Print friendly version 27 Jun 2008

Extra space is best way to boost house price

A loft conversion could increase the value of your home by more than 12%, according to the latest figures from GE Money Home Lending.

Research by the lender has shown adding extra space continues to be the best way to increase the value of a home, as opposed to cosmetic improvements, such as decking, new flooring or decorating. After speaking to 110 estate agents around the country, GE Money found the average loft conversion would potentially add £22,898 to the price of a property, while an extension could add approximately £19,800. A conservatory could increase the value of a home by approximately £12,229.

Eco-friendly additions to the home, such as installing solar panels, add £1,500 on average to the value of a home. Fitting new bathroom would increase the value of a property by 2.88% (£5,288.42), according to GE Money, while new windows could boost the value by 2.93% (£5,380.24). A new kitchen came fourth in terms of added value, adding an average of 4.6% or £8,446.79.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: “The current housing market means that more people are looking to improve their home rather than move. However, before embarking on any improvements, it pays to know which ones will add the most value to your property. Region, type of property and location are all factors which will determine which improvement is best for a particular property, with the creation of extra living space continuing to be the best value improvement.”

Click here to find out how much your property is worth.

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