Last week, a landlord from Huddersfield emailed me to ask,
after reading the Huddersfield 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 Huddersfield
is currently £108,500 whilst the average value of a semi detached house is
£142,900, meaning to make money the cost of the extension would need to be less
than £10,307 on the terraced property and £15,004 on the semi detached house.
Talking to a number of trades people in the town, 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.
· – 12.7% of the one bed properties on the market to
rent in Huddersfield have a tenant with an average rent of £448 per month
·
– 26.9% of the two bed properties on the market to
rent in Huddersfield have a tenant with an average rent of £492 per month
· –24.5% of the three bed properties on the market
to rent in Huddersfield have a tenant with an average rent of £555 per month
· –13.6% of the four bed properties on the market
to rent in Huddersfield have a tenant with an average rent of £737 per month
No, if you want to increase the value of your property, be
you a Huddersfield 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 Huddersfield
Property Market, visit the Huddersfield Property Blog http://huddersfieldproperty.blogspot.co.uk/
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