How to boost a home’s size and value
Estate agent comparison site, GetAgent.co.uk, has revealed that utilising wasted space in your home could boost your property’s value by as much as £94,000.
The two predominant trends of the current pandemic property market have been higher house prices and a desire for more space and GetAgent.co.uk has revealed how to achieve both in one go. Expanding the living space within your existing home is the answer for those looking for more room without moving house.
GetAgent’s research shows that the average house covers 785 square feet, but by converting your garage space into a livable area, you can boost your property potential by a further 128 square feet on average.
Converting the loft or attic can bring even more space, boosting the average home by an additional 290 sq ft. Tackle both and you can increase the size of your home by 53% (418 sq ft).
But is it worth it in the long run in terms of adding value? Based on current property values per square foot, the value of wasted garage space in the average UK home equates to £41,009, climbing to a huge £92,911 for unused attics full of dusty boxes and old Christmas decorations. GetAgent’s research shows that the average cost of converting a garage into a livable space comes in at £10,500 and so doing so would add an additional £30,509 in property value profit.
Of course, a loft conversion is a more sizable project and a conversion would set you back almost three times the cost of a garage conversion at £29,000. However, with a loft conversion adding far more value in the long-run, committing to a conversion would still add an additional £63,911 once costs were accounted for.
Adding both would boost the value of your home by £94,000 once the cost of converting each area has been recouped.