We’ve all become accustomed to spending a little more time at home in the past year. And, thanks to this, we’ve placed more importance on maximising our properties space. In fact, these lifestyle changes have seen a significant spike in the value of living space, with sellers on average netting an additional £688 for each extra room in the home.
Whether it be redecorating to transform your spare room into a home gym, en suite or WFH office, it’s clear to say the spare room has become the in-demand property feature. But, what do estate agents have to say about the evolution of the spare room and how will they secure you the right sale? From an optional nicety to a must-have commodity, it’s vital your estate agent understands how to cleverly market this beneficial addition to secure you the best possible price for your home.
Before the pandemic, the majority of homeowners would spend a relatively small amount of time in their property. Particularly after such an investment, you would think we’d be keen to make the very most of our homes! And yet, with phrases such as ‘work from home’ almost unheard of, each of us would run around between offices, restaurants, retailers – only really enjoying our properties overnight.
As a nation, we’re busy worker bees and as a result, spend little time enjoying our surroundings. The interior of your home, however, is the opportunity to reflect your personal taste into your very own space – it’s truly a place to relax and be yourself.
For those lucky enough to have a spare room already in their property, these areas were often neglected; dusted once on the odd occasion a visitor would come to stay but otherwise generally remaining untouched. Often over time, these spare rooms would act as a secondary storage space or some sort of unsightly hybrid room, which in reality serves neither of its several purposes fully. Upon reflection, it does seem like a waste of space to utilise these rooms just a few times a year! The pandemic has certainly served as a wake-up call to many of us.
Spare rooms are a fantastic opportunity for homeowners to personalise a space to suit their lifestyle. With hybrid working looking set to continue for the foreseeable future, WFH offices have been amongst the most popular choices for homeowners.
But, that certainly isn’t the only option for a spare room and therefore, it’s crucial you work with an estate agent that can showcase the space and the array of opportunities in the best possible light. You want a potential buyer’s imagination to spark at the sight of your spare room, whether it is currently a guest bedroom, home gym or office. The estate agent should gather an understanding of what a potential buyer wants from a property and tailor the viewing appropriately. This allows you to secure the very best possible final price for your home, and as we’ve already touched upon, correctly marketing your spare room could see you benefit from an additional 3% on the current market value.
For example, if a young professional couple is interested in your property, the spare room could have a major impact on their decision. Whilst it could be utilised as a WFH office currently, it could easily be redecorated into a children’s playroom or nursery in years to come. It’s the flexibility a spare room offers that has seen it become such an in-demand commodity in the past year.
So, Is it Worth Building an Extension before You Sell?
An extension can be a costly addition, the average being upward of £2500 for a high quality finish. But, generally, extending your home is a cost-effective investment that will pay itself back upon sale.
If you are unsure, consider the location and current housing trends to understand demand. A London property will almost certainly see return on investment whilst a property outside the southerly regions may struggle to meet its full potential. Remember to research prior to carrying out any work and understanding the full cost of this investment, otherwise, you may find you’ve made an irresponsible decision.
Enlarging your home can be highly beneficial but it shouldn’t be the only concentration for you when looking to sell your home. Whilst the spare room has evolved to be a popular choice for prospective buyers, it won’t be on everyone’s checklist!
Of course, a successful sale also depends on the quality of your estate agent – their experience, knowledge and personable approach have a huge impact on the final outcome. And so, you want to ensure you work with the expert’s in your local area. They’ll be able to properly advertise the in-demand features of your property and secure you the very best price for your home when you decide to sell.