How To Increase Your Homes Value With A Loft Conversion
Loft conversions are one of the easiest, quickest ways to add value to your property both functionally, and financially. If you’re still undecided about whether or not a loft conversion is right for you, read on to find out more about them and how they can help you boost the worth of your home:
What Is A Loft Conversion?
A loft conversion is the process of converting existing space within your loft (between the highest ceiling in your home and the roof) into a usable, functional room.
There are lots of different types of loft conversions available, depending on your preference, budget, and the suitability of your home. From something simple like a skylight conversion (Velux conversion), to a roomy L-shaped conversion, there’s a loft conversion to suit most property types.
Key Benefits Of A Loft Conversion:
- Increased functional living space
- Energy efficient
- Often quicker than having a house extension built
- Functional space can be used for various purposes
- Often Planning Permission is not required
- Access to new views around the property
- A wide range of styles are available
- Adds value to your home
- No need to sacrifice garden space/ suitable for homes without a garden
How Does A Loft Conversion Add Value To Your Home?
A loft conversion adds functional value to a home by providing extra space to use as a home office, creative studio, nursery, hangout space, bedroom and more.
A loft conversion adds financial value to your home by adding extra usable, functional space that buyers will pay more for. From a resale point of view, buyers will pay, for example, around £80,000 more to buy a four bed home in London, compared to a three bed home. Of course, those figures aren’t the same for every house, but realistically you can expect a lot more on your asking price when you list an additional bedroom on your property, regardless of your location.
You can get an idea of the potential increase in value for your home with an extra bedroom by asking a trusted local loft conversion company, and/ or your local estate agency.
In addition to the extra living space a loft conversion creates, it also preserves the garden space, which adds extra value too. Gardens have always been assets, but in the pandemic, we all spent a lot of time making the most of our own private patch of the outdoors. Post-pandemic, that hasn’t been forgotten, so they’re still very much something to be treasured and that is reflected in the extra value they add to a property.
Financially, whilst there isn’t a tangible value to garden space in general, many buyers will be attracted to a house because of the garden, and are likely to be willing to pay more for that outdoor space.
This is with the exception of London, where the value of a garden is often tangible, with one property expert suggesting London home gardens have a value of around £200 per square foot. It’s not such a big surprise, considering that one in five London homes have no garden, compared to one in eight across the rest of the UK. People want to hold onto that outdoor space, and if you can do so and still add more living space to your home with a loft conversion, why wouldn’t you?
Lastly, it’s worth considering the rental value of extra space in a home in London. You can rent a room out in London for around £700 a month, or if you want to try using Airbnb, around £100 pounds for a private room rental per night. With this approach,your loft conversion could literally help you stay afloat during the cost of living crisis, and hopefully give you some spare cash for other things too.
Different Types Of Loft Conversion
Different types of loft conversion are available to choose from, with many being suitable for building without any Planning Permission (your loft conversion company can advise you on this). Choosing the right option will help ensure you’re getting maximum value from your investment.
The main types of loft conversion are:
Dormer – A box shaped conversion with a flat roof that often creates space for one room and an en-suite, suitable for most types of UK houses, often allowed under Permitted Development only
Hip To Gable – Ideally suited to end-of-terrace or detached homes as they fit to the end of the roof and is combined with rear dormer, also suitable for bungalows
L-Shaped – Offers a vast amount of space where multiple rooms can be created, a great option if you want to create a self-sustainable rental space/ living space
Mansard – Often ideally suited to older homes, provides a lot of headroom because the slanted roof is switched for near vertical walls, which are also perfect for letting the natural light flow in
Skylight/ Velux – Commonly the most budget-friendly loft conversion type as you don’t change the existing loft space in terms of its shape, but rather, reinforce the floor insulate, add stairs and add windows. Often a great option if you’re in an area that is protected in regards to conservation
Why A Loft Conversion And Not An Extension?
Loft conversions have many benefits that make them a more popular choice than extensions, including:
- No need to take any garden square footage to build, as you would with an extension
- Extensions tend to take longer to build as foundations have to be built
- Extensions tend to cause more disruption to the house and surrounding properties because of building work
- Loft conversions can be allowed more often than extensions, when it comes to Planning Permission
- Loft conversions can often be less costly than an extension
As a home improvement option, loft conversions tend to be much more straight-forward, affordable and quick, compared to extensions. With the right conversion type, you can also often get just as much extra space as you would with an extension. It’s certainly worth discussing the possibilities with a qualified loft conversion company, as most people are surprised as to what can be created from what seems like a small amount of roof space.
Protect Your Investment By Choosing A Great Loft Conversion Company
If you do choose to invest in a loft conversion, make sure you protect that investment by choosing a qualified, trusted loft conversion company to do the work. They will be able to help you understand all your options, the potential costs and paperwork involved, and the potential functional and financial value you’ll get when work is completed.
Hopefully, with the right decision made and with the right loft conversion company, you’ll see a rise in the resale value of your house straight away, all whilst enjoying the beautifully converted space with your family day to day.
You May Also Enjoy
Letting Agency Owners: Are You the Bottleneck in Your Business?
Latest developments in Renters’ Rights Bill: What landlords need to know
What Will Commonhold Mean for Property Managers?
Think You Know Mortgages? These 5 Myths Could Be Costing You Money
Just 17% of homes selling for more than £500k
