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Home improvements could add over £50k to property value

By Jonathan Dawes, Fri 27 Jun 2008 - Published in Mortgages

Adding extra rooms to your house may be the best way to add value to your property, according to latest research.

A report by GE Money Home Lending reveals that the top home improvement is a loft conversion, which could add over 320,000 to the value of a property.

It is thought that more cosmetic improvements to a house are less effective in upping its value, with improvement such as decking, flooring or decorating considered less useful.

"Before embarking on any improvements, it pays to know which ones will add the most value to your property," said Gerry Bell, Head of Mortgage Marketing, GE Money Home Lending.

Adding a conservatory was also found to be a good way of improving the price and saleability of a home. A conservatory could increase a home's value by £12,229.

Smaller improvements, such as a new bathroom or patio also yielded good returns but naturally less than an extension.

GE Money Home Lending is one of the UK's leading lenders offering a range of mortgages and flexible secured loans.