We Know Property

The average UK homeowner is falling for the old adage “kitchens and bathrooms sell houses”, and believes spending money on either will add most to their asking price.

But according to estate agents, it’s loft conversions and extensions that are the real money-spinners.

In a recent study by lending specialist GE Money Home Lending, agents gave their top home improvement recommendations in terms of how much value it would add to a home in their area after costs.

Those with lofty ambitions would do well to follow thorough with that attic conversion as this was agents’ favourite earner, adding an average £22,300 to a property’s value.

Following closely behind was adding an extension, which was projected to pile on in excess of £19,000 in value.

The homeowner’s top choice of a new kitchen only featured fourth on the estate agents’ list, with the potential earning power not even half that of the top two choices. Whatever the work surface you choose, a kitchen re-fit would only net you an extra £8,250.

And for those with a new bathroom in mind, take note: while avocado suites and linoleum flooring are clearly out, agents reckon even chic new bathrooms won’t  add more than £5,000, just seventh place on their value-adders list.

Commenting on the findings, Giacomo Gigantiello, Unsecured Loans Sales Leader at GE Money home Lending, said:

“Homeowners planning improvements to their homes this summer to specifically increase the value of their property could be missing out on the most valuable additions. 

“At a time of year when many are planning to improve the value and desirability of their homes, it is important that consumers appreciate and establish DIY and renovation tasks which will add the most equity to their particular home.”

source: GE Money Home Lending