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 Cambridge
is currently £343,800 whilst the average value of a semi detached house is
£352,100, meaning to make money the cost of the extension would need to be less
than £32,661 on the terraced property and £36,970 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.
·
25.5% of the one bed properties on the market to
rent in Cambridge have a tenant with an average rent of £782 per month
·
34.8% of the two bed properties on the market to
rent in Cambridge have a tenant with an average rent of £1,252 per month
·
30.8% of the three bed properties on the market
to rent in Cambridge have a tenant with an average rent of £1,428 per month
·
34.3% of the four bed properties on the market
to rent in Cambridge have a tenant with an average rent of £1,803 per month
No, if you want to increase the value of your property, be
you a Cambridge 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 Cambridge Property Market, visit the Cambridge Property Blog http://cambridgeproperty.blogspot.co.uk/
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