You are in > manchester.com  > News > Loft conversion 'can lead to £75k profit'

Manchester property news

Loft conversion 'can lead to £75k profit'

04/04/2007

Homeowners in the north-west could net a profit of more than £75,000 by investing in loft conversion, new research has revealed.

According to Alliance & Leicester, although the average cost of a loft conversion stands at £22,080 in Greater Manchester and the wider area, it could actually add around £99,000 to the value of the home.

Not only does this give homeowners an extra room, but also a profit of more than £75,000, the bank said.

The findings are part of a wider study that suggests households who borrow money to finance major home improvements could help push up the value of their property.

Borrowing to pay for a loft conversion is a much cheaper option than moving to a larger house to gain an extra bedroom, said spokesman Richard Al-Dabbagh.

He added: "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."

Halifax has said that nearly a third of homeowners will spend between up to £10,000 to pay for home improvements this year, with double glazing and loft insulation the most popular energy-saving measures.





© Adfero Ltd