Thinking of selling up? Think again!
You may not realise it, but your home holds plenty of potential.
Perhaps you feel you’ve outgrown your existing property, are dreaming of something more spacious, something bigger, brighter, and just more ‘you’.
You may have reached the point where you feel that signing up to Rightmove and jumping back on the property ladder is your only option – but it doesn’t have to be.
According to Zoopla, annual house price growth now stands at 4.7%, up from 2.2% a year ago, with Yorkshire and the Humber recording the second-highest rise in England and Wales, and Sheffield seeing the third-highest increase in the Zoopla Cities Index, with 6.6%.
Thanks to a combination of pent-up demand, desire for more space, the stamp duty holiday and lower mortgage rates, the average house price in the UK has risen by more than £10,000 over the last year, taking the average price to just under £230,000.
As a result, around 1.8 million homes across the country have been lifted into a higher stamp duty bracket.
There’s no denying it – moving costs a fortune. On top of the price of the property itself, there’s stamp duty, estate agent and solicitor fees to consider, as well as pricey renovations once moving in.
Instead of moving, then, why not consider spending a fraction of the price and transforming your existing home instead?
“With the right products, careful planning and expert installation, you’d be amazed at how much a new conservatory, orangery or extension, or even something as simple as a new door, could transform your home – and how much it could save you compared to a house move,” says Liam Hulme, Joint Managing Director of double-glazing specialist Global Windows.
Based in Sheffield, Global Windows supply and install several home improvement options, including conservatories, orangeries, extensions and garden rooms.
So how much does it cost?
According to Checkatrade, having a conservatory installed costs an average of £12,000, while an orangery installation ranges from £30,000 to £35,000, depending on the size.
Similarly, the cost of an extension varies depending on the size and complexity of the design, but as a rough guide, you’re looking at between £1,500 and £2,500 per square metre – a small extension could be up to £20,000, a medium one up to £40,000, and a large one up to £60,000.
When it comes to garden rooms, again the cost depends on a number of factors such as size, materials, design features, and whether or not it’s fitted with electrics or plumbing.
You can expect a low shed with insulation and power to cost anything from £1,000 to £1,500, while a large, high-spec log cabin or custom brick-built cabin to cost anywhere from £15,000 to £30,000.
“Of course when written down, these numbers seem like a big chunk of money. And while thousands of pounds is nothing to be laughed at, these prices are miniscule compared to what it would cost to actually sell up, move out, pay rocketing house prices as well as stamp duty and other fees,” says Liam.
“Home improvements like conservatories and extensions are a big investment for any homeowner, and something that needs to be carefully considered, but it’s well worth the consideration when you’re saving tens of thousands of pounds on moving, while at the same time, increasing the value of your existing property.”
“A simple conservatory can easily add at least 10% to the value of a home, which in the long run, is often a better investment than buying a new property.
“In the current climate of soaring house prices, I’d say don’t move, improve!”