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Although there are many reasons to consider a loft conversion, 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.
But will that lovely new loft conversion really add value to your home? So - should you move or improve?
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.
It is pretty much the same story with loft conversions.
A project that is well planned and executed will add value to your property and, according to research published by Egg (the Internet bank)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.”
Move or Improve - The Financial Angle
House too small? Should you move or improve your current property?
It used to be a no-brainer.
A growing family? Need room for a home business? What do you do?
You move. Simples.
Once your house becomes too small for your family or activities, simply sell it and buy a bigger property.
Like I said. It used to be a no-brainer.
Not any more.
Moving home is now a very expensive business. According to industry experts, taking into account legal fees, surveys, estate agents commission, removals, stamp duty and the 1001 other expenses you have – the cost of moving home can be anything up to £30,000.
Add to those expenses the substantially higher cost of trading up from, for example, a three-bedroom to a four-bedroom house (around £30,000) it is easier to see why many home-owners are now deciding to stay put and extend their current property.
And the best way to do that is to convert your loft.
Loft conversions are the best way to make use of what used to be wasted space in your home – and it can add considerably to the value of your property.
By building a loft conversion not only can a home-owner increase the living space in his property but he can also add up to 20% to the value of that property.
Obviously there are other home extensions that can be built; a conservatory, a kitchen extension or even a garage conversion. But it is loft conversions that have consistently proved to be not only popular with homeowners but, just as importantly, with home buyers as well.
When you convert your loft you literally add a new dimension to the property and the versatility of adding a room to the previously wasted roof space shouldn’t be underestimated.
That place previously only used for storing long forgotten clutter can be turned into a luxurious bedroom or comfortably living space. You can even shove the kids out of sight into their own specially designed loft playroom.
The possibilities are endless which is why the question ‘should we move or improve’? No longer has to result in a trip to the estate agents.
What About The Money?
It varies. Regionally there are big differences in loft conversion prices and in how much cash a loft extension will add to the value of a home if it is later sold after you convert your loft.
Unsurprisingly, the biggest gain is seen in London but the same pattern applies to the entire country.
It should be remembered though that the figures banded about by this research are not set in stone and inevitably there will be some generalisations and anomalies but the bottom line is that, according to the research by Egg, by choosing to convert your loft you will to the value of your home.
And it just keeps on getting better.
Other figures 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.
For more info see the related pages below