For the first time in many years, research indicates that home buyers are seeking space rather than location.

The old real estate mantra, “Location, location, location” is now a thing of the past and value of property is based on the amount of liveable space and/or the potential to add liveable space in areas of the home and grounds ripe for conversions.

Lofts, conservatories, outbuildings and garages are seen as a definite advantage when buying a home as they can quite easily be converted to extra rooms quite reasonably.

According to Money Wise magazine, a survey conducted showed that those shopping for homes first wanted larger rooms, which of course is in keeping with today’s trend of open plan architecture. Out of every six potential home buyers at least one was discontented with the size of rooms in his/her current house.

Unfortunately, most people simply are unable to move to larger homes at the moment or homes with larger rooms so they are doing the next best logical thing – renovating and converting the space they have.

Space to Rent

Sometimes these conversions are because families have outgrown the size of their homes whilst other times a displaced worker has begun working as a contractor from home and is in need of a home office.

Then, there are those who actually need an extra income so they are converting space already available to them into studio apartments to be let out. Loft conversions are quite popular when adding space for family use, but garage conversions top the list for adding space to be let out.

Existing Garage Door

Sectional-type overhead garage doors in the st...

Source: Wikipedia

One of the big concerns is whether or not that double garage door will need to be removed so that the front can be walled in. Actually, this isn’t all that difficult to accomplish and not as expensive as you may think. The existing garage door can also be left in place with a wall being built on the inside for the time being and a side hinged personal door added beside it so the tenant has easy (and private!) access to the converted studio.

In any case, whether undergoing a garage conversion for useable family space or to be let out, one thing is always consistent. Added space does add value to your property.