Loft conversion ‘can add £11k to house value’
Converting the attic generates the greatest return on investment of all home improvements, adding an average of £11,020 to the price of a property, according to the study by Halifax. However, the actual cost of carrying out the works can be pricey, with the average loft conversion costing £22,200.
Building a ‘living roof’ – where vegetation or plants are added to the roof of a property – is the second most lucrative improvement, increasing the value of the average home by £8,676.
Other profitable home improvements include bi-folding doors, which add £5,256, garage conversions which add £4,847, and renovating period features, which boost the value by £4,731.
Out of the 10 most popular home improvements, making the most of outdoor space is the biggest money spinner, with landscaping reaping a profit of 43% on an average investment of £4,030.
Russell Galley, managing director at Halifax, said: “Loft conversions and green features can generate attractive potential returns, yet traditional factors including location, local property price, access to schools and transport will continue to have a big influence on house prices. That’s why it’s important to do your research if you’re looking to sell as you can get a better sense of the most attractive improvements by understanding your local markets.”
Homeowners list making their home a cosier living space as a reason for 40% of home improvements. Increasing energy efficiency and improving kerb appeal are also popular reasons to bring out the tools. Just 15% of home improvements are completed to add capital value.
Table 1: Top 10 most profitable upgrades
|Renovated/restored period features||£4,731|
|Add or remove garage||£2,610|
Table 2: Top 10 popular upgrades completed by homeowners in the last three years:
|New central heating boiler||34%|
|Roof repair/new roof||21%|
|New heating insulation||12%|
|Adding or replacing driveway||11%|