How to boost your property size and add value to your home

The estate agent comparison site, GetAgent.co.uk, has revealed that utilising wasted space in your home could boost your property’s value by as much as £94,000!

The two predominant trends of the current pandemic property market have been higher house prices and a desire for more space and GetAgent.co.uk has revealed how to achieve both in one go.

Expanding the living space within your existing home is the answer for those looking for more room without moving house.

GetAgent’s research shows that the average house covers 785 square feet, but by converting your garage space into a livable area, you can boost your property potential by a further 128 square feet on average.

Converting the loft or attic can bring even more space, boosting the average home by an additional 290 sq ft. Tackle both and you can increase the size of your home by 53% (418 sq ft)!

But is it worth it in the long run in terms of adding value?

Based on current property values per square foot, the value of wasted garage space in the average UK home equates to £41,009, climbing to a huge £92,911 for unused attics full of dusty boxes and old Christmas decorations.

GetAgent’s research shows that the average cost of converting a garage into a livable space comes in at £10,500 and so doing so would add an additional £30,509 in property value profit.

Of course, a loft conversion is a more sizable project and a conversion would set you back almost three times the cost of a garage conversion at £29,000. However, with a loft conversion adding far more value in the long-run, committing to a conversion would still add an additional £63,911 once costs were accounted for.

Adding both would boost the value of your home by £94,000 once the cost of converting each area has been recouped.

Additional space in London is a particularly hot commodity and so it’s no surprise that this added value is higher in the capital. A garage conversion could boost your property profits by more than £70,000, while a loft conversion would still bring an additional £154,000 after the cost of the work was accounted for. A total boost of £225,000!

Even in the North East where this added value is at its lowest, homeowners would see an additional £36,000 in property value profits for a garage and loft conversion once the cost of each conversion had been accounted for.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“It’s no secret that more space can boost the value of your home but it can be tricky to know where to start and what will actually add value once the cost of a particular home improvement is covered.

The garage or the loft can be a good place to start as they present the chance to actually add realistic living spaces to your home. This is the sort of addition that will boost value in the eyes of a buyer, whether it be as a space for a home office, gym, additional bedroom or simply an area to escape from the family for a little while.

In contrast, sticking a desk in the cupboard under the stairs and calling it a home office is unlikely to have the same impact.”

Location	1. Average House Price	2.Av House Price per Sq Ft	3.Value of Garage Space	4.Garage Value After Conversion Cost	5.Value of Loft Space	6.Loft Value After Conversion Cost	7.Combined Property Value	8.Combined Added Value
Wales	£184,195	£235	£30,034	£19,534	£68,047	£39,047	£98,081	£58,581
Scotland	£162,983	£208	£26,576	£16,076	£60,210	£31,210	£86,786	£47,286
Northern Ireland	£147,593	£188	£24,066	£13,566	£54,525	£25,525	£78,591	£39,091
London	£496,066	£632	£80,887	£70,387	£183,260	£154,260	£264,147	£224,647
South East	£341,007	£434	£55,604	£45,104	£125,977	£96,977	£181,581	£142,081
East of England	£310,912	£396	£50,697	£40,197	£114,859	£85,859	£165,556	£126,056
South West	£282,388	£360	£46,046	£35,546	£104,322	£75,322	£150,367	£110,867
West Midlands	£216,950	£276	£35,375	£24,875	£80,147	£51,147	£115,523	£76,023
East Midlands	£215,046	£274	£35,065	£24,565	£79,444	£50,444	£114,509	£75,009
North West	£183,727	£234	£29,958	£19,458	£67,874	£38,874	£97,832	£58,332
Yorkshire and the Humber	£182,907	£233	£29,824	£19,324	£67,571	£38,571	£97,395	£57,895
North East	£141,154	£180	£23,016	£12,516	£52,146	£23,146	£75,163	£35,663
*England*	£269,150	*£343*	*£43,887*	*£33,387*	*£99,431*	*£70,431*	*£143,318*	*£103,818*
United Kingdom	£251,500	£320	£41,009	£30,509	£92,911	£63,911	£133,920	£94,420

Current property values based on the latest UK House Price Index.
Property value per square foot based on overall house price and average property size of 785 sq ft. Sources: LABC and Which?
Value of garage space based on property values per sq ft and the average garage size of 128 sq ft. Source: Lock Up Garages
Value of garage space minus the average cost of converting a garage into a livable space at £10,500. Sources: Resi.co.uk and Household Quotes
Value of loft space based on property values per sq ft and the average loft size of 290 sq ft. Source: My Job Quote, Household Quotes, Tradesman Costs and Which?
Value of loft space minus the average cost of converting a loft into a livable space at £29,000. Source: My Job Quote
Combined value of garage and loft space based on property values per sq ft.