Loft conversions ''are extremely lucrative''

If you are looking to add some value to your home then take a look into loft conversions which can lucratively add around £100,000 to some homes'' asking prices, according to a new report.

Alliance & Leicester, a loan provider, says that many savvy house owners are taking out loans or remortgaging in order to fund this type of home improvement which means that they can push up the value of their home by a substantial amount.

Richard Al-Dabbagh, a spokesperson for the loan provider, said: "Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well."

He said that, as an example, one home in the north-west added over £97,000 to its value by having a lost conversion done. The work cost around £22,000 but the profit was over three times this at £75,000.

In London the profit is marked with the property value going up by as much as £146,000 so home owners profit from both an extra room and a larger selling price.


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