Instant Valuation

How much would an extra bedroom add to a property's value?

Well, that depends.

 

 

If you're adding a sixth bedroom it may not add much, but if you're adding a second bedroom to a 1 bed property, the increased value may make it worthwhile.

 

But add 1 + 2 to make 3, and you've hit a sweet sum, according to research. 

 

A 3 bedroomed home not only commands a price premium but it will also get bought quickly, if Land Registry figures are to be believed.

 

But you will pay to make the leap from 2 to 3 bedroomed in many areas.

 

Let's look at St Albans, admittedly not near us, but similar in desirability to our county capital Norwich.

 

To go from 2 to 3 bedroomed there, you can add a whopping £185,000.

 

Winchester and Chichester are in second and third place, due to massive demand and limited supply in those respective cities.

 

So, what about locally, in north Norfolk, we asked Julia Gooch, the Director of Pure North Norfolk.

 

"Last year, according to Rightmove, most property sales in Fakenham involved detached properties which sold on average for £263,050. Semi-detached properties sold for an average price of £191,608, while terraced properties fetched £150,320."

 

"If we break these figures down further, by looking at similar areas of Fakenham, there is a marked difference in the sale price of 2 bed and 3 bedroomed properties. If we take Gwyn Crescent as an example," Julia adds, "a 2 bedroomed property there sold for £177,000 this year yet adding a third bedroom saw two properties on that road selling for around £210,000. All three were semi-detached within the same postcode. A detached three bedroomed home there sold for £245,000 in January 2017, which means that being detached still commands a premium with buyers."

 

"There's more factors than bedrooms in a house value," cautions Julia. 

 

So there you have it.

 

A third bedroom in Fakenham does command a premium, though it's not the £185,000 hike of St Albans.

 

Julia ends with:

 

"We value properties across the whole of north Norfolk and can give you bespoke advice on selling - whether that's a 2, 3, 4 or 5 bedroomed home; an apartment, a terraced, semi-detached or detached. Drop us an email or get an instant valuation by clicking here."