When looking for more space in your home, one of the key considerations is ‘Will I add value?’ Nobody wants to throw away money, so it’s important to make sure your investment pays for itself. The key is to look at garage conversion costs compared to the costs of other options. Then find the added value, subtract the cost and see which makes the most profit.
The options for more space are:
A garage conversion
As a quick comparison, the average costs involved in moving home in the UK in 2021 are around £9000. This includes stamp duty, surveyors, conveyancing, valuation fees, estate agents fees, EPC, removal company and post redirection (source https://www.comparemymove.com/house-removals/cost-of-moving-house-calculator)
On top of these costs (which you won’t see any benefit from) you then pay for the extra square metres on the value of your new home which is, on average, around £3000 per square metre (source Which? https://www.which.co.uk/news/2020/03/house-prices-average-3000-per-square-metre-where-to-find-the-best-value-for-money/)
An extension on average costs between £250 and £2000 per square metre (source https://www.checkatrade.com/blog/cost-guides/garage-conversion-cost/) and you lose valuable garden space to accommodate it. You also need to bear in mind the upheaval as the house is knocked through and the potential planning permission requirements.
In contrast, an average garage conversion costs between £500 and £1200 per square metre with no planning, no loss of outside space and no hassle of moving home. The disruption is also minimal as we do all the work separately from the house and break through the doorway in one go with very little mess or disruption.
The average garage conversion adds between 10 and 20% value to your home, so the return on investment is excellent. If the average cost for a garage conversion is £13000 and the average home costs £250000 then you’re looking to add between £25000 and £50000 to the value of your home with a £13000 investment. Compared to the other options for adding space it’s by far and away the most cost efficient.