With rising mortgage costs preventing Brits from upsizing their properties, experts have warned against investing in costly renovation projects that won’t add value to a home.
According to a recent report from the Office for National Statistics (ONS), the average age for moving out is now 24.6, up 3.6 years since 2021. This is expected to rise even further as a result of spiralling mortgage costs.
In response to this challenge, and without the option to move house, new analysis of Google search data, shows that families are turning to creative solutions to accommodate adult children living at home for longer. The analysis, which was conducted by Origin, the UK’s leading supplier of aluminium windows and doors, found that many families are opting to incorporate separate living spaces in their gardens. Searches for planning permission for annexes rose by 43% in the past year, whilst queries about summer houses and sheds have also spiked.
However, families investing in these types of renovations may not see a financial return, warns Jonathan Rolande, Property Expert and Professional Property Buyer: “Families wanting to give their adult children independence by investing in renovations such as self-contained annexes or sheds should only do so for the added lifestyle value, not the financial. Having a separate self-contained building on a property won’t necessarily add value to a home as it won’t appeal to the majority of buyers in the long term. Renovations like this should be likened to a swimming pool. Have one because it enhances your family’s current living situation, not because it will add value.”
Victoria Brocklesby, COO and Co-founder at Origin, explains: “Whilst it’s important that properties work for families and their lifestyle, families should invest their money in the right places. Instead of opting for self-contained buildings at the bottom of gardens, or on driveways, homeowners who want to see ROI on their building work should opt for an extension that is attached to the existing property. This will mean the space can be repurposed by future buyers, or even to meet your own evolving needs, more easily.
“At Origin, we help families create versatile spaces that will serve them now, and in the future. With mortgage rates remaining high, families need to invest their money where they will see the best returns in both lifestyle and financial value.”
Visit the Origin website for more advice on how to build an extension
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