Do Up That Spare Room to Beef Up Your Asking Price
A recent study by Ironmongery Direct has found that Brits aren’t making the most of their spare rooms, with around 15.5 million being left unused, unfurnished and, worst of all, unloved. The company has an “Unused Britain” tool that uses data from all over the UK to work out how many people have unused rooms, how big these rooms are and how much money the homeowners are missing out on.
Around 65% of households in the UK have an empty spare bedroom, which represents a massive £65,366-worth of untapped potential! It’s the end-of-terrace properties that are the worst culprits, it seems; and London residents have the highest untapped value per house, with the average homeowner missing out on an unbelievable £136,211.
At the other end of the scale (and the country), Scotland’s untapped space and value is £33,201 on average – still not to be sniffed at!
Sellers are missing a trick or two
When it comes to selling, those neglected rooms are costing vendors dearly, as they should be using every inch of the house to add value. Just having a spare room isn’t going to sell your house by itself, but if it’s turned into something, then it will help; and it’ll bump up the value.
Anything will do, realistically – an office, a playroom, even a home gym. Have a think about the types of people who are likely to buy your house – if you’re in an area popular with young families, then market it as a playroom. If it’s a two-bed flat in a commuter belt, then you might be better off presenting it as an office or a potential room for a lodger.
As long as it’s not kept closed off and neglected, it can become a vital, interesting part of the house that will appeal to buyers. If you’re running out of time, you can at least give it a makeover so that potential buyers have a nice clean, bright room to make their own.
