HOMEOWNERS can now calculate how much value renovations will add to their property thanks to a new tool.
It could come in handy as 41% of homeowners plan to renovate or extend their homes following the pandemic, according to research.
The tool by Mortgage Advice Bureau lets you calculate how much a home improvement will add in value
Millions of households have been forced to work from home due to Covid, leaving many to re-evaluate what they want from their homes.
Some may want a home office due to a permanent shift to remote working, while others may want a bigger living room or renovate their kitchen.
No matter what you’re after, the change will come at a cost – but it could pay off in the long-term by adding value to your property.
The new tool by Mortgage Advice Bureau calculates the renovation cost and the additional value of a property depending on a few details.
A 30 square metre extension on a detached house in London could add £230,000 in value
These include your postcode, property type and current value, number of bedrooms, extension type and size and whether you’re adding more rooms.
It also asks whether you’re looking to do the project on a budget or break the bank.
It then combines this with Office for National Statistics data on the price per square metre for both flats and houses to give you an estimated value.
For example, The Sun found that a 30 square metre extension to add an extra bedroom for a detached house in London would cost between £67,000 and £77,000.
At the same time, it could add more than £230,000 in value to the property price.
While a 15 square metre extension to a ground floor flat in Manchester could add £50,000
Things you can do without planning permission
HERE are a few other things you can do to your home without getting planning permission.
All of them are subject to a few restrictions and building regulations. You can find the full list on the Planning Portal.
- Add single storey extensions of up to 4m by 6m
- Moving windows and doors, as long as you’re not looking directly into neighbouring properties
- Move interioir walls, as long as the total footprint of the house stays the same
- Loft conversions of up to 50 cubic metres for detached and semi-detached properties, or 40 cubic metres for terraced houses
- Single-storey conservatories of up to 4m by 6m
- Outbuildings that double up as office space
- A porch of up to 3m tall
- Garden decking as long as it’s more than 30cm above ground
- Swimming pool as long as it’s no bigger than 50% of the size of the garden
Or if you live in a ground floor flat in Manchester and can get planning permission to extend it by 15 square metres, this could add £50,000 in value to it.
Meanwhile, the tool estimates the renovation would cost between £19,000 and £29,000.
Of course, both the final cost and the extra value could vary – but the tool gives you an idea to if it’s worth splashing the cash to renovate your home.
Sainsbury’s Bank also offers a calculator tool, but it only lets you add the value of your property.
While Towergate Insurance lists how much various renovations could add to your home online.
What to keep in mind before renovating your home
Before you start any renovation, it’s vital to make sure that all your paperwork is in order.
Not having the right certification and planning permission for a renovation you go ahead with can be very expensive – and you may be forced to knock it down.
You should also make sure a surveyor signs off on everything from electrics, fire safety, and windows to plumbing.
As a rule of thumb, it’s better to use savings instead of borrowing to fund your renovation, if you can.
But if you don’t have the cash in the bank, you may want to consider taking out a credit card – although it’s only suitable if you aren’t spending loads.
Alternatively, you can take out a loan or remortgage.
As with any type of borrowing, you need to make sure you keep up with your repayments – or you’ll be hit with late payment fees.
Also keep in mind that the marketed rate of credit cards and loans only have to be offered to 51% of applicants, so you could be given a worse rate.
To help decide, calculate the cheapest way of borrowing over the shortest amount of time and compare the total cost – not just the interest rate.
We round up home renovations that could REDUCE the price of your house.
Last year, new laws were introduced that mean families can add two storeys to a home without getting full planning permission.
Another thing you can do without permission is converting your garage into an extra room if you don’t plan to make any changes to the exterior of the house.