DIY Benefits 'Not In Kitchens And Bathrooms'

People looking to add to the value of their home may be interested to hear that a bathroom or kitchen renovation is not necessarily the best way to go about it, a finance company has claimed.

In fact the top three modifications homeowners opt for - combined - would not increase the value of a home by as much as an estate agent's top choice - a loft conversion. According to the company, a loft conversion or a room extension is a better option as both can add as much as £45,000 to a house in London and £28,000 elsewhere.

A new bathroom or kitchen would increase the price of a property by £13,400, it added, although this figure may not seem enough when the cost of the job and subsequent home insurance costs are taken into consideration.

"In many cases homeowners automatically opt for a new kitchen or bathroom … [But they] could be missing out on the most valuable additions," said a spokesman for the company.

Even estate agents' widely considered least profitable improvement, outdoor decking, varies hugely on location. In built up areas such as London, where making the most of any outdoor space is important, decking adds on average £2,350. In contrast, in the countryside dominated South West, a decked or terraced area adds only £470.

A personal loan may be the best way to finance a home improvements project. It is important to remember to check your house insurance policy if you are having any major work done. Plus you will need to inform your insurance provider of any significant changes to the property to make sure they are covered in the future.

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