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Remodeling? Consider converting loft for highest added value

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by Elaine Frei
Remodeling?  Consider converting loft for highest added value

When looking to add value to their home, most owners’ first thought is to add a bathroom or remodel their kitchen. According to information from GE Money, a division of General Electric (NYSE: GE), however, there are other improvements that add much more value to the average home. In a survey of estate agents, GE Money found that the improvement that adds the most to a home’s value is a loft conversion. Such a conversion of a loft or attic adds around £22,300 to the value of the average home; in London, such a conversion will add even more value, about £45,000.

The next most valuable way to improve a home, the poll found, is to extend a room. This will add an average of £19,271 to a home. Building a conservatory will add an average of £11,904 to a home. Putting in a new kitchen comes only fourth of the list of most valuable improvements, adding an average of £8,250 to the value of a home. Adding either central heating or putting new windows into a home, at an average added value of £6,147 and £5,239 respectively, both will make a home more valuable than adding a new bathroom, which will, on average, add £5,155 to the value of a home.

According to Giacomo Gigantiello, of GE Money, while putting in a new kitchen or bathroom will undoubtedly add to the value of a home, it is important that homeowners be aware that there are other improvements that can increase a home’s value even more.

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News posted: June 4, 2007

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