As the shift away from homeworking gathers pace, thousands of properties across the UK are left with a space once seen as an essential feature for buyers during the pandemic. According to new research, this underused room presents a hidden upgrade opportunity that could boost a property’s value by tens of thousands of pounds.
The research has revealed that one of the most effective ways to increase your property’s value comes from reimagining the home office. Depending on how you transform the space, you could stand to boost your property’s market price by nearly £39,000.
So, which home office upgrade delivers the biggest returns? We examine the latest data.
According to the research, a home office currently adds an average of 7.5 per cent to the value of a property, which on the current average UK house price of £268,548 equates to £20,141. But certain upgrades can push that uplift far higher.
The most lucrative option is transforming a home office into a dressing room or walk-in wardrobe, which can boost a property’s value by 14.5 per cent. That’s nearly £39,000 in added value – an additional £18,798 compared to the uplift offered by a home office.
A reading room or library is another strong contender, adding 12 per cent (£32,226), which delivers £12,085 more than the home office uplift. Alternatively, converting the space into a games room could increase a property’s value by 10 per cent, or £26,855, adding £6,714 above the home office premium.
On the other hand, a home gym brings a 7.4 per cent boost (£19,873), slightly below the 7.5 per cent uplift of a home office, meaning a marginal dip in value.
Other conversions such as playrooms (7%), hobby or craft rooms (5%), laundry rooms (5%), and cinema/entertainment rooms (3.5%) tend to add less value than keeping the space as a home office.
Verona Frankish, CEO of Yopa, which conducted the research, commented: “The dark days of pandemic lockdown restrictions and the requirement to work from home are thankfully a distant memory now, but for many, our homes still hold a reminder in the form of the workspace used at the time.
With flexible working remaining a prominent feature today, the chances are that these spaces aren’t completely underutilized. However, there are a number of features that could add even more value should you choose to transform your pandemic workspace.”
Essentially, a home office conversion could well be worth the expense, especially if you’re considering putting your property on the market anytime soon.
Have you repurposed your property’s home office to unlock the extra value?
