Do loft conversions add value to your home?
When weighing up the pros and cons of moving house compared to the prospect of adding either a rear or side extension or opting for a loft conversion, one of the big questions for many people is the cost of the home improvement project and the value added to their home after its completion.
Per square metre, loft conversions represent the best way to add value to your property with many surveys from the top UK lenders safely suggesting a market uplift in price of between 20% and 25%.
Why do loft conversions come out ahead of side or rear extensions?
Full height conversions represent better value for money than a single storey as, with the lower floor already in place, to increase the extension by another storey will not double the original cost. However, there are drawbacks with side and rear extensions which mean they generally do not increase the value of the property as much as a loft conversion can. These include:-
- Loss of precious garden space at the rear
- Loss of car parking space to the side
- The limitations of the property style – if the house is terraced or semi-detached then this will considerably restrict the options for extending
- The property may already have been extended offering no further opportunity for this type of project
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What are the other attractions of a loft conversion?
The use of redundant space the shell of which is already there in the roof seems to make the project much simpler than the construction and disruption of an extension and, if your loft conversion design is simple, then a relatively straightforward conversion can be done swiftly in as little as two to three weeks. If you stick with a roofline style with Velux windows you may not even require planning permission.
There is something unique and rather exciting about the location of a loft conversion and, if you make use of the some of the stunning window designs available, you can incorporate natural light and possibly some amazing views. The location of the new accommodation which can be kept completely isolated from the main house if that is the requirement is another reason why the loft conversion option is so attractive for many people.
Think carefully about your loft conversion design
If you are planning on staying put for a few years then think carefully about the styling of this new space and whether your family needs will alter in the future. Accommodation which can alter as your life does will offer you the best value for money but it can also be important to think about the new interiors in terms of the rest of the house as a whole particularly if you intend to sell within a reasonable time frame or you are definitely adding a loft conversion to increase your property’s value and go straight onto the market.
What immediate value can a loft conversion add to your daily life?
If you love your home and its location but are just desperate for more space, a loft conversion can add immeasurable benefit to your life as well as adding a monetary increase to your home’s current value. Even a low cost Velux loft conversion can significantly increase the value of your house.
- A loft conversion can supply that longed for extra accommodation meaning you can stay in the house that you love and have spent money on and improved until it is just the way you want it
- The extra space can transform family life and make it possible to work from home, a trend which will only increase after the Covid pandemic
- Staying put rather than moving will save you money against all those costs encountered on a house move – Solicitor’s fees, stamp duty, estate agent costs and removal expenses
- The additional accommodation might allow you to start a home business or create a dedicated space for an existing business that you have been running from the kitchen table or your garage
- Often overlooked, a loft conversion can free up other rooms on the ground or first floor and these can either be used to create a larger space or transformed for a different purpose. A rooftop cinema and media room may make your original lounge redundant and this can convert nicely into a home office or study, an extra ground floor bedroom, a grown-up room for the adults whilst the kids are upstairs or, even be knocked through to create a huge open plan kitchen and dining area
Planning a loft conversion to maximise value
When you plan out your loft conversion, pause a moment to consider the new accommodation in terms of the house as a whole. Are you just doubling up on accommodation that is already there? To add real value to your home, the new space must flow and complement what is already there. Bear in mind that if your dream has been for a rooftop kitchen and dining area that might not be shared by others when it comes to marketing your home – there is something cosy about having the kitchen as a central hub on the ground floor and some people could be put off it is not there.
A loft conversion offers the opportunity to get creative with interior design but your taste might not be the same as everyone else’s. It can be nice to use exposed timbers and sloping walls to create a modern and contemporary vibe in a traditional or period property but as with any type of home refurbishment and interior design, it is always better to try and avoid extremes.
When you are choosing your new loft interiors, try and balance these rooms with the rest of the house both in terms of functionality and style. It is always useful to make interior design something that can easily be altered by new occupants to suit their own tastes and requirements, not the case if you have fitted a new kitchen or bathroom to the loft and they had their heart set on a home gym or home office. Do you own a bungalow? Click here to see bungalow loft conversions costs.
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