Advice on loft conversion.
How much value does a loft conversion add?
Asked on Jan 29 2014,
Home Improvement in New Malden |
There is no real hard and fast rule for what a loft conversion will add to your property in terms of value. While the general consensus is that they do add value, there are a number of factors that need to be considered in order to ascertain what it will add.
The first of these is price. Different lofts will cost varying prices to fix up, so you need to do your homework first. A basic conversion can cost as little as £10,000, but prices can start to escalate if you need to do things such as reinforcing the floor or replacing the roof, and you might need to spend between £25,000 and £40,000. Obviously this has a large impact on the value that is added to your home.
Another factor to take under consideration is the need for another room. This will be relevant to your area. Obviously if it's an area where there are many families moving to, then you can rest assured that the extra bedroom will be a winner in their eyes, and the likelihood of a price increase will be heightened. On the other hand, if it's an area where there are a lot of young couples, an added room might not be as much of a bonus.
You also need to think about what you are taking away. Lofts are useful storage spaces, and if your house is going to be bereft of space after you remove the loft as an option, this can also have an impact on the value added.
The best thing to do is to speak to an agent with a local knowledge and bring in a surveyor to test out the suitably of your loft for converting. With all of the above factors in mind, this should help you ascertain whether the work will add to your home in a satisfactory manner.
Answered on Jan 30 2014,
Thank you Scott that is really useful.
Answered on Jan 30 2014,
We often get asked the same question in regards to increasing a homes value through an extension.
We recently blogged on this topic and the key question to ask are "will there be a good balance of living to sleeping accommodation?" and "will the property be elevated into the next category of buyer?" For example, it is generally better to add a loft extension to a two bedroom cottage than it is to add a conservatory. This is because the three bedroom property will now appeal to the wider family market, whereas the two bedroom house with a conservatory will only appeal to its original two bedroom market.
We hope this helps.
Web reference: http://www.peterheron.co.uk/news/123/should-we-extend/
Answered on Feb 13 2014,
Just the other day I viewed a TV home improvement program which dealt with a loft conversion.
One of the cheaper options was to have a prefabricated loft built and delivered onto site. This also has the advantage of a completely brand new roof.
Answered on Mar 24 2014,
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