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 Headingley is currently £207,400 whilst the average value of a semi detached house is £201,000, meaning to make money the cost of the extension would need to be less than £19,703 on the terraced property and £21,105 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.
· 21.05% of the one bed properties on the market to rent in Headingley have a tenant with an average rent of £480 per month
· 20% of the two bed properties on the market to rent in Headingley have a tenant with an average rent of £651 per month
· 17.6% of the three bed properties on the market to rent in Headingley have a tenant with an average rent of £915 per month
· 9.2% of the four bed properties on the market to rent in Headingley have a tenant with an average rent of £1,198 per month
No, if you want to increase the value of your property, be you a Headingley 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.