Property owners are to be given the chance to make their properties bigger by up to two storeys in a bid to make planning laws less bureaucratic and outdated, while more money is to be committed to infrastructure, it has been announced.
Extending your home or adding a loft conversion can add more than £42,000 to the value of an average property, while an extra bathroom could boost its worth by nearly £10,000, a report has found.
Based on average house prices, Nationwide Building Society calculated that an extra bathroom could add 4.9% or £9,600 on to the value of a home in the UK, while increasing the floor area by 10% could add another £10,000, or 5.1%, on to its worth.
A home extension or loft conversion could increase a property’s worth by about 22%, or £42,700. Meanwhile, adding a decent-sized extra bedroom has the potential to boost the value of a home by 11%, or £22,100.
Robert Gardner, chief economist at Nationwide, said home buyers were prepared to pay more for extra usable space, as this was often associated with better quality accommodation.
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