Last week, a landlord from Canterbury
emailed me to ask, after reading the Canterbury Property Blog, if he should
extend his terraced house making an extra bedroom in the loft. He had a builder
friend who owed him a favour, and thought a good way would be get an
‘inexpensive’ extension.
Having more useable space is
generally thought to be consistent with better quality accommodation and
homeowners and tenants are prepared to pay for it. If you added a bedroom
to a two bed terraced to make a three bed terraced, it will add 10% to the
value of the property. Turn a three bed terraced
into a four bed terraced and 9% will be added to the value. Looking at semi-detached
properties, and turn a two into a three bed and 12% will be added to the value,
whilst making a three bed semi into four bed will add 9% in value.
However, before you rush off to
the planning department there are some important considerations, whether you
are a homeowner or landlord. What would
be the cost of making that extra bedroom? The average value of a terraced house
in Canterbury is currently £228,700 whilst the average value of a semi-detached
house is £245,700, meaning to make money the cost of the extension would need
to be less than £21,726 on the terraced property and £25,798 on the semi-detached
house. Talking to a number of trades’ people in the City, most are booking up
into the New Year. Also, no matter how good a friend he was, I know of no
builders that would charge as little as that. Maybe the builder was just thinking
of a bit of pointing work on the chimney!
Well, that got me thinking about
how bedrooms affected rental prices and rent-ability as well. Interestingly below, you will see that
whilst bedrooms do have an effect on the rent that can be achieved and the rent-ability
of the property – the difference does not warrant the expense, hassle and
trouble of extending.
17.1% of the one bed properties
on the market to rent in Canterbury have a tenant with an average rent of £613
per month
35.9% of the two bed properties
on the market to rent in Canterbury have a tenant with an average rent of
£1,035 per month
32.9% of the three bed properties
on the market to rent in Canterbury have a tenant with an average rent of
£1,151 per month
14.9% of the four bed properties
on the market to rent in Canterbury have a tenant with an average rent of
£1,397 per month
No, if you want to increase the
value of your property, be you a Canterbury landlord or homeowner, there are
things that cost a lot less than building extra bedrooms. Spruce up the
exterior, emulsion all the rooms, install fresh carpets and curtains. For
homeowners, a matter of a few hundred pounds will add thousands whilst for
landlords, these things can add an extra 10% to the rent that you can achieve.
For more advice and opinion on the Canterbury Property Market, visit the Canterbury
Property Blog www.canterburypropertyblog.com
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