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Adding Value - An extra bedroom
At the end of the day, properties are homes. If you are an investor or developer, your property portfolio may contain plenty of homes that you don't live in - but someone does, and therefore the property has to meet the needs of the people living in it.
One question that is regularly posed at properties that I visit during my filming of Homes Under The Hammer is whether a property will become more valuable if an extra bedroom is added. Would that extra bedroom make the property more suitable and 'liveable' or is it not worth the expense to do. Because of the nature of auction properties, many that I visit have not seen any kind of renovation or re-arrangement work for many, many years, if ever - and in trying to modernise these properties to suit today's home dwellers, the matter of 'How many bedrooms' is an important consideration.
If I use a terraced property that I visited recently as an example, it will serve to illustrate the point. THis was a 2 bedroom mid-terrace property in a popular residential / letting area. It begged for extensive modernisation since the accommodation at the time of sale comprised 2 bedrooms (upstairs) but the bathroom was downstairs.
For me, the obvious drawback of the property was the position of the bathroom - downstairs next to the kitchen. Most people,myself included, would prefer to see the bathroom moved upstairs - but this would mean potentially loosing one of the bedrooms unless we could modify the property sufficiently to allow for the bathroom to be relocated and yet still retain the 2nd upstairs bedroom.
So where to put the additional bedroom?
There are various possibilities for the location of an additional bedroom:
1. Loft conversion - Going 'up in the world' is very popular and research suggests can add significant value to a property, particularly in areas where space is limited and demand is high e.g. London
2. Extension - If you have the space and can get Planning Permission, an extension to the property might be the best solution to incorporating another bedroom. This could be an extension above and existing adjoining garage or a full double height extension which would add another room to the downstairs of the property as well.
Is it worth the cost in terms of added value to a property?
Research carried out by the Nationwide indicates that that converting existing space into an extra bedroom in a mid-size 2 bed semi-detached property adds around 4% to the overall value of the property.
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Martin appeared on Jeremy Vine's Money Spot (BBC Radio 2) and spoke about the state of the property market in the UK and why now is a good time to consider buying.
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