Make Some Extra Space, Make Some Extra Money

by Adam on January 13, 2014

 Home improvements can add a lot to the value of your property, if you do them right.

Most home improvements, if tasteful and well done, will add more to the value of your house than they will cost you to do. One of the biggest projects, but also one of the things which can add most to the value, is to create space by extending up into your loft or down into a disused basement. If you have an unused attic or a workable basement room, you may want to consider converting them into new rooms.

Both will greatly increase the amount of space you have in your home, providing you with a new bedroom if your family is growing, or even a second living space or study if needed. The cost is likely to be recouped in the long run. So if you are looking for more space, the cost of extending need not be prohibitive and could prove much more effective and much easier than upsizing in the property market.

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The average loft conversion is likely to cost you in the region of £11,500. This may seem a lot but the average increase in the value of properties which have had loft conversions is 12.5%. The latest figures from the Nationwide show that house prices rose by 8.4% in 2013 (http://www.bbc.co.uk/news/business-25575964). This puts the average price of a property in the UK at £175,826.

 

According Evolution Money’s Home Improvement Infographic, some home improvements could add more value than others. One of the most cost-effective projects would be a loft conversion. The average cost of this is £11,500, but it could add as much as 12.5% to the value of your property. For an average property, this could increase the price by over £21,000. Converting a cellar, which is only really an option for older properties, would cost around £20,000, but is likely to add 20% to the price (£35,000 for an average property). Many home buyers are looking for larger living space in their new property, so adding a conservatory could be beneficial. On average they cost £6,000, but this could mean an extra 6.7% (over £11,000) when you come to sell.

 

Extending within the home can be an ideal solution for those who looking for more space, but who do not want to have to move house. The work itself may be expensive, but the rise in the valuation of your home means that somewhere along the line the cost will always be recouped.

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