Homeowners looking to boost the price of their property by tens of thousands of pounds often opt to replace the kitchen or add a new bathroom or bedroom.
But those wanting to add the most amount of value – and who have an attic they don’t need for storage – should consider a loft conversion, new research reveals.
That’s according to Nationwide, which has found adding a loft conversion or loft extension to a typical three-bedroom, one-bathroom home can bolster the value by some 24 per cent.
That’s an extra £65,279 on an average home worth £271,995.
It beats the value added by an extra bedroom, equivalent to £35,359 on a typical home, an increase in floor area (a £13,600 rise) or an extra bathroom (£10,880 increase).
Loft conversions, extensions and an extra bedroom top the list for most valuable improvements
Adding just one extra bedroom can also boost the price tag of a home by 13 per cent. However, the added value does vary significantly depending on how many bedrooms are already in the home.
Turning a three-bedroom terraced house into a four-bedroom one could add 10 per cent to the price, Nationwide said, while turning a two-bedroom detached property into a three bedroom could boost the home’s value by 17 per cent.
The features that add the most value to a property are not necessarily the most popular, the report found.
Kitchen and bathroom renovations are the most common home improvement, with 71 per cent of homeowners who have made improvements in the last five years having spruced these rooms up.
Some 42 per cent added a bathroom or an ensuite, while 25 per cent added an additional toilet.
Sprucing up: Some 42% of those who renovated their home added a bathroom or an ensuite
Mary-Lou Press, of industry body Propertymark, says: ‘While aspects such as new kitchens and bathrooms have long been known to enhance property prices, clever home improvements such as loft conversions give houses vast new space and typically help add substantial value down the line.’
Some 39 per cent opted for an outbuilding such as an entertainment space, while 23 per cent opted for a conservatory. Just 24 per cent went for one of the most lucrative improvement – a loft conversion – and just 21 per cent for a single-storey extension.
This is because just 35 per cent of those surveyed made improvements to boost the value of their home.
Instead, the majority made these changes to make their property look better, rather than to boost its sale price.
And many won’t need a loft conversion – often used as a bedroom – because they have enough of those already.
Andrew Harvey, Nationwide’s senior economist, says: ‘One of the questions homeowners may ask themselves before ringing the local builder is, ‘Do we really need the space?’
‘As we identified in our recent housing stock report, more than half of owner-occupied properties in England are classified as “under-occupied”, which means they have two or more spare bedrooms.
‘Many householders buy properties they intend to grow into over time, as their families expand and, probably more significantly given demographic trends, people remain in properties after their children fly the nest.’
Beware planning rules if you get a loft conversion
Homeowners need to read up on planning regulations if they opt for a loft conversion, according to Press.
‘There are a multitude of regulations to consider when specifically looking at loft conversations,’ she says.
‘While most may fall under permitted development rights, if they stay within strict pre-agreed specifications, some will require full planning permission to be granted.’
Permitted development rights allow homeowners to make changes and extend parts of their home without needing to apply for planning permission.
However, there can often be strict limits on what can and can’t be done so, it is always worth checking what is allowed when converting a loft.
Press added: ‘Additional considerations to be aware of also include if your property is listed or sits within a potential conservation area, so it is always vital to fully check with relevant planning departments before undertaking any alterations.’
Growing numbers of eco-conscious homeowners are also making ‘green’ improvements to their home to make it more energy efficient and hopefully save money on bills over the long-term, Nationwide said.
Some 34 per cent of those that have recently made home improvements have made eco-friendly renovations, it said.
More than half of these homeowners added solar panels while more than a third added pipe or boiler insulations.
Cavity wall insulation, an air source heat pump and an electric vehicle charging point were also popular changes.
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