Experts reveal having one room in your house can boost it by £28k | UK | News
Having a utility room in a home can boost its value by at least £13,500 but as much as £27,000, according to one property expert. A utility room is a space in the home dedicated to the less glamorous side of homeownership. It will often house the washing machine and tumble dryer, storage for vacuums, mops, and cleaning products, and often features a sink, too.
While a room dedicated to chores might not sound very exciting, estate agent Benham and Reeves says the ability to store all these things in one space rather than dotted around the house is often appealing to homebuyers.
Benham and Reeves’s analysis of live property listings in Britain found that 34.5% of all properties listed with a utility room have already been sold subject to contract (SSTC).
Demand is even stronger in some parts of the nation, especially in Scotland, where 46.2% of homes have already been snapped up.
This strong buyer demand for homes with utility rooms means that they command a significant price premium. The estate agent said research has found that a utility room boosts a home’s value by an average of 5%.
Based on Britain’s current average house price of £271,126*, this is an average utility room premium of £13,556.
Homes in London command the biggest premium. With the average house price standing at £555,625, the 5% boost equates to an additional £27,781. This is followed by the South East at £19,233, East of England £16,923, and South West at £15,410.
Benham and Reeves also revealed that less than a fifth of homes actually have a utility room and that of the 404,518 homes currently for sale in Britain, 119,444 have a utility room, equivalent to just 19.3% of the market.
Marc von Grundherr, director of Benham and Reeves, said: “Storage space is incredibly important for homebuyers, and storage doesn’t get much more substantial than a utility room. Being able to keep all of your cleaning detritus in one room is a low-key luxury that means the rest of the house can be kept clear of the clutter associated with household chores, not to mention mucky kids, dogs and the rest.”
“But finding a home with a utility room can be tricky, especially in cities where homes tend to have smaller footprints, though it’s always worth remembering that if you find a property with a garage or basement, you have the option to convert it into a utility space.
“From a seller’s perspective, having a utility room can be a real ace up your sleeve. When preparing your home for viewings, we would recommend giving the utility room as much attention as you do every other space. Make sure potential buyers know the utility room is there, and let them see how beneficial it can be to the daily upkeep of the home. It could bag you an additional £14,000.”
