Research shows extra bathrooms increase your home’s value
Due to economic uncertainty in recent years, it has become increasingly difficult to sell a house and buy another. This, coupled with rising house prices has led to fewer people moving and less properties on the market.
In research conducted by CompareTheMarket.com, it was found that almost one in three (29%) homeowners are now delaying plans to move due to economic uncertainty and house prices, with the average homeowner committed to staying in their current property for at least the next eight years.
With this in mind, and the cheap fixed rate deals available, many homeowners have chosen to remortgage their property. Instead of trying to sell their home, people are seeing extensions as an alternative to moving.
For clients that are seeking to create more space, not only does this solve the above problem, it can in fact increase the value of their property.
Building a new bathroom can add value to a home
If your client has only one bathroom in their family home, this can cause a headache, especially during the morning rush. It’s suggested that taking space from a larger bedroom or converting a box room, will not only create less angst in the mornings but also add value to the home.
According to research carried out by insurers, Direct Line, building a new bathroom in a three-bedroom property would add on average 6.8% to its value, whilst an extra bathroom in a four-bedroom home would add 6.2% to its value.
In 2017, the average house prices in the UK were £225,826 according to Halifax figures. That could mean that building a new bathroom could add anything between £14,000 to £15,300 in value. And it doesn’t have to be an additional family bathroom, if your client is limited on space, an additional shower room or en-suite is just as desirable and the amount of value it can add is approximately the same.
Before you get started on the installation of any fixtures and fittings, it’s important to establish what kind of space your client has in mind – take a look at our helpful bathroom ticklist for further guidance.