While the re-opening of the housing market has resulted in some people declaring an interest in moving home, there will be many people considering their options in the long-term. Whether you plan on selling your home or not, there is always an argument for adding value to your house.
If you plan on selling your home, adding value makes it more appealing to prospective buyers, and it increases the price buyers are willing to pay. If you receive a higher price when selling your home, you will have more options and flexibility with your next move.
You don’t need to sell your home to focus on adding value
Of course, if you don’t plan on selling your home, you still benefit from the changes which add value. You add value to a home by making a house more attractive, more functional or more spacious. Even if you plan on staying in the house for many years to come, these outcomes are worth pursuing.
There are many ways you can add value to a house, but one of the most commonly cited methods is to add a bathroom to your property. Bathrooms have a functional purpose, but they can be a stylish addition to a home or a place where people escape and relax.
In determining if adding a bathroom is a suitable way to add value to your home, you need to consider the costs and benefits of doing so.
A study undertaken by Direct Line Home Insurance, which has been confirmed in other studies, indicate adding a bathroom to a home can increase property value by an average of £12,000. This equates to an average of around 5% of the property value.
There are regional variations, and of course, the size and scale of the changes you make will impact the benefit and your outgoings. However, with the average cost of adding a new bathroom coming in at £4,500; it is easy to see why many homeowners are tempted into making this change.
It is also easy to see why 70% of estate agents believe adding a bathroom to a house helps to sell the property.
How many bathrooms do you need in a house?
Before you commit to adding bathrooms, you should consider how many bathrooms you already have, and how many people your home is likely to contain. A one to one ratio is a suitable aim, but your house isn’t a hotel. If you already have three bathrooms around the property, you might wish to consider the merit of adding a fourth.
In one survey on this topic, 95% of estate agents said that for a property with a minimum of four bedrooms, you need to have at least two bathrooms. If this ratio isn’t in place, the property is difficult to sell.
If you are looking for clarification on this matter, remember that having too few bathrooms in a home is a much bigger problem than having too many.
In line with Government guidelines, our Royston branch has reopened and is again staffed with sales and lettings personnel. If you have any queries or need advice on property sales and lettings then please call 01763 245121 or email firstname.lastname@example.org.