Survey shows that a loft conversion could add up to �20,000 to the value of a home, but home improvers warned to comply with building regulations
Thousands of DIY enthusiasts were busy over the bank holiday weekend, but homeowners should consider bigger projects if they want to add significant value to their homes, according to the Halifax.
More than a third of valuers (35%) said that while painting and decorating makes a home more appealing to prospective buyers, it adds little or no actual value.
Topping the list of value-adding projects are loft conversions, which experts say can increase the value of a property by an average of �20,876, at a cost of about �10,000. They are followed by room extensions, which add an average �16,069 to a home's value. New kitchens, windows and bathrooms also feature on the list, boosting property prices by an average of �5,617, �5,265 and �3,351 respectively.
According to Halifax there was a 124% jump in the value of adding a driveway or off-road parking to a home. It now adds an average �2,876 to the price of a home compared to �1,283 in 2009.
Meanwhile, research carried out by the National Association of Estate Agents shows that more than 40% of its members believe creating additional living space is the best way of increasing the value of a property, but warns homeowners to consider overall prices in their area as this will dictate their home's maximum selling price .
Graham Lock, co-founder of housenetwork.co.uk, said adding an extra room to a house in an area of similar properties will make it stand out. "There is not a lot of movement in the market at the moment and competition between sellers is becoming more and more localised. It is about keeping a step ahead of your neighbours."
But homeowners should beware that building an extension or loft conversion can be more complex than it first appears, as there are building regulations that must be complied with, despite the work being carried out internally.
Emma Jeffreys from Emsleys solicitors and estate agents in Leeds said: "It is imperative that when considering a conversion you seek professional advice at an early stage, as if these alterations are not handled correctly it can have the opposite effect by actually decreasing the value of the home.
"It is often more cost-effective to extend rooms such as the living room or a sun room rather than adding a conservatory, as they are rooms which have a greater overall appeal. Generally, people will have to spend a minimum of �10,000 on a conversion or extension to see a return on investment in a typical family house."
Source: http://www.guardian.co.uk/money/2011/may/03/loft-conversions-biggest-boost-house-values
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