Loft conversions are a good investment

Results from a survey carried out by 100 estate agents across the UK reveal the 10 most common value adding home improvements. In the list below the value represents the increase in value taking into account the actual costs.

1) Loft Conversion – £22,000

2) New Extension – £19,000

3) New Kitchen – £10,000

4) New Conservatory – £9,000

5) New Windows – £6,000

6) Central Heating – £5,000

7) New Bathroom – £5,000

8) Re-decoration – £4,000

9) Resurfaced Driveway – £3,000

10) Garden Decking – £3,000

Apart from the enjoyment that they bring,home improvements can be a very successful investment. The figures above are based on typical value and are dependent on the capital invested in your home. Not only can home improvements add a substantial increase to the value of your property, they also act as a very practical enhancement to your property,especially if you have a growing family or are not wishing to actually move away from where you currently live, as it may be close to family and friends. In the table above, the fitting / installation costs have been removed to show the real or true equity increase. i.e. a new loft cConversion could cost £18,000 but could increase your property value by £40,000, so a true equity value increase, after costs, is £22,000

Similarly,a new extension could cost £30,000 and could increase your property value by £49,000, which gives a true equity value increase, after costs, of £19,000.

A new kitchen may cost £8,000 and could increase your property value by £18,000, giving a true equity value increase, after costs, of £10,000.

A new conservatory may cost £8,000 and could increase your property value by £17,000, giving a true equity value increase, after costs, of £9,000.

New windows could cost £8,000 and could increase your property value by £16,000, increasing the value , after costs, of £8,000. New central heating typically costs £7,000 and could increase your property value by £12,000,giving a true equity value increase, after costs, of £5,000.

A new bathroom could cost £4,000 and could increase your property value by £9,000, representing a true equity value increase, after costs, of £5,000. For further details about loft conversions click here.

 

What actually is a loft conversion,link here

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They add value to your property