Tue 18 Oct 2022
The value of an extra bedroom
As ever, the old property mantra of location, location, location certainly plays its part here. However, even when taking London out of the equation, an extra bedroom can add serious value to your home and help you beat the house price dip.Research by property maintenance solution provider, Help me Fix, has revealed how adding an additional bedroom to your home could boost its value by as much as £180,000 depending on where in the UK you are and looked at the current value of property across the UK market, the additional value boost from adding an extra bedroom and what this looked like after you’ve accounted for the cost of the work itself.
According to the data, the addition of an extra bedroom is believed to add 15% to the value of your home, that’s an extra £43,818 on the current average UK house price of £292,118.
But adding that all-important extra room comes at an average cost of £21,760 for a room of almost 11 square metres.
However, even once you’ve taken the cost of this home improvement into account, the addition of an extra room can still help boost the value of your home by over £22,000.
Regional price boosts
In London, where additional space carries the largest property price premiums, adding an extra bedroom to your home can help boost your property’s value by £59,768 even after the cost of the job itself is accounted for.
In the South East, this price boost sits at £38,057, with an additional bedroom also adding more than £32,000 in the East of England. Even in the North East, an extra bedroom can boost your property’s value by £2,726 even after the cost of implementing it is covered.
At local authority level
With the capital home to the biggest boost in property value for an additional bedroom, it’s no surprise that a handful of London boroughs also account for the largest uplifts at the local authority level.
In Kensington and Chelsea, adding an extra bedroom can also add a whopping £180,885 to the value of your home, while it also adds around £100,000 in Westminster (£122,089), Camden (£103,368), the City of London (£99,405) and Hammersmith and Fulham (£99,065).
Outside of London, the biggest extra bedroom price boosts are found in Elmbridge (£82,731), Three Rivers (£69,569), St Albans (£68,259), Mole Valley (£63,659) and Waverley (£62,695).
Ettan Bazil, CEO and Founder of Help me Fix, said: “Adding more space to your home is probably the most worthwhile home improvement you can make when it comes to not only improving your quality of life but also adding value when it comes to selling your home.
"It’s a feature that appeals to everyone at all levels of the property ladder, so while it can be one of the most expensive home improvements you can make, costing around £22,000 on average to implement, you’ll generally always see a return on your investment.
"It makes for a particularly smart investment in the current market. With mortgage rates increasing rapidly, you may find it makes more financial sense to invest in your existing home and add value, rather than overstretch when borrowing to fund a larger purchase.
"At the same time, the value you do add will also leave you quids in when you come to sell, particularly if you still have a remaining mortgage to pay off on the property.”