According to a recent survey conducted amongst National Association of Estate Agents (NAEA) members, 92 per cent agreed that adding an extension can potentially increase the value of a property.
However, when asked to choose between a list of possible ways to increase the value of a home, 41 per cent of agents believed that the best approach is to build an extension, followed by a kitchen, which received a response of 17 per cent.
Members thought that the least effective method was by upgrading the exterior of a home (4 per cent) and creating a conservatory or glass extension (4 per cent).
Peter Bolton King, chief executive of the NAEA, the residential sales arm of the National Federation of Property Professionals (NFOPP), comments: "In the current market it is understandable that home sellers are keen to try anything to increase the value of their home.
"For this reason, a well planned and built extension, that creates an additional open living space, could potentially increase the value of a property.
"However, you must bear in mind that the average price of properties in the local area will dictate the maximum price your property can achieve. It is worth researching the local area first and familiarising yourself with what types of properties sell best."
Date: 17th, September, 2008
Author: Ben Wilkie
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