Recently, we’ve seen a change in attitudes on one of the largest scales ever witnessed globally. The uncertainty experienced has continued to resonate with many, and with these changes in priority, real estate ideals have shifted. Homeowners have reprioritised their needs and even moved from the cities to rural areas to improve their work-life balance. So not only have we seen a shift in property priority, but also health. This means more consideration is given to outside and usable spaces, which is why adding a home gym has become a prized commodity for many in the UK and worldwide.
In this article, we will look at five ways a home gym adds value and the types of value you should consider when contemplating a home gym. In addition, we will provide actionable tips for those looking to add value through a home gym and reasons why you need to make smart decisions.
According to propertypressonline.co.uk, Current market trends: Houses within the UK that have a home gym have sold for 44% more than their no-gym counterparts. Receiving almost 50 per cent more for a home could make a massive difference in today’s market as house prices begin to slow and could drop later this year. In addition, it could allow you to receive a greater return on investment for your property.
A spokesman from fitness equipment brand Mirafit said: You can build a home gym over time; importantly, you can take it with you when you leave. Meaning that the value it adds to your home outweighs the cost, but the majority of the cost can move with you anyhow. Companies like ours also provide payment plans, home gym packages, and offers to help you.
Five ways a home gym can add value?
One - Aspiration, when selling your property or getting it appraised, it can drive interest and perceived value if the property is aspirational. If a home is aspirational, it is desirable. For example, if a buyer is reviewing a like-for-like property and the only difference is a Gym, then statistics show they will favour the home with a gym.
Two - Functional Space, most people struggle to see the wood for the trees, so showing them the potential and useable space is essential with the appraisal and the property value.
Three - Saves money; with the increase in desire for health improvements and the increased desire to work out, a home gym offers a money-saving solution for a new owners as they can save money on the recurring gym membership. This is ideal for anyone with a family or who has just entered the property ladder.
Four - Semi-permanent a home gym is a very safe improvement because it is semi-permanent, meaning that you are changing very little in most cases, but the impact is great. This added value will increase your bottom line; in fairness, you can make the updates yourself.
Five - Improves property presentation by showing an area such as a spare room or garage. Most modern garages are too small for family cars, and they just become a dumping ground. Clear the space and improve the properties presentation.
Don’t forget life value…
By adding a home gym, you will, of course, benefit - this is improved life value. So by adding a gym, you are adding actual value to your property, but you are also adding life value to your home because you can use the gym while you live there and both before and during your home sale.
5 Tips to Remember
Having a home gym can improve your house value in terms of both life value and actual value. However, it should be a serious consideration and investment, only make improvements you can afford or have considered, and do not put yourself or your family at risk. Another recommendation is to consider your home insurance, and if this covers you for theft or damage of this value, it may be necessary to notify your insurer.
If you do decide to create a home gym to add value to your home, here are some things to consider.
- Add flooring - Rubber flooring looks professional and high-end, and the results will give a premium feel. It provides soundproofing, thermal benefits and aesthetics.
- Improve lighting - It’s recommended to ensure that lighting looks strong, LEDs can be installed easily, and can lighting is also excellent for gym spaces. If you are converting your garage, then this can be added when you finish your ceiling and walls.
- Finish ceiling & Walls - Plasterboard or drylining provides a smooth finish in a garage. If you are adding a ceiling to your garage, insulate it and use can lights. Plan ahead, and consider power points too.
- Add Mirrors - A detail that will give a sense of additional space, which will help the buyer to feel like their investment is going further.
- Zone equipment - You appeal to a greater audience by creating zones for equipment. Zoning also provides clearly defined areas which will make the space appear larger.
What’s stopping you?
Perhaps it’s time to add value to your property, both in terms of life value to you and actual value, by adding a home gym. We have explained why this is a good idea and how little impact it can have on your bank account while adding a significant value to your property, as much as 44% in some cases. For example, the average cost of a UK family home is £307,000 ($382,947.20), meaning that you could add as much as £135,080 ($168,469.07).
Even being generous and spending £5000 ($6,218) on gym equipment and perhaps £4,000 ($4,974) in developing your garage space, the total investment is less than 10,000, which means an average homeowner can add £125,080 for an outlay of just 8% of the added value. But remember, the only real cost is the space renovation because you can bring the equipment when you move home.
If the budget is stretched or critical, then before running out and breaking ground on your fancy new gym, speak with estate agents. Most will give you an idea of property value, or you can check on websites like Zoopla for rough numbers. Know your market and how this could benefit the salability of your property. If you are considering adding a home gym, it is best if you intend to use it in some capacity before you sell your property.
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