Wednesday, April 18, 2007
Category:
Home Improvements
News from Alliance & Leicester Personal Loans has revealed that a loft conversion can add around £100,000 to a home’s value.
Those preferring to improve rather than move could potentially add significant value to their property.
The research which was carried out across England and Wales shows how homeowners adding a dormer loft conversion to homes are in a win-win situation. This is less costly than buying a bigger property and homeowners could see property value going through the roof. The average cost of a dormer loft conversion is said to be £23,000 and this could add £100,000 to the property’s value.
Regionally, the cost of a dormer loft conversion varies, as does the value that this could add. For instance, in London, dormer loft conversions for a three bedroom property could cost around £25,000. The return on this could potentially reach nearly £146,000 if the homeowner wanted to sell their property. In the North West, homeowners are looking at an average cost of £22,080 for a loft conversion, and the expected added property value is £97,888. In the West Midlands, converting a three bedroom property to a four bedroom property could potentially increase property value by £100,000.
Richard Al-Dabbagh, Alliance & Leicester Senior Personal Loans Manager, said:“Taking out an Alliance and Leicester Personal Loan in order to fund all, or part of a loft conversion, can be a far cheaper option than moving to a larger house to gain an extra bedroom. Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well. If you are looking to undertake a sizeable home improvement, there will be a massive temptation to simply take out a further advance on your mortgage. But a personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the shorter term.”
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Homeowners who had thought about moving to add an extra bedroom, could consider using a
home improvement loan to fund a loft conversion. One of many options to finance a loft conversion, a home improvement loan can be secured on homes and can usually be repaid over a term to suit the borrower from 5 to 25 years. Those property owners looking to add extra space to homes, but don’t want to do a loft conversion, could consider using a home improvement loan for a conventional extension. Home improvement loans could be used to cover the cost of extending both the ground and upper floors potentially adding not one, but two rooms to a property. Smaller scale projects such as garage conversions and conservatories could also be funded with a home improvement loan.
