Last week, a landlord from Melton Mowbray emailed me to ask,
after reading the Melton Mowbray 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 Melton
Mowbray is currently £134,000 whilst the average value of a semi detached house
is £162,200, meaning to make money the cost of the extension would need to be
less than £12,730 on the terraced property and £17,031 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!
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.
·
30.7% of the one bed properties on the market to
rent in Melton Mowbray have a tenant with an average rent of £396 per month
·
41.6% of the two bed properties on the market to
rent in Melton Mowbray have a tenant with an average rent of £490 per month
·
40% of the three bed properties on the market to
rent in Melton Mowbray have a tenant with an average rent of £622 per month
·
33.3% of the four bed properties on the market
to rent in Melton Mowbray have a tenant with an average rent of £623 per month
If you want to increase the value of your property, be
you a Melton Mowbray 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 Melton Mowbray Property Market, pop into our office on Burton Street or give me a call on 01664 569700.
For more advice and opinion on the Melton Mowbray Property Market, pop into our office on Burton Street or give me a call on 01664 569700.
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