There are many reasons for having a home extension, from the practical benefits of having another bedroom, extra storage space or a larger kitchen to the additional value it may give a property.
Many people could be seeking house extensions in the West Midlands for either reason, but in the latter case this may be particularly relevant in bolstering property values over the next couple of years.
While the government’s response to the current economic difficulties has undergone a major U-turn, the fact remains that even before the recent turbulent events in the corridors of power the Bank of England was predicting a recession.
All that could bring an end to the recent house price boom, especially with the Bank also expected to raise the base rate further.
Rightmove recorded that asking prices for homes rose again to a new record of £371,158 in October, but demand fell by 15 per cent, suggesting the tightening mortgage market caused by numerous product withdrawals will stop the market from defying gravity for much longer.
Householders keen on exploring ways to maintain their property values may find that is exactly what an extension can do.
According to the Extension Prices website, the biggest increase in value could be 21 per cent for loft conversions, although it can be as little as 12.5 per cent. A garage conversion can be worth up to 20 per cent in an urban area, while conservatories added 5-15 per cent. At the other end of the scale, a larger kitchen only adds four per cent on average.
Of course, the very occasional extension project can bring some unexpected benefits. A couple from Ellerby in North Yorkshire recently pocketed £750,000 after an auction of a collection of gold coins they discovered during a renovation of their kitchen.
The oldest of the coins was 292 years old, meaning that by just eight years they were not old enough to be classed as treasure, which would have made them the property of the crown. The hoard, once belonging to merchants from Hull, thus passed to the couple.