A new report conducted by Nationwide has been released, revealing vital knowledge that should be taken on board if you are looking to maximise the overall value and future saleability of your home. Whilst location still remains the biggest factor, the report showed that a 10% increase in overall floor space added 5% to the price of a semi-detached or terraced house and 7% to a detached house. Adding an additional bedroom complete with en suite bathroom through the means of a loft conversation can add up to 20%, whilst extension to a property to add the same combination can add around 11%.
Past projects show that it is relatively cheaper to build a larger property than it is to build a smaller one per square metre, although it is common for us to build smaller properties in relation to the number of bedrooms required when compared to the past. Old properties such as those pre-war dated, tend to be much larger. A four bedroom detached home from this era compared to one built by today’s sizing standards is typically worth £60,000 more.
In light of us constantly looking at new ways to reduce our carbon footprint, un-green homes without efficient central heating systems look to lose an average of 9% of their value.
Size really does matter after all.
Source: Homebuilding & Renovating magazine – August 2009