If you don't make use of your garage, you may be considering a garage conversion. A good garage conversion will add value to your home and most of all add extra space for you to live in.
Garage conversion represents excellent value for money compared to an house extension, a loft conversion or moving home.
After a period of time you will inevitably need more space. Most people look to sell their property and move to a bigger house as a first choice. Another popular option is to build an extension if they have the garden space or to convert their loft. All of these options are very expensive, time consuming and stressful.
In these financially unstable times we have the perfect solution whereby you can add more space with the least amount of money and time whilst adding value to your home.
Below are four examples showing the cost to obtaining more space and are based on an average 3 bedroom family home costing £425,000, however the principals remain the same whatever the size or cost of the home. In fact a larger house would end up costing you even more for stamp duty and estate agent fees.
When you move there are substantial cost for both selling your old house and buying the new home. The example below shows the basic buying and selling costs.
The total costs for moving to a bigger house are £24,725 plus another £150,000 for the increase in price for the 4 bed house.
Selling costs for your current house (a 3 bedroom house worth £425,000)
Buying costs for your new home (a 4 bedroom house worth £575,000)
Total buying and selling fees £24,725
Loft conversions are a great use of space but usually come at great cost and are very limited as to what they can be used for, usually a bedroom with an en-suite. You will have to lose some space to accommodate the new stairs, they are hard to furnish and loft conversions typically cost £35,000 - £40,000.
A loft conversion can add up to 10% value to your home but will rarely cover the initial outlay. At a full 15% increase in equity this would only make your 3 bed house worth £488,750.
Some people don't like the idea of 2 flights of stairs (time consuming when cleaning) and they also have concerns over escaping if a fire were to break out downstairs.
Loft conversions typically take up to 20 weeks by the time plans have been drawn, submitted and passed. A loft conversion usually requires a scaffold to be erected for around 4 - 6 weeks whilst the work is being carried out.
Building a brand new extension is very popular as they are cheaper than a loft conversion and have many more uses.
A typical extension the same size as a garage would cost around £30,000 and takes around 20 weeks.
The first stage is to get plans drawn up and submitted to your Local Planning Department, this alone can take 12 - 15 weeks just to get a decision from the Planners. There is then a lot of mess due to foundations being dug and the amount of materials required.
A typical extension can add up to 10% value to your property increasing the value up to £467,500.
A garage conversion typically takes us up to 15 working days to complete and no planning permission is usually required, only Building Regulations which we can obtain in just 48 hours.
An average single garage conversion costs only £15,000 - £25,000 and double garage conversion costs £28,000 - £35,000 and still adds at least 15% value to your home at £491,000.
Only if we are knocking through a new doorway to the house do we disturb the inside of the property unlike an extension or loft conversion.
Compare the costs from moving to a bigger house, building a new extension, converting your loft and having a garage conversion.
|Option||Move To A New House||Garage Conversion||Loft Conversion||New Extension|
|Your Costs||£174,725||£15,000 - £25,000||£45,000||£30,000|
|Increase %||n/a||By 15%||By 15%||By 10%|
|Increase in value||n/a||£44,100||£63,750||£22,500|
|PROFIT OR LOSS||- £174,725||+ £26,800||+ £18,750||- £7,500|
From this table you can clearly see that only the garage conversion has a chance of making you money in the shortest time and with the minimal disruption.
Moving home, converting your loft and building an extension will cost you money.
The move home, build an extension or convert your loft requires a large amount of money and usually comes from re-mortgaging, this is becoming increasingly difficult in today's housing market because of strict lending from banks making a garage conversion a suitable and quick solution to adding more space to your home.