How planning permission can boost your home’s value
Regardless of whether or not you plan to actually carry out any work on your home, having planning permission in place for a conversion or an extension is a sure fire way to increase the value of your property.
Why is it important?
Having planning permission for a loft conversion, an extra bedroom or a coveted second bathroom can give your home that extra edge that is sometimes needed to attract buyers in a busy property market.
Even if you don’t have the capital in place right now to complete a conversion, you can add value to your property by applying and being approved for the work to take place at a later date. This means that buyers can be confident in the knowledge that the local authority has already approved plans for expansions to take place should they decide to make changes in the future.
Which changes add the most value?
If you’re looking to get your property on the next rung of the ladder then conversions and extensions are the way to go. Among the most popular of changes to make are loft conversions which can really make a big difference to your overall home value, typically adding around 10% to the list price.
Second bathrooms are another way that you can increase your property value and they are one of the most sought after conversions, particularly for large families. Converting a box room or an under stairs cupboard could add 5% to your list price.
Conservatories can add 10% to the value of a home and having planning permission in place might give a potential buyer the reassurance they need that your home has enough ‘growing space’.
How easy is it to apply?
If you are going to apply for planning permission then it’s important that you have a good understanding of the process. On average the cost of applying for planning permission will be around £2,000 which includes initial surveys, planning and design and it will take a maximum of eight weeks to process your request.
To get the best outcome, it’s advisable to meet with your planning officer for an informal chat, as they will be able to give you specific advice about your proposals.
For more tips and advice on adding value to your property, read our full guide “improving your home to sell it”.