Homeowners can add £48,000 to their property’s value with simple renovation

The new research, which is based on ONS data, shows how homeowners could increase the value of their homes by simply transforming their wasted garage space into living space. Homeowners could transform a garage into a home office, a gym, a cinema room, a playroom or even a yoga studio. With house prices slumping, now is a great time for homeowners to boost their home’s value by transforming that extra space. According to the data, more than half (51 percent) of households rarely use their garage or never use it to park their car but instead use it to store tools, unused furniture and other items. Meanwhile, only 16 percent of respondents have transformed their garages into liveable spaces despite two in five (41 percent) of people dreaming of a garage makeover. Homeowners can add £48,000 to their home’s value with simple ‘cost-effective’ renovation (Image: Getty) A basic garage conversion costs as little as £6,000 for a single garage and a full conversion is estimated to cost between £10,000 and £20,000. The research revealed the majority of homeowners who have converted their garages do so to increase their living space with utility rooms and offices being the most popular options. To help homeowners maximise the value of their home, Admiral has partnered with property specialist, Charlie Syson. A basic garage conversion costs as little as £6,000 for a single garage (Image: Getty) Charlie shared how homeowners can make the most of their garage space. He said: ‘Converting your garage into habitable living space is the most valuable conversion you can do with your property, as this requires no planning permission and most of the time, no structural work, therefore it is a very cost-effective way to increase square footage and living area. ‘Although an upfront conversion cost could be off-putting, homeowners can increase the mortgage on their house to renovate the garage, which could increase property value by over £48,000 on average across the UK, according to recent figures, and by up to £150,000 in some London postcodes. ‘Many properties may have garages, however, the practical need or use for one is very situational. ‘For example, you may wish to have a garage if you have a car and want to keep it off the road, however, most modern cars are often too wide to fit into a garage. ‘Most people who own electric vehicles would prefer a driveway and will charge their cars there as it’s more effort to drive the vehicle in and out of a garage, especially in a city.’