Adding space adds value to property

Posted: 26 Jun 2008 18:33:01 GMT

Homeowners concerned about being trapped in a stagnant housing market should consider adding extra space to their property to add value and attract buyers.

Homeowners concerned about being trapped in a stagnant housing market should consider adding extra space to their property to add value and attract buyers.

That is the advice from Money Home Lending, which has said that a loft conversion could add over 12 per cent to the value of a property.

Cosmetic improvements such as decking, flooring or decorating were, according to the site, "less effective in increasing value".

Gerry Bell, head of mortgage marketing at GE Money Home Lending, explained that there were a number of factors that determine which changes a homeowner should consider for their property.

He 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."

While the research reveled that a conversion would potentially add £22,898 to the price of a property, building an extension could add £19,800 and a conservatory could make a difference of £12,229.

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