Convert second living room into bedroom - will it increase mortgage valuation?

AndyDufresne

Hi,

I have a 2 bed 1 bathroom terraced house. On the ground floor it has two lounge areas, a kitchen and a bathroom. It’s a traditional ‘L shaped’ Victorian layout.

I’m looking to increase the mortgage valuation as much as possible when I come to remortgage. Two ideas I had were 1) adding an en-suite to one of the two upstairs bedrooms and 2) adding a partition wall to one of the downstairs living rooms and converting it into a ground floor bedroom. The other living room would be big enough for a sofa/etc as well as a dining table. 

The potential new bedroom would be the front living room with a corridor next to it (created by the partition wall).

1) Would a mortgage valuer consider this to be a 3rd bedroom if it was being used that way (i.e. with a bed in the room)? Would this increase the value? 

2) Would the en-suite increase the mortgage valuation?

3) Also, do things like updated kitchens/bathrooms increase the mortgage valuation, or are cosmetics/decorations excluded from this?

Thanks

mi-key

Doubtful it would increase the valuation at all. An en suite isnt really needed in a 2 bedroom house, and will also make the main bedroom a lot smaller. That is more a of a personal choice than something that would increase value.

They dont normally count a downstairs bedroom as being an extra bedroom, just a reception room with a bed in it. The size of the house would be exactly the same, it would just have one normal reception and two small ones. Would all the reception rooms have windows in them? 

It may increase the value slightly, but probably not by more than it costs you to do them.

Can I ask why you want to increase the valuation ? 



 

AndyDufresne

mi-key said:

Doubtful it would increase the valuation at all. An en suite isnt really needed in a 2 bedroom house, and will also make the main bedroom a lot smaller. That is more a of a personal choice than something that would increase value.

They dont normally count a downstairs bedroom as being an extra bedroom, just a reception room with a bed in it. The size of the house would be exactly the same, it would just have one normal reception and two small ones. Would all the reception rooms have windows in them? 

It may increase the value slightly, but probably not by more than it costs you to do them.

Can I ask why you want to increase the valuation ? 



 

I’m looking to borrow against the value of the property for another purchase through a remortgage. The reception rooms do indeed have windows in them, with the minimum floor area for an adult bedroom met with a partition wall. Wasn’t too hopeful it would increase the value but worth the ask I guess.

I’ve looked into a loft conversion but it’s only a small loft so not sure it’d be worth the investment. 

theoretica

From your description it sounds like it may be one in an area of very similar properties.  If so, looking at past sales, are there any alterations which have significantly increased the sale prices of similar properties? 

sammyjammy

You currently have two reception rooms and an off shot kitchen going by your description, all you'll do is lose the lounge and use the dining room as a lounge, no difference in value at all IMO

gwynlas

You often see changes such as you are describing made in student areas to increase rental potential, useful if you are renting rooms out. However unless you are extending the remaining reception room to create open plan kitchen diner living room then you are not likely to increase value

sugar-walsh

Would it not make more sense to save the money you are planning on using? Or paying extra off your mortgage? I doubt either an ensuitebor a lounge bedroom would increase the value. 

GrubbyGirl_2

I doubt it would increase value, but it will increase your home insurance.  I converted a small bedroom into an ensuite and when I notified the change to my insurance company my insurance decreased as I had lost a bedroom