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 Epsom is currently £352,300 whilst the average value of a semi detached house is £444,200, meaning to make money the cost of the extension would need to be less than £33,468 on the terraced property and £46,641 on the semi detached house. Talking to a number of trade’s people in the town, most are booking up into the New Year. Also, it may be wishful thinking that a builder would only charge as little as that.
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.
- 39.6% of the one bed properties on the market to rent in Epsom have a tenant with an average rent of £1,156 per month
- 31.5% of the two bed properties on the market to rent in Epsom have a tenant with an average rent of £1,337 per month
- 53.4% of the three bed properties on the market to rent in Epsom have a tenant with an average rent of £1,833 per month
- 29.7% of the four bed properties on the market to rent in Epsom have a tenant with an average rent of £2,566 per month
Now, if you want to increase the value of your property, be you an Epsom 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 Epsom Property Market, keep chechking back here at the Epsom Property Blog or email Ian at email@example.com