Does a Loft Conversion Add Value?
Have you bought a property and are now looking for ways to increase the value?
Maybe while looking for ways to achieve this, you’ve thought of converting your loft into a room or office.
But now you’re asking, ‘Will a loft conversion add value to my home? Is it really worth it?’
The answer is, yes, it will, and yes, it is.
Reports have shown that converting your loft can increase the value of your home by 13% of its original value and generate a return of 70% on the investment in the conversion, by producing an average profit of £16,480.
Some industry experts have also commented that a loft conversion could gift your home with an extra £40,000 in value if you were to spend £20,000 on the conversion.
What to do next
If that sounds good to you and you want to go ahead and convert your loft, the first thing you need to do is check whether you need any planning permission.
Often, you won’t require this, but there are still certain requirements a property must fulfil before you can push on with a loft conversion project.
You’ll need to call in an architect or a builder to check your loft for you.
If you share a wall with a neighbour, you’ll need to create a Party Wall Agreement. If you have bats in the loft — which are a protected species — then you may also have to get a licence before you can proceed with the conversion.
Once you have all the appropriate permissions, you can call in some loft conversion specialists for the project. The loft must meet building regulations approval.
What other home improvements can add value to your property?
A loft conversion is one of the best ways to add value, but there are other ways you can up your property’s value, too. Here are a couple of suggestions:
Build an extension
If you’ve bought your property as an investment, you may find it worthwhile to build an extension as well. This can yield a profit of just over £17,000 and generate a return on investment of 57%.
Consider making the room a bedroom. Fitting your house with an extra bedroom could boost the value of your home by as much as £22,000.
Refurbish your kitchen
Maybe you just wish to instil some fresh character into the home?
Think about refurbishing your kitchen. This is one of the most popular home improvements and could bump up your property’s value by 10%.
Kitchen refurbishments could trigger a return on investment in the work of 51% and bring in a profit of just over £9 000.
If you’re looking to bump up your property’s value and plan to make a loft conversion, home extension or property refurbishment your next move, check out our case studies and see some of the fantastic work we’ve done. Then contact us and find out more about how we can help you.We look forward to hearing from you.