Extension could ''add over Â£50,000 to the value of a home''

By MoneyhighStreet Staff. Published on June 26, 2008 This post currently has no comments.

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Consumers hoping to add value to their property should consider using a personal loan to fund major extension work, a new report has suggested.

GE Money used data from 110 estate agents across the country to determine that a loft conversion typically adds add £22,898 to the price of a property.

Similarly, building an extension could increase the price of a home by around £19,800. A conservatory can make a property worth £12,229 more.

"The current housing market means that more people are looking to improve their home rather than move," explained Gerry Bell, head of mortgage marketing at GE Money Home Lending.

"However, before embarking on any improvements, it pays to know which ones will add the most value to your property.

"Region, type of property and location are all factors which will determine which improvement is best for a particular property, with the creation of extra living space continuing to be the best value improvement."

Recently, Jane Walmsley, area sales director at Your Move, explained that home improvements could drastically increase how easy it is to sell a property.