In this two-minute
read, we look at a question we often get asked at Ridgewater Sales and Lettings around the question of whether being granted
planning permission adds value to a
property?
The quick
answer to this is nearly always a yes.
Here are four
ways being granted planning permission can add value to your property.
Lofty ambitions
– Adding an extra bedroom
A loft
conversion that adds an extra bedroom, especially with an ensuite bathroom, can
be reasonably expected to add up to 15% to your property’s value.
In some cases,
loft conversions might not need permission due to something called Permitted
Development. But ALWAYS check with a local architect first. Don’t rely
on a quick Google search, ask an expert.
Possible value added: Between 10% and 15%
Create space
by converting a garage
A garage has so
much more potential than what it was initially built for. Converting it is a
great way to add more living space to your home.
Possible value added: Between 7% and 15%
Side or rear
extension
Extending to
the side or rear of your existing home can often be done without planning
permission. But again, it’s always wise to check with an architect and your
local authority before you start anything.
This kind of
extension creates a host of possibilities to add more square feet to your home,
automatically adding value.
Possible value added: Between 10% and 20%
The big one –
Converting a house to flats
Feeling
ambitious? This grander type of design is one for people looking to maximise a property’s
value.
Being granted
planning permission to split a property into separate living accommodations is
a brilliant way to maximise value.
This gives you
the option of converting it yourself and renting the flats out or selling the
property with the granted permissions to a property developer.
Possible value
added: Between 15% (conservative) and 40% (ambitious)
If you know you’re
going to sell the property at some point in the short term (12–18 months), it’s
possible that simply having the permission granted will add value to your home.
This is
regardless of whether you’ve had the work done or not.
Selling potential
Selling a
property that has been granted permission for improvements often attracts a broader
pool of potential buyers.
And by creating
this extra interest, you fuel demand which usually leads to more offers and a
higher sales price.
And remember,
it’s wise to contact a local architect to see how feasible your ideas are. We
can recommend someone to you.
If you want an expert opinion on what kind
of value gaining planning permission could add to your property, give us a call
today on 01803 525100