How Much Value Does A Loft Conversion Add?

4th August 2020 posted in SELLERS

It will come as no surprise that many people are looking to create more space at home. Adding a room or making more room of the space you have is a sensible move which offers short and long-term benefits for homeowners. If you are feeling cramped or you feel a lack of space is impacting on your household’s happiness, converting unused loft space is a great idea.

Of course, when you convert a loft into a living area or bedroom, you not only make more space for your loved ones, you add value to your property. For many property owners, this is important, and for some, it is the most vital aspect of homeownership.

Not all home improvements are the same

If you treat your home as an investment opportunity, adding space and value is crucial, and it is vital to know how much value you can add to your home. There are many ways to improve your home, but not all home improvements are the same.

Some home improvements make life more manageable, but they don’t add value over and above the cost of the work. Therefore, if your main focus is on adding value to your property, you need to know how much value does a loft conversion add.

Some homeowners can add more than 20% value to their home

A study carried out by Nationwide suggests a loft conversion, creating an additional bedroom with en-suite facilities, adds an average of 21% to the value of your home. This is an appealing figure, but you must consider the cost of the project, and the inconvenience the work causes. However, if you do the sums, and you find you have a good return on your investment, you can feel confident about the project.

If you are looking to create more space around the home, take the following steps:

Review all your options – Loft conversions are popular, but they aren’t the only way to extend the size of your home. Speak to experts in this field, and if you have any friends, family members or colleagues who have had similar work carried out, ask them for recommendations.

Check to see if you require planning permission – While most homeowners can undertake loft conversion without any concerns, some properties require planning permission. For your peace of mind, and minimising the risk of wasting a lot of time and money, check with your local authority to see if you need planning permission.

If you are going to convert your loft, decide what style of conversion is right for you – The current size and shape of your loft might influence what changes you can make at your home. However, if you have flexibility, you should review your options in converting your loft. Installing a dormer window in your new look loft is more expensive, but it looks more appealing, and it will add more value to your property.

Remember adding a loft conversion will take away some space – While a loft conversion project ultimately adds room to your property, it may remove storage space. This means you will either need to get rid of these items or find an additional storage space.

Other quick tips to consider when considering a loft conversion:

  • Get quotes from at least three contractors and seek out reviews
  • Draw up a budget, allowing for some overspend
  • Be realistic about the timeframe required for the work
  • Contact your insurers and inform them of the changes to your property, this is often a requirement of house insurance policies

In line with Government guidelines, our Baldock Branch has reopened and is again staffed with our experienced team.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email baldock@country-properties.co.uk  or ashwell@country-properties.co.uk.