26
Jun
Top home improvements could add £54,922 in value
Homeowners looking to add value to their properties could do so to
the tune of £54,922 by undertaking the top three home
improvements, according to new research.
GE Money Home Lending found that in a typical home, a loft
conversion could increase its price by over 12 per cent
(£22,898).
Building an extension can add around £19,800 in value,
according to its study, while adding a conservatory could increase
the worth of a home by approximately £12,229.
Other home improvements, such as redecorating or installing a new
bathroom suite, can add value but the returns will not be as
substantial, according to the lender.
Gerry Bell, head of mortgage marketing at GE Money Home Lending,
said: "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."
This research comes as Alliance & Leicester announces that 19
per cent of owners are planning to make home improvements in the
next year in order to enhance saleability.
