How you can boost your property value by £48k
Do you find yourself using your garage as a storage space for clutter, or does it stay empty because the idea of constantly moving your car in and out seems too bothersome?
A study conducted by Admiral Money has unveiled that up to 51% of individuals in the UK seldom or never utilise their garage for parking their cars. Instead, they tend to fill it with tools or furniture that remains unused. In fact, the total of unused garages is so substantial that Admiral’s calculations suggest that almost 600,000 homes could potentially be in the space wasted by them!
However, by dedicating some effort and resources, this overlooked space in your home has the potential to significantly enhance the value of your property. Admiral’s research also demonstrates that a simple garage conversion could incur a minimal expense, starting at £6,000 for a single garage, while a comprehensive conversion might range from £10,000 to £20,000. But the value it could add your home is much more – estimated at around £48,000!
Why are homeowners converting their garages?
Conducted using data from the ONS, this study comes during a period when individuals aspiring to live in larger homes might encounter obstacles due to escalating mortgage rates and higher housing costs. However, as stated by Admiral, opting for a garage conversion provides an alternative avenue. This allows homeowners to tailor their residences to align with their lifestyles in the aftermath of the pandemic.
The study uncovered that a majority of homeowners who undertook garage conversions did so with the aim of expanding their living area (67%). The most favored choices were utility rooms and home offices. However, 24% chose to repurpose their space for recreational purposes, opting for features such as bars, home cinemas, and gym facilities.
Converting your garage
In addition to the potential for enhancing property value, another significant advantage of transforming your garage into a room is the low likelihood of requiring planning permission and it often avoids the need for extensive structural modifications. This can make it a highly cost-effective method to expand your living space and overall square footage.
While the initial conversion expense might seem discouraging, homeowners have the option to increase the mortgage on their property for garage renovation. Recent statistics suggest that this approach could potentially increase the average property value across the UK by over £48,000 and even up to £150,000 in certain London postal areas.
Factors to consider during a garage conversion
Prior to moving forward, it’s crucial to thoroughly consider whether you, or a potential future property buyer, might require the use of your garage. This assessment is particularly relevant if you reside in an area where parking is challenging or if your driveway has space for only one car.
If you’re seeking ingenious ways to utilize the space, enlisting the help of an architect can be beneficial. The fees for professional architects and engineers can commence at £1,500 and extend up to £3,000.
According to Martin Hitchcock, an architect, the essence of a successful garage conversion lies in assessing your current home usage and contemplating potential improvements.
We’d suggested thinking about these questions prior to starting any plans:
- Could extending an existing room into the garage prove advantageous?
- Is it feasible to convert a portion of the garage while retaining the rest for storage purposes?
- Do you possess alternative parking options if you proceed with the garage conversion?
- How would your car’s placement outside a window in the converted garage impact the natural light in your new space?
Have you recently converted your garage and want to know what your property is worth?
Why not contact our expert team today to discuss your property and its new value. We can provide you with a fully detailed sales report and local comparison to show you during the valuation.
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