Add value to your home by extending and converting!
Nationwide recently carried out a report which outlines the best ways to add value to your home including extensions and loft conversions. This report was released just as the Government announced a temporary relaxation of planning laws relating to domestic property however, the new rules the Government propose will be come into effect into the end of 2015 so the below rules still apply.
According to Nationwide, if you add a second bedroom to your property, you could see your homes value rise 12% however if you add a second bathroom the value of your house will rise 6%. Surly the amount of value each adds should be the same after all, they are as important as each other. I mean, how many people have trouble locating an empty bathroom in the morning? Then imagine how difficult it would be with an extra one or two people queuing to use the bathroom!
Building an extension or loft conversion is one of the best ways to add value to your property. If you build a loft conversion to create a double bedroom with an en-suite bathroom it could add 23% more value to your home! A much better idea than adding just a double bedroom as you wont have to share the main bathroom however, adding 10% extra floor space in the property can add 5% to the average value of the property.
Current restrictions on extensions and conversions are as follows;
The first restriction is that all extensions and other buildings must not exceed 50% of the total area of the house as it stood on the day it was built if it was built after 1st July 1948 or as it stood on this date if it was built earlier.
The second restriction prevents extensions being built on the side of the house that faces the road without planning permission. The next restriction does not allow a single story extension on detected houses to be any longer than 4m and side extensions can only be single story.
On terraced or semi detached houses, a single story extension can be no longer then 3m and the building must not be clad in any eccentric material therefore it must match the exterior of the original property. If you want your extension to be different from the original property, planning permission is required.
Single story extensions must not be more than 4m high and two story extensions can not exceed 3m long.
However, with loft conversions there are fewer restrictions therefore you do not need planning permission as often however you will need planning permission if you want to raise the roof level or if you want to add a dormer to the front of the house. You will be restricted in creating a space equal to 40 cubic meters in a terraced house and 50 cubic metres in a semi detached property.
We hope you have found this blog helpful and we will continue to update you with the latest planning news as it happens.(0) Comments
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