With homeowners losing confidence right now and wanting to make the most of their homes, they might want to listen advice from their local estate agents.
According to a recent survey, 92% of estate agents quizzed by the National Association of Estate Agents agree that adding an extension can add potential and increase the value of a property.
Yet, when the agents were requested to choose the which ways in particular add value, 41% believed the best approach is to add an extension, followed by 17% favouring the installation of a new kitchen.
The least effective methods when it comes to adding value are upgrading the exterior of a home (4%) and creating a conservatory or glass extension (4%).
The NAEA’s chief executive Peter Bolton-King says, ‘In the current market, it is understandable home sellers are keen to try anything to increase the value of their home. For this reason, a well planned and built extension that creates an additional open living space could potentially increase the value of a property.
‘However, you must bear in mind that the average price of property in the local area will dictate the maximum price your property can achieve. It is worth researching the local area first and familiarizing yourself with what types of property sell best.’
* Read more about extensions and conversions