The answer is a loft conversion. In fact, combine the value the top three other modifications would add and its clear that altogether they dont even measure up with the kind of money generated by converting your empty space in the attic.
Throw a room extension into the mix as well and youre looking at adding a huge £42,000 onto your propertys resale value.
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Homeowners planning improvements to their homes this summer to specifically increase the value of their property could be missing out on the most valuable additions, said Giacomo Gigantiello, unsecured loans sales leader at GE Money Home Lending.
At a time of year when many are planning to improve the value and desirability of their homes, it is important that consumers appreciate and establish DIY and renovation tasks which will add the most equity to their particular home.
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When left up to the homeowners its a different story. Most believe that simply redecorating throughout the house would add more value than investing in a loft conversion, an extension or a conservatory. The preferred alternative of a new kitchen or bathroom will only add around £13,400.
Gigantiello continued: In many cases homeowners automatically opt for a new kitchen or bathroom. Whilst these are valuable additions to any home, the findings from this research show that it is also important to consider improvements that will ultimately increase a propertys living area.
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However dont be fooled into thinking that this rule applies across the whole of the UK. Any improvements will automatically either increase your propertys value or make it more aesthetically appealing to potential buyers, but homeowners also need to pay attention to the key requirements in their area as well as the type of property they are living in. The former can be easily ascertained by simply talking to an estate agent.
For example, buyers in densely populated areas of London and the South East value loft conversions which can add £44,500 alone onto a propertys value. However in Yorkshire, conservatories backing out onto open spaces add the most value onto a property at £25,000.
Even the widely regarded least profitable improvement of outdoor decking varies hugely on location. The best way to judge the impact it will have upon your property is in relation to the kind of built up area you live in. In cities like London where making the most of outdoor space is a must, decking adds an average £2,350, however out in the country it only adds a mere £470 onto your property barely even enough to pay the brokers fees on your new mortgage.
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