Recent research carried out by the Nationwide Building Society has stated that a loft conversion could add up to 20% of the value of your home. If you’re looking at a house valued at £200,000, that represents an increase of up to £40,000. With the cost of doing so averaging around £25,000, however, the benefits will really depend on your own individual circumstances.
It seems obvious, a loft conversion adds space currently not utilised. Growing a house as well as a family is a brilliant way of increasing the value of a property, whilst being able to improve the property’s suitability for the years to come. House-hunters will often look at loft conversions as a way to add a further bedroom in the future when purchasing a property. When doing so, an important aspect of the conversion to remember is the staircase. By installing more stairs, space will be taken away from an existing room, and if you currently have a small 3rd bedroom for example, this may have to be removed completely. Likewise, the staircase will need to open into an area with sufficient head-room, so having the stairs against an external wall may not be possible without a further, dormer extension.
Logically, the value of a property is directly proportional to the living space available. Converting the loft may well add value to the property, and should costs be kept to a minimum, a healthy profit can be made. An additional benefit is no precious garden space will be lost in the process! Do remember, however, that the desirability of a property will be affected by other aspects, such as storage. A converted loft on a property without a garage will bring about the issue of where personal belongings can be kept.
Conversions do not happen overnight, and it may well represent as long as 10 weeks to be completed, depending on the design and size. In the meantime, the disruption may well be frustrating, and will limit the amount of space available throughout the rest of the house.
For a property that features a large garden, with space to grow into, perhaps an extension to the rear might be worth considering. By doing so, you can extend both the ground floor and first floor space. The cost and disruption to your property will inevitably be more, but the value added will increase proportionately.
Finally, if your need for more space is becoming an issue, and the possibility of extending both up and out are not possible, perhaps it’s time to consider moving?
Converting your roof does come at a financial cost, but the benefits of converting your roof into habitable space and the extra value to your property gained by adding an extra room may well exceed the expenditure of the construction.
If you’re thinking about adding a loft conversion to your home, it’s best to talk to a professional before undergoing any work. They will be able to guide you through the process and ensure you don’t fall foul of government regulations. You should also talk to your roofer regarding window options as well as tile suppliers to make your new conversion fit in seamlessly with your existing roof. Equally take the advice of your agent, by creating a 5 bedroom home with a garden too small for a family may not be the financial investment you had in mind.