‘Appealing’ home feature could add £180k to your property’s value

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With house prices dipping slightly, many sellers are looking for ways to maximise the value of their property. Last month, the average UK house price experienced a slight fall of 0.1 percent, the second marginal decrease over the past three months.

The cost of a typical home edged down a little compared to the previous month’s record high, according to Halifax.

Now, research by property maintenance solution provider, Help me Fix, has revealed how adding an additional bedroom to a home could boost its value by as much as £180,000 depending on where the home is located.

The property experts looked at the current value of property across the UK housing market.

They then worked out the additional value boost from adding an extra bedroom and what this looked like after homeowners have accounted for the cost of the work itself.

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The addition of an extra bedroom in a home can add 15 percent to the value of a property. This is an extra £43,818 on the current average UK house price of £292,118.

However, adding an extra room comes at an average cost of £21,760 for a room of almost 11 square metres.

Even once the cost of the work is taken into account, the addition of an extra room can boost the value of a home by more than £22,000.

The value added to a property will depend on where the home is located in the country.

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For example, in London, adding more space carries the largest property price premium.

The addition of an extra room could help boost a property’s value by £59,768 even after the cost of the job itself is accounted for.

Unsurprisingly, adding an extra room in certain London boroughs will boost the value of a property more.

For example, in Kensington and Chelsea, adding an extra bedroom can add a whopping £180,885 to the value of a home.

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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).

Meanwhile, in the South East of England, the 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 a property’s value by £2,726 even after the cost of implementing it is covered.

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.”

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