How to add value to your home

Wednesday, 10 June 2009 06:40

More space, extra bedrooms, central heating and a good location can all boost the value of a property.

Nationwide have today published research on what adds value, and what doesn't, to your home.

The research found a ten per cent increase in floor space adds nearly five per cent to the price of a typical house, and almost seven per cent to a detached house.

Unsurprisingly location remained the key factor in determining a house value, with values in London almost double those in Wales when comparing equivalent properties.

By adding a bedroom and bathroom in a loft conversion can add up to 20 per cent to your property.

Martin Gahbauer, Nationwide's chief economist, said: "Over time, buyers' expectations have changed and overall the general quality of property in terms of amenities is improving.

"Location is still the biggest factor affecting the value of property, and a house in the best neighbourhood can command a price nearly 50 per cent higher than a similar house in an 'average' area.

"However, other characteristics also have a significant influence on the desirability, and thus price, of property. For example, extending a property to accommodate an extra bedroom can add around 11 per cent to its price."

The research found while larger properties cost more, smaller properties have a higher value per square metre.

It was also found by the building society that the 91 per cent of homes now have full central heating, meaning properties without can expect a nine per cent discount on the sale price.

• Tags:
• news
,
• property
,
• renovation home improvement