Loft’s, Garages and Extensions - boosting your house price
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- Published:Monday, May 29th, 2006
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Having a loft conversion or an extension built are two of the most effective ways to boost the value of a property, a survey from the Nationwide has claimed.
The survey found that an extension could add 12% to the value of a property while a loft conversion could add 10.9%. Additionally, adding a garage or extra bedroom boosts the value by 8% and 5% respectively.
But, Nationwide did say that regardless of work done to a property, location is the no 1 key to house price value.
“A house in the best neighbourhood can command a price more than a third higher than a similar house in an average area,” said Fionnuala Earley, Nationwide group economist.
Nationwide also identified other factors that can detract from a home’s value. Property without central heating could reduce the price of a home by nearly 7% while having no garage or drive can knock about 6% off a property’s asking price.
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