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Convert Your Loft And Add Value To Your HomeAlthough there are many reasons to covert your loft, adding more space being number one on the list, many homeowners are motivated by the possibility of adding value to their property as an investment for the future. The short answer is yes. And no. As with every home improvement project, be it a new kitchen, conservatory or decking in the garden, if the project is badly planned, poorly executed or simply costs too much then it is unlikely to add any real value to your home. A new kitchen with cracked tiles, miss-matched units and a dishwasher that crunches plates instead of cleaning them will not add any value to your home. It will, however, get you a divorce and possibly some permanent physical damage. Same story with a loft conversion. A project that is well planned and executed will add value to your property and, according to research published by Egg at the end of 2004, a loft conversion can add up to fours times more value than new kitchens or bedrooms.
Tell Me More.
Certainly. Without trying too sound to much like Family Fortunes on TV - when asked which improvements they would carry out first to add value to their property the homeowners surveyed for the research said: 1) New kitchen 2) New bathroom 3) A conservatory 4) Redecorate living rooms and bedrooms 4) Add a room via an extension A loft conversion trailed in at sixth place. But. When the same question was posed to estate agents their top five responses were: 1) Loft conversion 2) Add a room via an extension 3) A conservatory 4) New windows 5) New kitchen An Egg spokesmen confirmed the estate agents opinion by saying, “In many cases homeowners justify a desirable new kitchen or bathroom to themselves as they think it will increase the value of their home. “However, in reality improving durable fixtures and fittings adds considerably less value than loft conversions that ultimately increase a property’s living area.”
It varies. Regionally there are big differences in how much cash a loft extension will add to the value of a home if it is later sold. Unsurprisingly, the biggest gain is seen in London with over £25,000 being added to a property’s worth. But, in parts of the midlands, that figure comes down to around £9,000. And it just keeps on getting better. Figures released in July 2006 show that a loft conversion which incorporates a bedroom and bathroom can add up to 20% to the value of your home with even basic conversions sending the value of a property rocketing. Literally through the roof. Another good reason to finally make up your mind and start planning for that loft conversion you have always wanted.
Still not sure if should convert your loft or move? Click here
or Related Articles: A Hip-To-Gable Loft Conversion
A Bungalow Loft Conversion
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