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Loft conversion ‘can add £11k to house value’

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25/02/2020
Adding a loft conversion boosts the value of an average property by just over £11,000, a report has found.

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

Loft conversion £11,020
Living roof £8,676
Bi-folding doors £5,256
Garage conversion £4,847
Renovated/restored period features £4,731
Extension £4,129
Under-floor heating £3,961
Add or remove garage £2,610
Sound insulation £2,512
Stair/chair lift £2,224

 Table 2: Top 10 popular upgrades completed by homeowners in the last three years:

New bathroom 38%
New kitchen 34%
New central heating boiler 34%
Replacing windows 29%
Landscaping 27%
Roof repair/new roof 21%
New heating 15%
New heating insulation 12%
Adding or replacing driveway 11%
Adding/renovating outbuildings 9%

Source: Halifax

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