Property for sale? The key update to do now to 'increase living space' and boost home value by £77,000
A garage conversion can add value
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The property market has been turbulent for both buyers and sellers in recent months.
Still, now can be a common time to list a home as Britons opt for a fresh start in the new year.
If preparing to sell your home soon, some things can make a huge difference to the selling price.
New research by Go.Compare home insurance found the renovation that could add the most to a home's value.
Experts estimated it could results in thousands of pounds worth of profit
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Having another bedroom can add an average of £77,526 to the price of a home, which could be around £59,000 profit for the sellers, the research suggested.
The average profit was found by subtracting the cost of installing a garage conversion from how much it would make.
Turning the garage into another bedroom, rather than a home office or kitchen extension, would be the most profitable.
Still, the study found a home office renovation could result in a profit of £22,728.
Home insurance expert at Go.Compare Ceri McMillan said: “Investing in a garage conversion is a great way to increase your living space, and our research shows that you can use it to make a good profit in the long run.
"If you’re looking to convert your garage, it’s worth considering which type of room will have the best impact on your home’s value, as well as which one you will get the most use out of."
The expert warned the values are only estimates and Britons should check their costs before going ahead with work.
She said: “Keep in mind that various factors can influence the value a garage conversion will add to a home, including the quality of the conversion, so be sure to plan it out properly.
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The renovations can make a home more valuable
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"Plus, while a garage conversion may seem like an appealing DIY project, it’s important to remember that it’s a significant refurbishment job to apply to your home.
“You will need to do a lot of research beforehand to ensure it’s a safe, feasible option for your property. In some instances, you may not be able to go through with it or there could be certain rules to obey by.
"For example, the garage door may need to stay in place. Be sure to get professional support as often as needed, or else you could end up doing more harm than good to your home and its valuation.”
This comes as an expert shares how to get the best price with a 'key' tip amid the turbulent housing market.
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