So what more can you do to your property that adds value as well as making the most of the space?
1. Extra Bedroom – 20% increase in value
2. Bigger Kitchen – 15-20% increase in value
3. Loft Conversion – 15% increase in value
4. More Living Space – 10% increase in value
5. Extra bathroom – 5%increase in value (www.livingetc.com)
So here’s what we did with our family home to add value and make all the difference with our living space…..
How Have I Achieved this?
In 2018 we converted our garage into another room.
We use it currently as a play room for our 4 year old ……and boy does it get played in. In fact I can honestly say it gets used more than any other room in the house most days. We have made it suitable for all the family so we all enjoy spending time in there.
A very big bonus for me is that I don’t have to stress at the end of the day about putting all the toys away if I have other things I need to do ….which is always… I can just close the door on it for the next day. When all his things were in the lounge I spent soooooooooooo much time putting it all tidy so I could relax and not have to stare at or trip over toys spread all over the place, or rush to tidy when people came over. So YES its added value in so many ways to our property and our family.
What work did it require?
- Builder to do the main build and put in the window where the garage door was
- Electrician to do the lights and power points
- Plumber to add a radiator
And from us………….A lot of patience with dust and chaos for a few days
The total cost was just £4k and took only 2 weeks to complete.
In 2018 it was estimated to have added £12-15k on the value of our property. With the market as buoyant and ever increasing as it currently is this now could have been more.
Is this a good idea for a rental property?
Well how many people actually make really good use of their garage?
What is in your garage and could it be stored elsewhere if it gained you an extra room?
Do you even use or need what’s in there? Maybe now is a time to have a clear out and see!
It WILL add to the rental value and over time can increase your rental return on investment ££££££££££££££££££££££££££££££££££££££
We just bought shed for the bottom of the garden to pop in what useful bits we actually want and need. So just make sure there is ample room for some storage of essentials….nobody wants a lawn mover under their stairs!
There are plenty of other ways you can benefit from an extra room. Maybe a dining room , office space, extra bedroom even a home gym. 2022 is set to see a new wellness trend – the emotional escape room…..yes there’s a new term …well it is for me. During the pandemic our home’s impact on our health has never felt more current. So why not create a space to truly unwind and relax away from all the other functions of the home which now may be your work too!
Overall it’s a great time to think about making more of your property and look at the opportunities investments can offer.
WHAT TENANT WOULDN’T WANT AN EXTRA ROOM TO UTILISE TO MATCH THEIR OWN LIFESTYLE
I would love to here your property conversion stories and ideas as it would be great to share them too. Just send to helen.davies@belvoir.co.uk
