Welsh homeowners could add £33K to property value by converting their garage
Despite this year’s slumping housing prices, new research by Admiral Money has revealed that Welsh homeowners could have over £33,000 of potential untapped property value, which could be realised by converting their unused garages.
The research, based on ONS data, demonstrates how homeowners could increase the value of their home by transforming wasted square footage into extra living space. By converting their garage, Brits can shape their homes to meet their post-pandemic lifestyles: installing home-offices for hybrid working, dedicating a location to at-home-workouts to help keep fit and healthy, or meeting the needs of the increasing number of adult children who are living at home.
The extent of wasted garage space is evident – according to the Admiral Money research, 51% of Welsh households with a garage rarely or never use it to park their car, instead using it to store tools, unused furniture and other items, while only 20% have converted their garage into liveable space. This is despite 31% of people dreaming of a garage makeover.
Charlie Syson, Property Specialist added: “Converting your garage into habitable living space is the most valuable conversion you can do with your property, as this requires no planning permission and most of the time, no structural work, therefore it is a very cost-effective way to increase square footage and living area.”
The research also revealed the majority of UK homeowners who have converted their garage do so to increase living space (67%), while 24% prefer to transform their space into rooms for leisure purposes. For Welsh homeowners, using the space to create a utility room, self-contained flat, or hobby room were the most popular choices (all 11%).
Commenting on the research, Scott Cargill, UK CEO of Admiral Money, said: “Few of us still use our garages to park a car, so converting a garage could be the perfect adjustment to add space, reinvent any wasted space and importantly, add value to your home. As with any big home improvement plans it’s important for homeowners to think carefully about how to finance their conversion and consider the APR on offer for their finance, ensuring that any monthly repayments are affordable alongside other financial commitments.
“While converting a garage will add square footage to a home and could give you the extra room you’ve always wanted, the ultimate value of the renovation won’t be realised until the home is sold, so this will need to be given the same consideration as any other large financial purchase.”
Homeowners can find more advice and tips for maximising their garage here: https://www.admiral.com/loans/garage-conversion
