Tuesday, July 14, 2009
Category:
Property
Research by Nationwide has revealed some of the factors that can affect individual property prices.
For example, a 10 percent increase in floor space can add nearly 5 percent to the value of a typical house. Where a detached property is concerned, the value can rise by virtually 7 percent. It was also found that an attic conversion, for the purpose of creating an additional bedroom and bathroom, can increase the value of a house by as much as 20 percent.
In relation to geographic locations, properties in London were uncovered as being practically twice the value of their Welsh counterparts. It would seem that property locations are still of paramount importance when it comes to assessing their worth.
Nationwide's Chief Economist, Martin Gahbauer commented: "In a buyer's market homeowners are keen to know which characteristics are likely to make their home relatively more attractive and which ones may detract from the price. Over time, buyers' expectations have changed and overall the general quality of property in terms of amenities is improving. Location is still the biggest factor affecting the value of property, and a house in the best neighbourhood can command a price nearly 50 percent higher than a similar house in an 'average' area. However, other characteristics also have a significant influence on the desirability, and thus price, of property. For example, extending a property to accommodate an extra bedroom can add around 11 percent to its price."
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Homeowners who would like to add value to their property, or improve it for their own enjoyment, could investigate the possibility of taking out a
secured loan to facilitate the necessary work. One of many finance options available, a secured loan could fund an array of projects, from re-decoration to property extensions and loft conversions. A conservatory could also be considered for additional living space. In addition, a secured loan could also provide the necessary finance, should the borrower decide to look at landscaping their outdoor space for relaxing on those long summer days and nights.
