Britons love spacious, ideally period, properties with gardens – we all know that. But what about desirable extras, such as a garage or driveway, that are perhaps non-essential, but are worth paying a little bit more for? Or perhaps which might add significant value to your house?
Well, before you convert that garage into an extra room, it might be worth reading on, because the answer is: 'in the £1,000s'. Research, conducted by Duette (opens in new tab), has revealed that British homeowners are ready to part with more cash in exchange for convenience – or a little added luxury.
The poll of 2,186 adults, all of whom are actively house-hunting, reveals that, on average, garages and driveways (both at a premium in larger cities) would fetch around £4,000 extra each. Don't let that put you off converting your garage, though – we'd always advise you to compare the added value of a garage conversion over a car-occupied garage – it's likely to be much higher.
Other value-adding home improvements? Smart home features, including security cameras, could increase the value of a home by £3,500; a south-facing garden would render a home worth £5,000 more in a house-hunter's eyes – but, somewhat bizarrely, a bar at the end of the garden is even more desirable and would be worth paying £6,000 extra. What's more, a swimming pool would warrant the highest offer increase, with prospective homeowners willing to pay as much as £10,000 more for a property with a swimming pool.
Interestingly, not all the features that potentially add to a home's value in buyers' eyes are strictly material. Nice neighbours could increase the price of a property by £2,000, and 'a tight-knit community' by £500. We'd value both of those over a bar or swimming pool any day.
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