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Add value with an extra floor

23rd April 2007 | back to article listings BACK    print this article PRINT

For a significant number of people entering the UK property market as an investor, the attraction is not just the rental income that can be generated. Many will also have an eye to the potential resale value of an acquisition in the right area, that could allow them to pocket a reasonable profit once they place the house back on the market after a suitable period.

Any investor with an eye to the resale value of their property - indeed anybody looking to sell any property - will of course be interested in ways to it more valuable. Location is naturally of paramount importance, as is the structural integrity of the house. In addition, a multitude of reports have been issued on other ways to increase value, such as the right decoration schemes. There are even supposedly certain smells that can be created to make a potential buyer more likely to snap the property up.

Property writer Bryce Courtenay advises that the smell of fresh bread, cinnamon or coffee has been scientifically proved to make a property more attractive to potential purchasers. In contrast, the smell of pet animals can apparently knock thousands off the price. He also advises sellers to take care of small details such as making beds and cleaning windows.

Whether these methods seem like a plausible way of adding to the sale value of a property, there is at least one thing that can be done that will indisputably make a house more valuable.

Loft conversions, according to the Federation of Master Builders, can add up to 15 per cent to the value of a home. And a survey undertaken by housebuilder Redrow found that 75 per cent of people who live in a two-storey home were "attracted" to the idea of having an extra floor of living space. Similarly, two-thirds of those surveyed who lived in a three-storey house said they would not be prepared to move to a two-storey property. Most used the space for extra bedrooms and said they found it a "useful" addition to the property.

Richard Diment, spokesperson for the Federation of Master Builders, said: "If you can stand up in your loft then it can be converted. We estimate that a loft conversion will add 15 per cent to the value of a home because you are adding extra living space. The majority of people when they have their loft converted are having an extra bedroom with en-suite bathroom added and this is useful extra space."

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