It’s a situation many will be familiar with; ‘Shrinking House Syndrome’. The effect a growing family has on what was previously a property that was a perfect size.
Whether it’s a lack of storage, bedrooms or bathrooms, there is often a tipping point which results in the decision that more space is required, and that there is a need to move home.
In an ideal scenario it would be easy – and affordable – to sell one house and buy another, especially with a house price boom in the north of England.
However, in the last year or so, it’s become exceptionally difficult. Political and economic uncertainty, coupled with rising house prices has meant that fewer people are moving, therefore there are fewer properties on the market for sale. Which means less choice for would-be buyers in many parts of the country.
It’s a cyclical problem too, because the lack of properties for sale in many areas then in turn puts people who need to move off of putting their own home on the market, for fear that they will sell it yet not be able to find anything to buy. And it’s this pattern which, long term, causes markets to stagnate.
In fact, recent research carried out by comparison website CompareTheMarket.com suggests 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.
So, what’s the answer? Well, in the last twelve months remortgaging has become more and more popular. In part, due to the exceptionally cheap fixed rate deals which have been available.
But there has been an increase of people raising capital when they remortgage, with many seeing extending their current home as a viable alternative to moving.
Which makes sense when you think about it. Because if you can’t find somewhere to move to, then creating more space in your current property solves the problem and can, if you’re canny, increase the value of the property to boot.
So, which improvements really do add value, as well as having a practical benefit?
First on the list are bathrooms. As anyone with a family but only one bathroom will tell you, it can be the cause of much angst.
But by stealing space from perhaps a larger bedroom, or converting an unused box room into a bathroom, or perhaps even cleverly using the space under the stairs, not only can you cut the queue in the mornings, but you can also add significant value to your home.
Research from insurers Direct Line suggests that an additional bathroom in a three-bedroom property would add on average 6.8% to its value, whilst an additional bathroom in a four-bedroom home would add 6.2% to its value.
With the average house price in the UK currently £225,826 according to the latest Halifax figures released this week, that could mean adding anything between £14,000 to £15,300 in value. Plus of course the priceless feeling of being able to have a bath in peace.
Rebecca Clapham, head of household products at Direct Line, said: “A new bathroom can add thousands to the value of a home compared to the cost of fitting one, and may be a good option for people wishing to improve their home but without the space to add an extra bedroom or improve their kitchen.”
However, Rebecca added: “If you’re having an extra bathroom, en-suite shower room or cloakroom fitted, make sure you use a qualified plumber. It can be tempting to try and do things yourself to save money but if you get it wrong, a dodgy plumbing job could end up costing much more if pipes burst and cause damage to your home.”
The good news if you don’t have loads of space to play around with is that most estate agents suggest that additional shower room or en-suite is as desirable as an additional family bathroom, meaning that the amount of value it can add is approximately the same.
Bedrooms can be another bête noir, particularly when children outgrow sharing with a sibling. There are various options for adding further bedrooms to properties, depending of course on the building you start with and the size of your budget.
Loft extensions can be a smart way to use existing space, and depending on the amount of work required to add stairs for access and necessary windows, are potentially a more cost-effective option than, for example, a double height extension.
As a project, they can also be quicker with less disruption, again a key factor for those who are living in the property whilst works are being carried out.
Paul Grinsell, Executive Director of the British Home Enhancement Trade Association, the main association for all manufacturers and suppliers of home improvement products said: “The general industry consensus is that additional bedrooms can increase a property’s value by as much as 10%, depending of course on the area.
“Obviously though, it’s best to get professional planning advice in terms of what might work best and what you’re able to do within Permitted Development Rights, before you start your project.”
Another trend seen in recent years is to convert a garage into an additional ground floor bedroom, which can be ideal for those that have an elderly relative living with them who finds stairs a challenge.
However, a note of caution on converting garages to bedrooms; aside from considering how the layout will work in a practical sense, a ground floor bedroom can be a difficult sell when you come to move, as many buyers perceive that you ‘go upstairs to bed’ and that a room downstairs isn’t a ‘bedroom’.
As Brian Murphy, Head of Lending for Mortgage Advice Bureau, who’ve released their best remortgage deals today said: “The additional value created by converting a garage to a bedroom can, in some circumstances, be less than if you had added a bedroom upstairs.
“You would also need to be conscious that, should you remortgage or sell again at any point in the future, a Surveyor assessing the property for mortgage purposes may not see a garage conversion as an additional bedroom, which may impact its formal valuation.”
Of course, as with any major project, it’s wise to expect some upheaval and think about timings in terms of when best it may suit you to embark on such an undertaking.
But if by extending your current abode it makes it viable to spend another few years in your property as well as adding value, rather than deal with the stress and uncertainty of selling and trying to find what you’re looking for at a time when stock levels are all time lows, it may well be worth considering.
Follow Louisa on Twitter: @louisafletcher