Alterations and extensions at homes across the length and breadth of the country have added billions of pounds to property value.
In London, Where space is paramount, many homeowners have been forced to dig down or build upwards to maximise the space they can achieve in their property. The total expense in obtaining mortgage finance has encouraged a large number of homeowners to search for interior design companies and architects in the London area to alter their existing home. Another factor is, due to the increased stamp duty of properties over £1m, this means that home improvements however vast they might be, are often considered more cost effective than relocating elsewhere. Investing time and money in designing and refurbishing your home not only makes your home a more enjoyable place to live, but if done correctly can increase the value quite substantially.
On average, a home improvement would add a healthy 10% to the value of a home. Research claims those who build out and add square footage to their property via basements, terraces and even conservatories come out top on their return on investment of potentially up to 100%. However, in our current market you will have to take constructive steps to create that added value. Below we will look at a few options on how to add that value and what we should consider.
The easiest way to install a new bedroom and bathroom would of course be making full use of the loft space. Good news is that this is never too disruptive to design and to develop. Important considerations include strengthening the floor joists which will raise the floor level so there will be an impact on the ceiling height. In general, any loft conversion if completed to a good standard, can be recouped by often more than 100% if sold as part of the property. It is also thought that a loft conversion in prime central London adds approximately 12.5% to the selling price.
Conservatory extending where possible to add additional living space is another option. Ensuring its design coincides with that of the current foundations so that it does not feel like it is a separate entity altogether. Similar to a loft conversion, adding this square footage should result in adding value to your property. Working with a highly sought after partnership between interior designers and contractors in London will ensure the value will be added.
Whether a basement, be it a single or double basement is financially viable will depend on the cost of works relative to the current value of your property. Predominantly speaking, adding floor space in London’s high value areas definitely makes the inconvenience of digging down worthwhile. With a vast amount of the capitals properties achieving sales prices well in excess of 1,200ft2, digging a basement would be sure to either double that figure, or reach it. Therefore digging down appears to be sensible at every opportunity. However be aware that if not completed correctly, you could be left with a dark and dingy space that will simply detract the homes value and will not be comforting to live in.
If you were to guess who is the most likely to buy the property, you should be presenting it in its best light so they cannot just visualise themselves in it but see it from a functional perspective. If it’s a family home, there should be significant amounts of glass balustrades for example. Moreover, profiling any buyer and thinking like a high end property developer in London will result in presenting a spare room as potentially an office or a gym.
Piperhill have recently completed a full fit out of a luxury Knightsbridge Mews House where we have installed both a gym on basement level and an office overlooking a striking atrium with an incredible chandelier giving the originally dark Mews house an abundance of light throughout. (pictured above and below).
Piperhill Construction pride ourselves in being one on London’s leading contractors. We are experienced and qualified to undertake all aspects of work; from new build, basement construction, refurbishment, through to fully integrated services and first class designer finishes. Whether working within design and build or traditional contracts, our unfailing aim is to meet all of our clients and their consultants requirements and to produce the highest quality finished project.
Please contact us on 0208 166 5607 if you wish to discuss a project.