Tuesday, June 27, 2006
Category:
Home Improvements
A recent research survey on the housing market conducted by Nationwide, has revealed which home improvements can really add value to your property.
While location remains to be the key to house value, other factors can influence the price at which homeowners can sell.
According to the survey, carrying out a loft conversion could add up to 20.9% onto the value of a house. Adding an extra double bedroom to a two bedroom house could increase its value by a further 12%. Doing the same thing with a three bedroom house would add around 8% to a property’s value. Adding bedrooms by converting existing space can also add value to a house, but not to the same degree as adding more room.
Nationwide’s survey points out that improving rather than moving saves stamp duty, legal fees; removal costs; the bother of selling a property and finding another one is also cut out by making home improvements.
When making additions to a property, its not just the number of bedrooms that counts. Adding an extra bathroom can add around 5% to the price of a similar house with just one bathroom. The survey points out however that this should not be at the expense of an extra bedroom.
While most houses these days have central heating, property owners of those without should be aware that this adds about 7% to the value of a house. Space for the family is not the only concern of property purchasers, a double garage to house beloved cars can also add 14.5% in value.
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Homeowners wanting to add value to their homes by carrying out a loft conversion, adding an extra bedroom or bathroom, or a conservatory, could consider a
secured loan to maximise their investment. By improving rather than moving, a homeowner loan could provide the short term cost saving of moving house to accommodate a growing family highlighted in the survey by Nationwide.
