26 Jun

Top home improvements could add £54,922 in value

Top home improvements could add £54,922 in value

Homeowners looking to add value to their properties could do so to the tune of £54,922 by undertaking the top three home improvements, according to new research.

GE Money Home Lending found that in a typical home, a loft conversion could increase its price by over 12 per cent (£22,898).

Building an extension can add around £19,800 in value, according to its study, while adding a conservatory could increase the worth of a home by approximately £12,229.

Other home improvements, such as redecorating or installing a new bathroom suite, can add value but the returns will not be as substantial, according to the lender.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: "Region, type of property and location are all factors which will determine which improvement is best for a particular property, with the creation of extra living space continuing to be the best value improvement."

This research comes as Alliance & Leicester announces that 19 per cent of owners are planning to make home improvements in the next year in order to enhance saleability.
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