Maisonettes are becoming more and more common, especially in built-up city spaces. Perhaps you’ve nabbed one for yourself, and if so, you might be wondering how to add value to yours.
While the property market can be a fickle beast, if you want to increase the value of your maisonette then there are ways to give yourself the best chance of success. Whether through extending or by clever renovations, here’s all the home improvement options you have that can add value to your maisonette.
Adding an extension
Extending a maisonette might not be as simple as with other property types, but this doesn’t make it impossible. You’ll just need to bear in mind that your home won’t be eligible for permitted development rights, so you will need to apply with a full planning application.
Full planning applications are nothing to be scared of and take no longer than the permitted development planning process. However, the can be more subjective, which is why it’s important to get an architect on board who has experience with working with your local authority.
Our data shows that the national average for value added by a 15m2 rear extension is around £40,000. However, that same extension in Central London can add anywhere between £124,000 - £280,000 in extra value! However, how much value you add onto your maisonette will depend on a few factors.
Added functional space
How you use your added space can make a big difference in house price. While extending existing rooms like the kitchen can definitely be worthwhile, it’s the creation of new, quality rooms that’s going to give you the biggest results. When it comes to adding extra value, bedrooms will always come out on top.
Substance Over Style
There’s always a temptation to try and cut costs when it comes to construction, but beware the downsides of this! Getting a quality build should be your number one priority, as anything less can seriously damage the value of your maisonette. No one wants to be dealing with shoddy builder mistakes, nor live with an extension that doesn’t match the quality of the main building.
Green space
Since the 2020 pandemic, green space has become even more important to future buyers. Extensions often eat up gardens, some by a little and some by a lot, so you’ll need to work out whether this loss isn’t going to impact the price of your maisonette. Talk to an architect about your options if you want to keep as much green space as possible. You might be able to opt for a side or wraparound extension, which can help minimise the loss.
Adding a bathroom
While this may not be applicable to every maisonette owner, as it’s dependent on size, if you have the space, adding a bathroom can be one of the best ways to add value to your home. It has been said that future buyers only really focus on two rooms: the kitchen and the bathroom.
Converting an unused room into a bathroom can cost between £2500-£6000. However, if you’re planning on selling your maisonette this can be paid off in returns, as bathrooms have the potential to add between 4-5% to our home’s value. Plus, it will save the dreaded morning arguments as to who gets to use the shower first.
Go eco-friendly
It’s all about insulation, insulation, and more insulation! While many methods don’t come cheap, these costs will pay themselves back in saved energy bills and added value to the property.
Fitting the home with double glazed windows has become a more popular option within the past few years, and quite rightly. While the initial fittings can prove expensive (roughly £500 per window), in the long run, this will save the homeowner roughly £50-£80 a year on energy bills, depending on the size of the maisonette.
This is not only attractive to future homeowners because of the financial rewards but also has environmental benefits. It has been estimated that eco-friendly homes can sell for up to 6% more than a standard one.
An open-plan layout
Open plan layouts have been gaining popularity over the last few years, and it’s not hard to see why. A lot of valuable space can be lost to hallways, resulting in your home feeling small and lacking in natural sunlight. By connecting key rooms, such as the living room and kitchen, you can reclaim this space and allow light to travel all the way through your maisonette.
Our Happy Homes report discovered there are always a number of wellbeing benefits to choosing an open plan layout. It’s a highly adaptable layout, which offers plenty of ways for you to customise your home around personal interests. The space it provides gives more room for moveable furniture, more space for children to play, and allows the family to socialise during key moments of the day, such as cooking dinner.
Learn more about designing a home for wellbeing.
Installing underfloor heating
While in days past this was considered a luxury reserved for those properties with rooftop jacuzzis and gift-wrapping rooms, underfloor heating in recent times has become a popular option for those looking to efficiently heat their homes at a lower cost.
However, because this method of heating has retained this luxurious reputation, this can mean a heightened appeal to future buyers. To add to this, underfloor heating provides a level of comfort that is not achieved by conventional radiators… because really, is there anything worse than waking up for a shower on a winter’s morning and having to tiptoe across ice cold bathroom tiles?
Renovating your kitchen
Perhaps one of the best ways to add value to a maisonette would be to undergo a kitchen renovation. Gone are the days of kitchens solely being used for food and cooking, the kitchen is now a focal room that can be used for entertaining, home working, crafts, and much more!
When it comes to extending your maisonette’s kitchen, make sure you’re being smart with the space you have available. If you’re going for a simple renovation, try not to overwhelm the space by cramming too many trendy features in. For instance, if you have a dining area and a breakfast bar in one small space, it can feel like your kitchen has been taken over by chairs. Having an architect can help navigate these issues, as well as make sure you get the best design for your budget.
Learn more: Kitchen renovation ideas
Landscape your garden
This is a perfect value-adding project for maisonette owners, as these properties often come with a garden. Before you begin your renovation, you’ll have to decide what you’re capable of doing yourself, and what you’ll have to hire a professional for. This is subject to your skills and trust in your own green fingers…
Here are some features you might consider when landscaping your garden:
- Decking
- A rockery
- Vegetable beds
- A pond
- A shingle path
- A new patio
However, if none of these projects appeals to you, simply maintaining your garden and trimming back those rose bushes can be beneficial, as a well-maintained garden has the potential to increase your home’s value.
Ceiling prices
If you’re looking to purchase a maisonette with the goal of turning a profit in the future, it’s worth being aware of local ceiling prices. This is the limit a home can be worth in your area. The more desirable the location, the higher the ceiling price.
Not sure about the ceiling price in your area? We recommend doing some research. Visit local estate agents, spend a few hours perusing property search sites, and look for properties similar to the one you wish to create. You can then compare whether or not the potential payoff is worth the investment.
Financing your project
When it comes to financing your maisonette project, there is a range of finance routes on offer. Options include…
- Savings
- An unsecured personal loan
- Mortgages
- Remortgaging or using a further advance
- Credit cards
Many people assume the best way to finance a project is through savings. However, this can be a quite inflexible way of funding your build and fails to take advantage of any existing equity you may have in your home.
To get the right finance for your maisonette, we always recommend talking to a specialist broker. These home-focused experts should be able to assess your options and make sure your finance matches the budget required.
Thinking of improving your maisonette? Book in a free consultation call with Resi, to find out how to get your project underway.
