How Much Value Does A Loft Conversion Add?
When it comes to figuring out how to add value to your home, you may be considering a loft conversion. Among other things, a loft conversion can add considerable value to the house, and it’s regularly considered to be one of the top ten ways to tack on those pound signs to your house value. The potential gains for your home are huge, and with a simple loft conversion you can make a piece of your home a modern, usable and valuable space to be. So, do loft conversions add value to a house?
The answer is absolutely! Homeowners could add as much as £100,000 to the value of their home, sometimes even more than that. Extensions to the side of the home and beneath the home are not as valuable as building upward with a loft conversion, and it’s something a lot of homeowners in the UK are figuring out. Those in London and other busy cities are also seeing the value of adding a loft conversion to their home, as with land space so tight, building upward is the best way to add value!
Of course, not all loft conversions are going to add so much in value. The total amount of value added depends on where you are based. For example, a loft conversion value increase of £35,000+ is common in the North East of England, but if you are close to the capital or the South East, where there are links to the city, you can add as much as £100,000 to your home value. Homes in the capital itself can add as much as £200,000 – space is at a premium here, so it makes sense.
What Do You Need To Add A Loft Conversion To Your Home To Improve Value?
So, you’re ready to take the plunge with your loft conversion? Below, we’ve got a list of some of the things that you need to add a loft conversion to your house to improve its value. Let’s take a look:
- Start by assessing your property and decide whether a loft conversion is the best way to add value to your house. Some people decide to dig down and create a basement instead of an extension at the top of the house. Weighing up the costs in this moment is important, as well as whether the costs are worth the added value – which in most cases, it is!
- Seek out advice about planning permission. You may own the house and the land, but it doesn’t mean that you can go ahead and build without permission from the local council. Check out the local borough’s website planning page. If you’re living in a conservation area, you’re going to need permission to plan a new loft conversion. You won’t need it all the time, but it’s smarter to check than be asked to have it torn down again.
- Next, you should assess the type of loft conversion you want. Some loft conversions incorporate dormer windows and those are far more expensive than other loft conversion types. The loft conversions that have dormer windows added do add a significant amount of value to your property, too.
- Don’t forget that this change will remove existing storage space, as you replace that space with a bedroom, an added den or even a bathroom.
- Always talk to more than one contractor. It’s nice to get a great rapport with a local contractor but it’s not going to help you if you know that you can get the same level of work for less money. Getting more than one quote will allow you the chance to review contractors and check who the best is in the area.
- You should always budget for more than you are quoted by around 10%. Some issues pop up during the conversion and a back-up budget means that you won’t be left out of pocket.
- How do you plan to use your new loft conversion? If you want to add a bedroom, an en-suite is going to complement it nicely. You don’t want to have anyone walking down stairs during the night to use the bathroom, right?
- Be realistic about how long you could potentially be living in a building site. Loft conversions are relatively low in their disruption, but it’s still not an ideal situation to be in. Understand how long it’ll take before you agree to go ahead.
- Lastly, ensure that you have spoken to your insurers if you have added an extra bedroom to the property. It’s a standard thing to do and the best conversions add extra living spaces and value to the home.
Loft Conversion Value Increase
You can add around 20% to the value of your home with a loft conversion. This is a significant increase and it’s an exciting one, too! Not only do you get the benefit of added space, you get to add more value to your home than you expected. Do some research into the current added value possibilities in your area and you can have a great idea of what your new loft conversion would mean for your home. Remember that your potential for adding huge value increases depending on where you live and how you plan to use your loft conversion. Make a list of how you could use your brand new space, and have an idea of what you want in your mind before you contact contractors.
Adding to your house value is even better when you choose to go with the loft rather than the basement, but if you need extra assistance with your new loft conversion, contact Create Room today for more information.
As a unique construction company, we can offer you a range of conversion solutions to suit your home. Still stuck on what to choose? Give us a call on 01277 363030 today – let our friendly and professional team guide you through everything you need for a successful loft conversion.