Over the last eighteen months, homeowners have spent more time at home than ever before, driving a race for space that has resulted in many Brits extending their current property or upsizing.
But which is a more affordable alternative, an extension or a new property?
Research suggests this is still largely dependent on location.
Several extension types could add value to properties in the largest towns and cities across the UK.
- A basement extension could add around £157,000 to its property value, after expenses.
- A first floor or ground floor extension returns an average profit of £67,000.
- A loft extension can add an average value of £85,000.
Profit in property values from extensions aren’t just limited to high-priced areas of the country.
The most affordable areas for home buyers considering an extension will still turn a profit after expenses.*
Calculating the costs of upsizing versus an extension can be challenging for homeowners, especially when the housing market has been highly competitive recently.
Opting for an extension instead of a move can save homeowners lots of time house hunting, especially if you’re happy with the location you currently live in.
However, with more properties expected to come to market over the course of the New Year, there will be an influx of available properties to choose from.
Contact our expert agents today to begin your journey.