Printer Friendly

Extra bedroom and central heating increase the value.

EXTENDING a property to add an extra bedroom could increase its value by up to 11%, while putting in central heating could boost the price by 13%, new research has shown.

Building society Nationwide said adding an extra room or garage, or installing central heating, were the improvements which were most likely to add value to a home, while refitting the kitchen or landscaping the garden could help it sell more qu i ck

y.

But it is the factors you cannot do anything about which increase the value of a house most, with people prepared to pay a 34% premium to live in a period property, and the right location boosting the cost of your home by up to 100%.

Nationwide estimates that extending a home to have an extra bedroom could increase its price by an average of 10.8% across the UK, rising to 13.1% in London.

But simply converting existing space such as a loft into an additional room will have much less impact on the price, raising the value of a two-bedroom terraced property by just 4%.

Putting in an extra bathroom could also raise the price of a home by around 10%, although the benefits vary according to how many bedrooms a property has.

Installing full central heating could boost its value by 13.2%, rising to nearly 20% in the North Wes t Building a single garage could help the price of a property rise by 11.1% and putting in a double garage could increase it by 20.4%.

Alex Bannister, Nationwide's group economist, said, ``Extending a property with a decentsized bedroom can increase the price by around 11%.

``Adding a bedroom may also negate the need to move up the property ladder - saving moving costs of pounds 4,000 to pounds 5,000 and almost certainly higher mortgage payments.

``However, improvements must be appropriate - adding a fourth bathroom to a two-bed property is unlikely to boost value significantly.''

But the research showed that the factor which has most impact on a property's price is the region it is in, with an identical house worth 2.6 times more if it is in London rather than Northern Ireland, or 1.9 times more in the capital than in East Anglia.

Homes in prosperous neighbourhoods populated by highly qualified executives sell for 44% more than ones in less affluent areas, which in turn have prices which are around 60% higher than homes in areas with high unemployment.

People will also pay a premium of more than 30% of a property's value to live in a Tudor, Elizabethan or Jacobean home, while they will pay 18% more for a Georgian property and 8% more for a Victorian one.

People are also prepared to pay a premium of 8% for a brand new home, although this has fallen from 30% in the 1980s.

The data were based on the Nationwide's own lending figures for the past three years.
COPYRIGHT 2003 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Features
Publication:Western Mail (Cardiff, Wales)
Date:Apr 19, 2003
Words:494
Previous Article:DIY: Take a little care and your lawn will repay you.
Next Article:FAVOURITE ROOM: Cooking up a warm welcome; S4C's Rachael James loves her new kitchen.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters