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Deciding to sell up and move house is always a stressful time. You’ve fallen in love with your home and community, but you’re looking to expand your family and in need of an extra bedroom. Sadly, moving seems like the only option. or is it?
Hold that call to the estate agents. If you live up North we have some good news for you. If you have the space at home, adding an extra bedroom could almost double the value of your property!
A recent study by Safestore found the value of a one bedroom home in Glasgow, Leeds or Newcastle could increase by 46 per cent with the addition of an a new room.
If you’re looking to add an extra room to your three bedroom house, you could be set to double the properties value.
How much ‘value’ does an extra bedroom add?
In Newcastle, where the average cost of a three bedroom house is £154,000 an extra bedroom can increase the value by 78 per cent. That’s an extra £120,000 when you eventually decide to sell-up.
The study looked into the average value of one to four bedroom homes in nine major cities across the UK, to determine the value of renovating.
The property values of homes in Newcastle and Leeds were significantly lower than in other UK cities. Yet, it boasted more drastic home value increases with each additional bedroom.
Unsurprisingly one bedroom homes in London were found to have the greatest value increase, when another bedroom was added. Boosting the price by 50 per cent.
Yet when it came to adding any further extra rooms it had a lower impact on the value, in comparison to northern cities.