With an increasing trend towards home renovation to increase the desirability of a property, many of you might be considering the prospect of an additional bathroom.
Based on research we’ve carried out, an additional bathroom could add value to your home for prospective buyers. Let us take you through a couple of case studies, and explain why an extra bathroom can add both financial value and, perhaps more importantly, the desirability factor for buyers.
The property comparisons below were all correct at the time of writing but are subject to change.
Case study: Wandsworth
We compared two terraced houses in the Wandsworth area, which both had two bedrooms. The houses had access to a garden and contained spacious kitchen and living room areas. Of course, the location of the two properties differed slightly but they were fairly similar with access to nearby train stations and schools.
The main difference between the two properties, other than location, was the fact that the second property had two bathrooms. The price difference? Well, the first property is on sale for £730,000 and the second property is on sale for £850,000.
Case study: North West London
We also compared two three-bedroom flats in the areas NW2 and NW11 (which border one another). We found that the first property, which had three bathrooms, was worth quite a bit more than the second property, which had two bathrooms.
It’s important to bear in mind that these properties are in slightly different locations which may also affect the price, but both are in North West London and fairly close to one another. In terms of other factors, both are new and luxurious properties with private terraces and parking.
Case study: Peckham
Then, we revisited South London to see how prices might compare in the South East. We found two two-bedroom flats for sale close to Peckham Rye, both attractive properties and in good condition. One notable difference was the first property had two bathrooms and was on the market for £550,000 while the second property had one bathroom and was on the market for £395,000.
It’s important to account for the other factors that might affect the price – one is a period property while the other is purpose-built and the locations do differ slightly. However, the first property lists ‘two bathrooms’ high on their list of features and it’s clear that this will have an impact on desirability for buyers and, therefore, value.
The desirability factor
The research we’ve conducted suggests that a second bathroom might correlate with an increased property value, but this isn’t always the case and it may not always increase the property value by a large amount.
Having said that, although a second bathroom usually represents a fraction of the value of a London property, it is the desirability of a new, designer bathroom that helps to achieve the best price when selling a property. Modern and stylish touches will help prospective buyers fall in love with a property, so estate agents may well increase a property’s value on the market if it has multiple functioning and modern bathrooms.
The vast majority of people also have no appetite for undertaking building projects and so the fact that they have a spanking new bathroom already fitted will definitely help achieve a better price when selling or even renting a property.
Although certain elements may not be to a prospective buyers’ exact taste, they will be more than happy to accept it so that they don’t have to go through the pain or expense of having a new bathroom fitted.
Final thoughts – you can’t put a value on enjoyment
Even if you’re sceptical about how much a second bathroom will increase the monetary value of your property, you want to think of your enjoyment in the home as well as an investment for the future. A new bathroom could really improve your daily life, especially if you’re a family who are fighting for space!
You can discover more about our bathroom services here.