How much is an extra bedroom worth?

becominganobsessivesaver

I'd be interested in your views on the following. Our non-adjoining next door neighbour sold their house a month ago for £100k. This is a 2 bed 10 year old semi with a conservatory. Our house is the three bedroom version so is bigger with an extra single bedroom and a dining room. We also have a conservatory and a slightly larger garden. How much value would you think the extra rooms would be worth???

lincroft1710

It is far better to compare a 3 bed with other 3 beds, rather than "adding to a 2 bed".

becominganobsessivesaver

lincroft1710 wrote: »

It is far better to compare a 3 bed with other 3 beds, rather than "adding to a 2 bed".

I understand that but the last 3 bed sale was 4 years ago, and we were the buyers!!! There have been several 2 beds sold since then but that's it! I just wanted people's opinions given current volatility

lincroft1710

Not knowing the area it would be very difficult to make a reasoned guess, there could be a lack of 3 bed properties which would make them worth considerably more.

As a rough guide you could look at what you paid and what 2 bed was selling for at about same time, then whatever percentage difference add to £100K.

Hopejack

To be fair, I think you've had sound advice - it's really heard to tell the added value from a 3rd bedroom, although clearly it's fairly significant if it's a reasonable size. Like everything to do with house prices, it depends on location and what is going on around and about.

I think you'd be wise to get someone in to value it if you want to know really...

marcg

Very rough way of calculating:

Look at the sales details of the 2 bed houses. Calculate the square footage of the useable area (so ignore hallways) (ie Bedroom 1 10ft x 18ft = 180sqft).
Divide the sales price by the total sqft to give a price per sqft.

Measure your own house in the same way and multiply the sqft by the rate previously calculated.

Then you add the factors others have described above - are there great schools in the area so young families requiring 3 bed houses will really want it? Or is it a predominantly young professional couples area who really only need 2 beds? +/- all these factors.

thriftyamy

i think they're all mad what about condition/facilities/modernisation?

valuations are (generally) free, if/when -ever you do decide to to sell your home, dirty estate agents wont hesitate to swipe 2% for 5 minute's work taking a couple photos and posting it on right move!!

get a few round, the worst that could happen is they hassle you for a few days, you say the valuation made you consider waiting for the market to pick up (or whatever)

then you'll know, obviously even they get it wrong, but they'll have a better idea than you could estimate by adding a percentage to next doors value!

goldbyron

With an extra reception room and single bedroom I would reckon possibly in the region of 25k? Just an estimate.

thriftyamy

:huh:

I think it's worth about the same as approximately 6.17cm more string!

???

RabbitMad

goldbyron wrote: »

With an extra reception room and single bedroom I would reckon possibly in the region of 25k? Just an estimate.

I would have said that. Round my way 2 beds were £90k when I bought and 3 beds on the same development were about £105 to £110.

Then when I 1st thought about selling they were £150K to £175 (2005). when I did sell (2007) they were £175 to £210 - £215.

Since then prices have dropped back to their 2005 levels and then increased to 2006 levels, so £25k sounds about right.

But as Kirsty might say, its location location location!