23rd April 2012
Loft conversions may increase property value
There are a number of ways that homeowners can increase the value of their property, with loft conversions particularly advisable, one specialist has emphasised.
Jason Orme, editor at Homebuilding & Renovating magazine, has claimed that such an improvement can help to maximise the value of homes, meaning that the work will be particularly beneficial for people wishing to sell their property for more cash.
However, Mr Orme has warned that residents should firstly check their budget before committing to any renovations.
People who rush into home improvements without firstly checking their finances could be putting themselves at risk of losing money, something which everyone will want to avoid as much as possible, especially in the current economic climate.
The specialist advised that there are many different ways in which people can boost the value of their property.
He recommended that, for those who are on a budget of a few thousand pounds, redecorating work will help to increase the cost of their house, while changing any old carpets could also be beneficial.
However, he pinpointed loft conversions as a potentially advantageous improvement for those with more to spend, explaining: "If you are looking at £10,000 to £30,000 then there is the potential for a loft conversion or small extension. That may well be the way to maximise the value there."
The recent Easter bank holiday was seen by many as a key time to complete outdoor DIY work, but a GfK Retail and Technology report found that the wet weather impacted sales of equipment.
It discovered that garden products experienced a 53.2 per cent decline in value, while the market saw an overall drop of 11.4 per cent.
Despite this, there was a 16.4 per cent increase in value when it came to room-specific products in comparison to the 2011 Easter weekend.
Posted by Victor Onuohae
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