A new study has revealed a golden opportunity for property investors and homeowners: converting your garage can significantly boost your property’s value! Top of the list? Turning your garage into an extra bedroom. This simple change can increase your home’s value by a whopping £77,526 on average. After accounting for the costs, you’re looking at a net gain of £59,526. It’s an investment strategy that’s hard to overlook.
Exploring Different Conversion Options
The study didn’t just stop at bedrooms. It delved into various garage conversion types, including home offices, playrooms, and utility rooms. Each type was assessed for the value it adds to a property, minus the conversion costs, to figure out which offers the best return on investment (ROI). The results were clear: extra bedrooms came out on top.
But that’s not all. Other profitable options include creating a home office, a playroom, or expanding your kitchen into a stylish kitchen/diner. The home office, in particular, stands out, with an average installation cost of £16,035 and an impressive average profit of £22,728.
Research and Restrictions – What You Need to Know
However, it’s not all plain sailing. GoCompare’s home insurance expert, Ceri McMillan, emphasizes the importance of thorough research before embarking on a garage conversion. There are often restrictions and rules to consider, and in some cases, conversions might not be feasible. For instance, you might need to keep the garage door in its original place. Getting professional advice is crucial to avoid costly mistakes and ensure the conversion adds value to your home.
Other Lucrative Conversions
If a bedroom or office doesn’t suit your needs, don’t worry. The study found that converting a garage into a kitchen/diner extension or a playroom can also yield significant profits. A kitchen/diner extension can net you an average profit of just under £19,000, while a playroom can bring in an average of £12,096.
The Least Profitable Option: Utility Rooms
Interestingly, utility room conversions, while common, offer the least profit. They cost less to install, around £17,000, but the average profit is a modest £2,429. Despite this, over a quarter of garage conversions opt for a utility room, showing its practical appeal.
Conclusion
In conclusion, if you’re considering a garage conversion, think about what type of room would best suit your needs and increase your home’s value. Remember, quality matters, and professional guidance is key. With the right approach, a simple garage conversion can be a game-changer for your property’s value and functionality.