The top five most searched keywords on Rightmove in the first year of the property search was:
When it comes to making your home more attractive, the right sort of home improvement makes a massive difference. Adding a garage or annexe adds utility to your house, and this is the factor that makes it more attractive to buyers. Also, you’ll find these additions increase value, helping you to sell your home for a higher price.
Give buyers what they want
Richard Crawley is the Director at SDR, a stamp duty taxation specialist, who said; “There’s a huge issue of supply and demand with annexes, which is why they’re so popular. Lots of young people are priced out of the market at the moment, so those who’ve graduated from university, for example, are living with their parents for longer. But they want a place of their own, their own front door, somewhere where their post can be delivered. An annexe offers that lifestyle at a reasonable cost.”
A lot of homeowners have concerns about their budget, and whether they can afford home improvements. Richard Crawley continued by saying; “It’s a financially viable option in the current market. Many people also find it far more suitable to look after a family member than to pay for them to stay in a care home, which is often very expensive. An annexe is a kind of in between space, they’re very versatile, which makes them attractive.”
Know your budget before making significant investment
If you are looking to create a budget for this work, the average cost of an annexe is around £20,000. However, if you are converting a garage, the cost is usually lower.
Mile Shipside is a property expert at Rightmove, and he released a statement, saying; “Conventional wisdom points to the fact that garages are still valued by buyers and that’s because they have so much potential. They’re great for storage and can also be converted into living space. Regarding annexes, some families are seeing the opportunity of running one larger property rather than two. An annexe for a teenager has its benefits as it offers space, responsibility and independence as they have their own quarters and keeps their noise at a distance from their parents. Of course, there is also the option of gaining a rental income by letting the annexe out, but I’d advise seeking all the appropriate guidance regarding tax and tenancies first.”
If you want to sell your home, you need help from the experts. We believe valuing your home is one of the most important steps in the sales process. If you would like to arrange a property valuation, get in touch and we’ll be happy to help. At Holmes Estate Agents, we aim to offer you the best standard of support and guidance in selling your home.