Make a pretty penny from your dead space

Published 01st Jun 2007

From attics and garages, to cellars and sheds, nowhere in the home is safe from an attack of makeover madness
The latest research from AA Home Insurance has now revealed that house proud Brits have spent a fortune on giving what was once ‘dead space’ in the home a new lease of life and converting it into living space.

A fifth of all homeowners have now undertaken a conversion of some sort, with over a quarter admitting that the driving reason behind this revamp was solely to boost the price of their home. However this is definitely not something to frown upon as it’s working wonders in a market where house price growth is showing no sign of abating just yet.

Attics are the most popular option for converters, many of whom are doing so because they need the extra space but couldn’t afford to move to a larger property to acquire it – usually because they have adult children who need extra space and the loft provides the perfect answer.

Garages and sheds are also seeing a rise in popularity where conversions are concerned. Garages tend to be converted into an either living space such as an extra bedroom or dining room, or office space, with sheds primarily used as home offices or workshops.

Considering that the average house price is now sitting pretty at £210,000, conversions are definitely a good way to add living space to a property without having to up sticks and move, as well as adding value when it comes to selling up.

Janet Pell, head of home insurance at AA Insurance said: “Many homeowners relish turning unused or ugly areas of their homes into liveable rooms as it means more space for the family and less dusty boxes and clutter.

“However it is important that you ensure you have the appropriate building regulations approval before going head, as well as making sure you update your home insurance following an extension or conversion – your three bed cottage might suddenly become a four bed house, and of course you’ll have additional furniture and possessions too.”
By Ariane Buteux

Source: ' What Mortgage '

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