When we at Mint discuss home extension plans with our clients we often offer a clear assessed idea how much value can be added to their property by adding, re-organising and refurbishing the various spaces within their home.
Spotted online by our Editor this week, were some statistical data on potential price value enhancement for certain kinds of home renovations and extension. The Office for National Statistics (ONS) has released data that shows this potential value added price factor as it relates to adding extra space. Key data is plugged into a special assessment calculator thus allowing a schedule of the relating value-added figures to be produced as applies to various priced homes.
According to the calculations, adding an extension of 25 square metres can add an average of £59,000 to the value of a typical home. In higher value areas, like choice London boroughs for example, that same extension would increase the value of a property by considerably more – up to an average of almost £170,000.
For sure, this rather restricted calculation returns estimated numbers, with all that being said, averages in our experience do surely mean something. If the average home would see a significant increase in value by undertaking certain kinds of renovations, chances are a specific home can achieve the added value effect all things being equal.
To be fair many of the homes we work on are often of a particular – dare one say – average type. There can always be some extenuating circumstances, but to be fair in our experience, these are likely to improve the added value factor rather than diminish it in most cases.
As for renovations vs extensions, the same kind of ‘value scenario’ exists in any event. Just like more living space adds value to your home, renovating existing space to make it more functional and aesthetically pleasing adds value as well – less value probably…. but not always!
A well-planned and carefully re-organised refurbishment in the right areas of a home can benefit it with regards to its appeal and ‘liveability’ and its added value too if the circumstances are right. It must be said perhaps, that the value of your home is dependent almost entirely on market forces and your home is as valuable as the price you can achieve for it it linked to what it is and where it is at any given time.
The secret is when you renovate and extend, be aware of the market and set your spend accordingly and in step with any selling time-line you may have in mind. We have long known that home renovations add value to property. Good guideline data to back up that knowledge is interesting to say the least.
If you have been looking to add an extension or otherwise renovate your home, the prospect of adding value is for sure an added motivation and, of course, making your home more enjoyable to live in is very much worth anyway – wouldn’t you say?
Refurbishment, improvement and extension of your home. Mint offers a full development and finishing service to add value to your home. We are here to help with any questions or concerns you may have. We have all the expert contacts on hand to help you.
Whatever your need, please request your quotation to improve, refurbish or extend your home . Contact Mint Builders on 01242 279739 or email firstname.lastname@example.org