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Making space can make home sellers money
30 June 2008 10:30
Improvements that create extra space within properties are the best way of ensuring that they fetch a good price on what is currently a difficult market, according to new figures.
Last week, a poll by Alliance & Leicester found that one in eight homeowners are planning on moving over the next 12 months, while one in five are carrying out work on their houses with the specific aim of increasing their value or saleability.
Now GE Money's data has shown that a loft conversion is the most worthwhile improvement they can undertake is, raising a property's value by 12.5 per cent, followed by adding an extra room via an extension, which can add 10.8 per cent to a house's price.
Meanwhile, conservatories typically increase properties' values by 6.7 per cent, while a new kitchen is worth an extra 4.6 per cent, adding central heating contributes a further 3.4 per cent to a property's price and new windows are worth an extra 2.9 per cent.
GE Money's head of mortgage marketing Gerry Bell noted that, in the present market, people are looking to enhance their homes rather than move, but he advised them to find out which improvements will boost their house's value the most before doing any work.
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