Tepilo looks at the increasing demand for luxury sheds and whether renovating a shed should is a worthwhile move for a prospective property seller.
It’s no surprise that space is at a premium these days. With demand in the property market outstripping supply due to a growing population and a lack of space, more people are opting to renovate their sheds to make additional room in their properties.
As a potential property seller, it’s important to know what could potentially add value to your home before putting it on the market. The presence of a garden is a bonus for many prospective buyers, but is it worthwhile to invest in a shed, and a luxury one at that?
Online retailer Shedstore found that the sales of its sheds, cabins and outbuildings worth £2,000 or more have increased significantly over the past year. What’s more, last year was a success for bespoke shed makers The Posh Shed Company. The firm recorded a sales growth of 46% in the south west and 35% in Greater London – in fact, a quarter of its total sales are now made up by customers from Greater London.
With rocketing property prices, stamp duty, the rising cost of living and new-build homes being more compact, many homeowners are cautious about upsizing. Therefore, the idea of using a shed as an alternative to an extension or conversion is proving to be a more appealing concept.
Recently, David Cameron spent £25,000 on a ‘luxury hut’ for his Cotswolds garden and uses it as a writing studio. The former prime minister’s hand-built hut features sheep’s wool insulation, a wood-burning stove and hardwood stable doors, demonstrating the potential of a shed.
In a competitive market, sellers are always looking for ways to increase the value of their home. A shed can be so much more than a lowly storage space for tools. Outbuildings that are weatherproof and sturdy can add more floor space to a property for a fraction of the cost of traditional extensions, loft conversions and conservatories.
Owners are using practical approaches, such as installing lighting and tiling the floor, to transform their sheds into anything from a gym, office (shoffice) or man cave to a summer house, extra bedroom, workshop, guest room or even a bar.
Some methods are more inexpensive than others, such as adding a lick of paint, installing vintage windows, laying down carpet, and adding a porch or decking for that little bit of extra space. For a more luxury retreat, however, some owners go above and beyond by insulating walls, installing plumbing and kitting out their shed with electricity and heating.
We can see all the benefits, but as with all renovations, there are financial costs and budgeting to consider. Also, there is no guarantee that prospective buyers will like your shed conversion. However, a renovated shed can offer buyers a multitude of options and a wealth of potential to increase the space of a property and improve the appeal of the garden.
When preparing to sell a property, any improvements or investments you make could potentially improve your chances of getting a better asking price. Gardens are an important element of a property, so if you have a shed that is looked after and useful, it can only be better than an unwanted, neglected space full of tools and old lawnmowers.