An extra bedroom may increase property value by 23%
27/10/2011
Investing in a new bed and mattress to create an additional bedroom in the home could make it more attractive to potential buyers.
Adding a bedroom, bathroom or loft conversion can increase the value of a property by 23 per cent, according to research by Nationwide.
Increasing the floor area of a home to accommodate an extra bedroom is more lucrative in small two to three-bedroom terraced and semi-detached properties.
Nationwide chief economist Robert Gardner explained: "Households are happy to pay for more space and our analysis suggests that, providing the room is useable,
adding an extra bedroom can be a good way to increase the value of a property."
However, analysts note that while the number of bedrooms is an increasingly important consideration for property value, location remains key.
Earlier this week, the Campaign to Protect Rural England called for more affordable homes for first-time buyers to be created in rural areas, where high prices are currently proving a disincentive for younger prospective property owners.
Posted by Elizabeth Mewes
