Research carried out across England and Wales reveals how homeowners who add a dormer loft conversion to their house are likely to be in a win-win situation.
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Its cheaper than buying a bigger house, they could see the value of the property go through the roof and they could make significant savings compared to a further advance on a mortgage or a personal loan from the Big Four.
Although there are regional price differences, the UK average cost of a dormer loft conversion is around £23,000, and can add £100,000 to the houses value.
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In London, dormer loft conversions to a three-bedroom home cost around £25,000, but could return a shopping potential profit of nearly £146,000 it the homeowner went on to sell their property.
The average cost of a loft conversion in the North West stands at £22, 080. But it could add £97,888 to the value of the home, give homeowners an extra room and go on to yield a profit of more than £75,000.
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Similarly in the West Midlands, the cost of converting a three-bedroom home to a four-bedroom home is around £22,000 but could add more then £100,000 to the value of the property.
Richard Al-Dabbagh, Alliance & Leicester Senior Personal Loans Manager, said: Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well.
If you are looking to undertake a sizeable home improvement, there will be a massive temptation to simply take out a further advance on your mortgage. But a personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the short term.
