Don’t want to move? Extending or converting adds room plus value

While the old mantra was always “location, location, location”, when it comes to your home these days it’s more likely to be “space, space, space”. Although many people do move to get more space it’s not always an option. You might love your existing house even though things are a little cramped, for example, or perhaps you simply don’t want to move. Luckily there’s a solution – extending or converting spaces within your home can open up a whole new world – or, at the very least, another room.

There are usually many options for extending a home or converting an existing space. But converting the attic for storage, an office or a bedroom (ensuring all building regulations are followed in case you do ever decide to sell, of course); building on to the kitchen with a single-storey extending into the back garden; adding a conservatory; and converting the garage – whether going up a storey or not – all require a lot of thought.

And with estimates showing that adding a double bedroom with an en-suite bathroom to your home can increase the house value by 23 per cent, there are certainly financial reasons to extend your living space, even if you’re not planning to move for some time. It’s estimated that attic conversions can add up to 20 per cent, a single-storey extension adds on average 5-8 per cent, while a double-storey can add up to 12 per cent. Garage conversions tend to add circa 10-20 per cent value, with 20 per cent usually reached if the garage becomes a bedroom with an en-suite. Lastly, a conservatory can add 5-7 per cent.

With costs ranging from €1,900 to €3,400 per square metre, as well as the disruption to your life which, depending on the scope of works, could be major, it’s clear that undertaking an extension is not a decision to be made lightly. However, since you’ll end up with more space and potentially a higher property value, it seems to be a win-win.