Q. We had been considering moving house with our third child now approaching her 1st birthday. We looked at moving to a four bedroom home from our present 3 bed, but due to the turmoil in the housing market, there are not that many quality houses on the market in our area.
It is also debatable whether we can get a buyer for our house, and we hate the uncertainty. The obvious alternative is to extend our home and stay, certainly for the next few years. If we do do some work on the house, then we may not just add a bedroom, but add say another bathroom etc.
In general terms, what adds value to a home best?
A. We understand your position, and whilst we are not experts here, this is what we have gleaned through experience and the various articles we read, including this one from the Nationwide #:
First would be a loft conversion that includes an extra bedroom and bathroom. If this were to add, say, 300 sq feet of space, then the value of a typical home would be increased by around 20%.
Second would be adding a bedroom. If it also means gaining space, then circa 10% can be added to the value of your home. If you simply juggle existing space, then closer to 6% may be achieved.
It would then be perhaps central heating (6%) – extra parking (6%) – double garage (14%) – an extra bathroom (5%).
Of course it depends on many factors including location and be careful not to get carried away with the costs of fixtures and fittings! The idea of course is to spend say £15,000 - £25,000, and achieve an increase in the value of your house of say £30,000- £50,000.
Finally, can you find a reliable builder?
Best of luck!
# This survey was covered in an article you can find here
There are other similar articles on the Motley Fool site.
