When it comes to selling your home, everyone is after two things: a good price, and a quick turnaround. While there are many tips for getting the most out of your sale, adding planning permission might just be the best industry secret. Not only can it make a significant impact on your house price, it is a relatively cheap and painless process.
Does planning permission add value? Short answer: yes.
Adding planning permission to your home will typically increase its market worth. However, how much value this equates to can depend on a number of things.
Such as…
•Your property’s location
•Extent of work covered in the permission
•Whether your permission adds an extra bedroom
•When your permission was obtained - it only lasts three years
•Type of permission obtained
Homeowners in prime London locations could see as much as a 10% rise in their house price, while homes in other parts of the UK might see nothing more than an extra thousand in value.
It’s difficult for the industry to know how much planning permission adds on average, as for many homeowners, the goal to planning permission might be as simple as reaching the asking price. Perhaps even to just get close.
The only thing that can be said for certain, no house price has ever suffered due to added planning permission!
If you want to create some serious cash from planning permission, there is one big money option.
While the prices of houses can struggle to improve more than 10%, this isn’t the case for plots of land. If you’re sat on a plot or large garage at the side of your property you may get permission to turn this in to a residential plot, this alone could see it’s worth go up by as much as £500,000 (depending on the plot size).
It’s worth bearing in mind, the impressive stats listed above are mainly applicable to land in areas where homes are at a premium.
You’ll also be facing a more contentious planning process. Planning permission of this kind is the most likely to face rejection, so for this reason, so we recommend getting an architect on board to help prepare your application.
If you’d like to discover how Adam Hayes can help unlock your home’s potential, why not book yourself in for a free consultation? By talking with our experts, you can discover the best way to maximise your house price, all free of charge.
