With spring being the busiest time of the year in the housing market, and people feeling more optimistic as to what 2021 will bring, there is buyer activity in the property sector.
It will come as no surprise to learn buyers value space, and as a homeowner, there are ways you can add or utilise space to create value.
If you plan on selling your home soon, you should focus on minor improvements that make your property stand out. However, if you plan to sell your home later in the future, you should consider making changes that ensure buyers love your house.
Can you make space at home?
A recent study indicates the average property covers 785 square feet. If you convert an unused garage space into a living area, you can around 128 square feet to your home.
If your home has an unused loft or attic space, you might be able to increase the coverage by 290 square feet. Anyone in a position to make both these changes can add around 420 square feet to their property. Based on the average property size, this can boost a property size by more than 50%!
Make the right changes
When you utilise current property values per square foot, the value of the average wasted garage space amounts to £41,009. If you told someone they were wasting more than £40,000 worth of value at their home, they would likely take action.
When it comes to unused loft or attic space, it amounts to more than £92,000 worth of value.
You need to consider the time and financial cost of this work, but if you are confident on the return, it is a sensible act.
Research carried out by the agent suggests the average cost of converting a garage into a liveable space costs around £10,500. Therefore, this can help people to realise more than £30,000 in the value of their property.
Determine the costs and see the benefit
Converting a loft is more expensive, and time consuming, but as seen above, the return is greater. The same study suggests the cost of converting a loft comes in at £29,000. However, with respect to adding value to your home, this can boost the property by more than £60,000.
A homeowner who takes both of these steps could enjoy more than a £90,000 boost to the value of their home, once the cost of conversion has been considered.
Colby Short, Founder and CEO of GetAgent.co.uk, commented: “It’s no secret that more space can boost the value of your home but it can be tricky to know where to start and what will actually add value once the cost of a particular home improvement is covered. The garage or the loft can be a good place to start as they present the chance to actually add realistic living spaces to your home. This is the sort of addition that will boost value in the eyes of a buyer, whether it be as a space for a home office, gym, additional bedroom or simply an area to escape from the family for a little while.”
Colby concluded by saying; “In contrast, sticking a desk in the cupboard under the stairs and calling it a home office is unlikely to have the same impact.”
In line with Government guidelines, our Royston branch is open and is staffed with sales and lettings personnel. If you have any queries or need advice on property sales and lettings then please call 01763 245121 or email firstname.lastname@example.org.