Wednesday 31st May 2006
A new report indicates that homeowners could significantly boost the price of their property by undertaking a loft conversion.
A study by Nationwide states that by installing a bathroom and bedroom in the loft, the average home can expect to see its value rise by 21 per cent, or £34,000, for around half the cost.
The simple act of enlarging the available living area of the house is thought to help push the price of the property up.
"Rather than just waiting for the general rise in prices, there are a number of ways to add value to property," explained Fionnuala Earley, the firms group economist.
"Nationwide research shows that an extra bedroom can add six per cent to the price of a property and an extra bathroom more than five per cent."
She added that rather than moving house in order to obtain extra space, a family could be £24,000 better off after taking moving costs into account by installing a bedroom and bathroom in place of the loft.
While a propertys age, central heating and off-street parking can also add to a valuation, location is still regarded as the main driver of house prices.
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