4 April 2007
Loft conversions are the latest craze to take Britain's DIY enthusiasts by storm according to Alliance & Leicester's Personal Loan and with the value of the house increasing by an average of £100,000 once it's completed, it's easy to see why.
What's more, with the average conversion costing around £23,000, it can be relatively easy to fund one, with great rates available from a large number of banks for personal loans.
Figures from Alliance & Leicester showed that in London, a dormer loft conversion to a three-bedroom home costs £25,000 on average, but could return a whopping potential profit of nearly £146,000 - if the homeowner went on to sell their property.
Similarly, the average cost of a loft conversion in the north-west stands at £22,080, but could add £97,888 to the value of the home. In the west Midlands, the cost of converting a three-bedroom home to a four-bedroom home is around £22,000 - but could add more than £100,000 to the value of the property.
Richard Al-Dabbagh, Alliance & Leicester Senior Personal Loans Manager, 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.
"If you are looking to undertake a sizeable home improvement, there will be a massive temptation to simply take out a further advance on your mortgage. But a personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the shorter term."
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.