Owners look for conversions

03/03/2008

Home owners are looking to maximise their current space through conversions, an industry organisation has revealed.

The Federation of Master Builders has said the high cost of moving has prompted owners to look at developing their current properties.

"Basement conversions are becoming more popular as families realise that a new lower floor can double the size of their house for a fraction of the cost of moving home," Maggie Smith, of the London Basement Company, said.

Other options available to owners include loft extensions and garage conversions. Brian Berry, director of external affairs, explained there was also a chance for owners to increase the value of their homes.

"A loft conversion costs about £35,000, and the return on that would probably be adding an extra £60,000 to your property," he commented.

Despite worries that property markets were about to 'crash', recent figures have showed only minor price falls.

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