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Homeowners urged to add space to increase property value

Summary

Property builders have outlined five key ways of adding value to a home, nicosiamoneynews.com reports.

Our Solution

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.

Author:

David Howells

16th April 2012