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Can a wooden garage add £5000 to value?

Estate Agent said a wooden garage can add £5000 to price - i find this hard to believe but is that true?

Asked on Nov 17 2013, Selling in Bellshill | Report content

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  • Hi Sarah0159, It's important to remember with house prices that nothing is set in stone. There is no hard and fast formula for what a house costs or what certain additions to the property and its surroundings can do to the value. It all boils down at the end of the day, to what someone is prepared to pay for your home. So if you find someone who is specifically looking for somewhere with a garage, then it may well be the case that they will pay £5,000 more for it just to secure this extra. In addition to this, there are insurance policies to consider. In some areas of the country, it may be the case that annual insurance premiums fall considerably if the homeowner is keeping their car in a garage, which is worth a lot of money in the long run - which many would consider reason enough to pay an additional £5,000 for the house. Many thanks, Scott

    Answered on Dec 3 2013, Report content
  • Hi Sarah, On the surface, it is logical to assume that an extension will add significant value to your property, and this is often the case. However, we would urge caution when justifying the cost of improvements versus the expected increase in value. We would say that it's not necessarily about adding value to your property however it is more about increasing the saleability of your property which will increase buyers interest in the first place. We recently blogged about adding extensions in order to increase a properties value which you may be interest in - We hope this helps

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    Answered on Jan 3 2014, Report content

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