Instant Valuation

News broke earlier today that adding an extension to your home could actually increase value well above what you paid. So a £20,000 new conservatory could add £23,000 to a valuation and subsequent sale price.

Very tempting then to splash the cash and extend, not move, given that you will be handsomely paid back.

But.

There's always a but, haven't you noticed?

But, capital appreciation depends (according to statistics) on where you live, and sadly, Norfolk, as a whole county doesn't figure in the report. Bedfordshire is the nearest extension hotspot and the others, unsurprisingly, are clustered around London and the Home Counties.

Obviously, you won't just extend to generate profit - extending can be necessary for a growing family, for an annexe, a home office etc.

But what you must remember whether you're in Burnham Market, Fakenham or Wells Next the Sea, is this: all properties have a ceiling price.

Julia Gooch our company director, expands:

"We know property values well across north Norfolk and have the online tools and local knowledge to give any homeowner an accurate valuation of a property. What a ceiling price means is that if a road has a nominal highest value of £500,000, you may not smash that ceiling price by spending £50,000 on a loft conversion with it automatically adding that sum to a valuation. It will certainly make your home more valuable to buyers and it may command a premium and become extra desirable, but you need to weigh up whether someone would pay £50,000 more in the near future."

"It's the same with any property improvements," Julia adds, "sometimes the most affordable improvements like decorating in neutral, landscaping a garden or investing in new floor coverings can make your home sell more quickly, for a higher price, without you breaking the ceiling price."

Are there any exceptions, we asked Julia.

"Yes, where a home has been completely redesigned, which we sometimes see; like an old property demolished and a new one built in its place, prices for that postcode can be difficult to gauge. Our Fakenham estate agency staff have a wealth of local knowledge, though, and can call on comparables to assess a property's value."

"The best way of course before embarking on any costly home improvements is to call us, and we will give you impartial, professional advice, allowing you to decide whether to improve, extend or move. We cover the whole of north Norfolk and our valuations are completely free and without obligation."

So there you have it - the lowdown on ceiling prices from Julia and her team.

If you need any more advice, call us now on 01328 862222, email This email address is being protected from spambots. You need JavaScript enabled to view it. or pop into our warm office on Oak Street in Fakenham, where you will get a friendly welcome.