Homeowners urged to add space to increase property value

16th April 2012

In the current economic climate, many homeowners are looking at ways in which they can add value to their properties to make it a much more attractive buying option when the time comes to sell.

In light of this, London-based construction company Illustrious Homes has outlined five ways of adding value - with extra space being one.

The company noted that spending £100,000 on rearranging the layout of a home may not, in fact, add £100,000 to the overall value. Instead, homeowners should look at ways of expanding on what they already have; with loft conversions or garden studios offering just the solution.

"The two main factors that determine a property's price are size and location," a spokesperson told ft.com. "The latter isn't something you can change, but adding space can be an effective way to add value."

By creating a few extra square metres of floor space, the price can increase by between 20 - 40 per cent, the spokesperson added.

Elsewhere, the company advocated conducting local research to get accurate valuations, improving energy efficiency, altering the layout and be objective when furnishing a home.

Giving these five points consideration could see the property's price rise, or make for less of a decline if property prices fall again.

David Howells