likely be compounded if you anticipate staying in the same property for a good few years to come. So; a great, well executed extension can add value to your everyday life, as well as your home.