Renovating can cost UK home owners £68,000 less than upsizing to a bigger home
On average, for renovations, it costs £38,182 to add a loft conversion to a home across Britain, while the average cost of moving from a two to a three-bed property is £106,323, some £68,141 more expensive.
Looking on a local level, it would cost more in 95.5% of areas in Britain to upsize to a larger home than it would to get a loft conversion in your existing home, according to new research from tradesperson comparison site HaMuch.
The most expensive area to upsize rather than renovate is the City of London where the cost of moving from a two to a three bed is an additional £2 million compared to £38,000 for a loft extension, a difference of £1,967,333.
Westminster, Kensington and Chelsea, Camden and Hammersmith are also amongst some of biggest price differences between upsizing and renovating.
Outside London, it costs £219,982 to upsize by just one room to a three-bed home in Elmbridge, with Windsor and Maidenhead, Chiltern, Mole Valley and Three Rivers also amongst some of the most expensive when compared to the cost of a loft extension.
The cost of moving from a two to a three bed in Selby is just £3,679, making it £34,503 cheaper to upsize than it is to renovate your loft into a third room. Middlesbrough is also cheaper with upsizing costing just £4,091, some £34,091 cheaper than a loft extension.
Bradford, Caerphilly and Blackpool also rank as some of the most affordable areas when opting to upsize over renovating, between £13,000 and 19,000 cheaper.
Tarquin Purdie, chief executive officer of HaMuch, said:
‘A loft extension or other similar renovation can not only add space to your home, but it can also add some serious value. Three bed homes are often the most sought after for growing families and as a result, the price difference between a two and three bed home can take a notable step up.
‘However, it may be much more cost-effect to add a third room to your existing home than it is to upsize and buy a bigger house. Not only will this provide you with the additional room you need, but it could also result in a much greater return if you do come to sell.
‘As always, shopping around for the most affordable and professional quote is the best way to maximise this property profit margin and while the cost of this work will differ across the nation, it should come in much cheaper than the cost of moving for the majority.’
Kindly shared by Property Wire