Last week, a landlord from Royal Tunbridge Wells emailed me
to ask, after reading the Royal Tunbridge Wells Property Blog, if he should
extend his terraced house making an extra bedroom in the loft. He had a builder
friend who owed him a favour, and thought a good way would be get an
‘inexpensive’ extension.
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 Royal Tunbridge Wells is currently
£407,298 whilst the average value of a semi detached house is £782,800 meaning
to make money the cost of the extension would need to be less than £38,693 on the
terraced property and £82,194 on the semi detached house. Talking to a number
of trades people in the town, 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.
·
51.4% of the one bed properties on the market to
rent in Royal Tunbridge Wells have a tenant with an average rent of £789 per
month
·
45.5% of the two bed properties on the market to
rent in Royal Tunbridge Wells have a tenant with an average rent of £1,141 per
month
·
49.1% of the three bed properties on the market
to rent in Royal Tunbridge Wells have a tenant with an average rent of £1,485
per month
·
35.7% of the four bed properties on the market
to rent in Royal Tunbridge Wells have a tenant with an average rent of £2,250
per month
No comments :
Post a Comment