Extra bedroom can add thousands to the value of your home
New research has revealed the average cost of an extra bedroom for families looking to move to a bigger home.
Since the start of the pandemic, lengthy stints of lockdown restrictions have caused homebuyers across the East Midlands to search for bigger homes and the latest research by estate agent comparison site GetAgent.co.uk has revealed just how much each additional room will cost you in the current market.
GetAgent analysed the asking price of homes by room number and found that on average across the East Midlands, each additional room will cost you £93,940 more.
The move from a two to a three-bed comes in at an average of £65,423 more expensive and moving from a three to a four-bed will set you back a further £122,456 on average.
Predictably those looking to increase from a four to a five-bed face the highest additional cost, with an additional £220,476 required on average.
Colby Short, GetAgent founder and chief executive officer, said: “The pandemic has had a notable impact on homebuyer priorities with larger homes providing more space very much at the top of the list after months spent under lockdown restrictions.
“Of course, this additional space comes at an additional cost and, in some areas, this cost is pretty substantial.”
The average price of a home in Chesterfield, according to the latest UK house price index, for April 2021, is £173,885, 11.1 per cent from £156,491 in April 2020.
In North East Derbyshire, the average is £222,373, up 18.7 per cent from £187,275, while in Bolsover district, it is £150,322, up 15.3 per cent from £130,380.