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How to add value to your home
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Loft conversion
Average value added: £13,567
Converting your loft into a living space is a major job and you will need to get professional tradesmen in to plan and do the work. Depending on the complexity of the job, cost will vary, but expect to pay around £15,000 and be prepared for your home to be a building site for at least a couple of weeks.
Although HSBC’s research reveals the average increase in house price following a loft conversion is just over £13,500, depending on where you live, the value could increase considerably.
Giacomo Gigantiellow for GE Money Home Lending says: “In the more metropolitan and densely populated areas of London and the South East, loft conversions on average offer the best potential increase to a property’s value, adding as much as £44,500.”
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Add an extension
Average value added: £13,285
With the property market showing little sign of recovery, it’s no surprise that many homeowners needing extra space are choosing to extend their property rather than move.
The costs involved can stack up: you will have the initial fee for using an architect to draw up plans and submit them to the council for planning permission, and then the council will require a fee to approve the plans. Then you will have to find and pay builders and decorators and cover any costs of adapting your garden to accommodate the extension.
The cost of an extension will vary depending on its size and the work involved, but budget for £20,000 to £30,000.
