How Much Value Does a Loft Conversion Add?
With more and more homeowners looking to make the most of their homes, loft conversions are still an ever popular choice for a variety of reasons. With limited outdoor space to build on, many are now building upwards to create stylish bedrooms, offices, or any other kind of living space you can imagine, flooded with gorgeous natural roof lighting. Ideal for those who want to upsize without the hassle of moving, a loft conversion offers you the freedom to develop your home in your own way.
A loft conversion can completely transform the look and feel of your space, not only by enhancing your home life now but substantially boosting the worth of your house, often by more than you may think. Loft conversions are regularly referred to as one of the top ways to increase the value of your home with a well-structured conversion possibly increasing between 10-20%. So, with all that being said, how much value can your loft conversion add to your home?
Table of Contents
- Costs to Build
- More Space, Bigger Profit?
- Why Not a Conservatory Instead?
- Appealing To The Buyer
- Work vs Outcome
Costs to Build
The first step will be considering how much your loft conversion will cost. There are a variety of choices when it comes to the construction of your loft conversion, all adding different amounts of space, therefore increasing your home’s value by varying amounts. The four main kinds of loft conversion are:
- Roof Light Loft Conversion
- Dormer Loft Conversion
- Hip-to-Gable Loft Conversion
- Mansard Loft Conversion
The cheapest kind of conversion is the roof light conversion running between £15,000 and £25,000 with the most expensive option sitting as the Mansard conversion pricing up around £40,000 to £70,000 on average. The difference in costs aligns with the amount of structural work and roof modifications needed which in turn reflects the amount of extra space you will be bringing to the room.
More Space, Bigger Profit?
Adding another room entirely to your home is sure to increase its value due to the addition of extra living space. According to a study by Nationwide, a loft conversion designed to provide an additional bedroom and bathroom can add up to an average of 21% value to a property. Based on the average home prices across the UK, this can mean adding anywhere from £20,000 to £75,000 to the value of a home.
The increased value to your home is often calculated by the extra square metres you are adding so with a project that adds 15-20 square metres to a property, it could increase value by between £61,185 and £81,580 depending on where you are in the country.
Why Not a Conservatory Instead?
When thinking about adding an extra room to a property, some may consider the option of a conservatory or extension built out into the garden space. Although adding an extra room this way can increase your home value to a degree, conservatories have been calculated to increase value by up to 5% which is considerably less than the possible increase of 20% that a loft conversion could bring.
Larger garden space is also seen as a premium sale point for homes, especially for buyers looking to increase their living space, so limiting your outdoor garden area can have a negative effect. A loft conversion can upsize your home without sacrificing any other space you already have. Whilst a conservatory for example, can add a comfortable place for relaxing in the home, a loft conversion is the more practical option for homing a bedroom or bathroom which are options that will give your home value that significant boost.
Expanding your home by building upwards instead of out not only offers enhanced value increase but is also more practical from the viewpoint of planning permission.
Appealing To The Buyer
New Audience of Buyers
In an area mainly populated by two bedroom homes for example, adding an extra living space can give you a very beneficial advantage when it comes to selling your home. For those in search of a bigger home in your specific area, your property may be much more appealing to buyers in comparison to other similar houses with less living space. By adding a bedroom and ensuite bathroom through a loft conversion, you can transform a two bedroom property into a family home which will open up a whole new audience of buyers.
Converting your loft space can also help to make your home more energy efficient which in turn can help manage the cost of energy bills. On average, up to 25% of the heat produced in our homes can escape through a roof that is not fitted with appropriate insulation. When converting your loft space, you can install correct insulation during the process to increase energy efficiency and reducing your carbon footprint. Not only does this help you with current bills but will also be more appealing to buyers in the future who want an energy efficient home.
The windows in a loft conversion don’t just bring gorgeous natural light into the space but are also fantastic for getting the best view in the home. From such a high point in your house, you can look further over the landscape to enjoy beautiful views, especially if you live in a scenic area but also for those in busier expanses as you are less likely to be constructed by neighbouring properties. This can be a potentially attractive selling point for buyers who want a relaxing atmosphere in their new home.
Multiple Use Space
As a loft conversion is separated from the rest of the house with a whole floor to itself, the living space offers multi-purpose use for a whole variety of room ideas. With a space that offers more open options, you can attract a wider variety of potential buyers since your home can be more accommodating to individual needs. Whether you have new parents looking for extra space for a child’s play room or busy workers in need of a home office, this additional space can open a much wider span of selling opportunities.
Work vs Outcome
Although a project such as this can seem intimidating and costly, converting your loft is not actually as frightening as some may think. Dependent on the type of loft conversion you are looking to construct, the timeframe of the conversion process can take as little as 4-5 weeks which put into perspective with the benefits the extra living space can bring, is seen as worth the time by many. In comparison to building a full extension, a loft conversion is a cheaper and more hassle-free process with the correct planning and preparation.
A loft conversion should not be overlooked as a minor project though, as it can require substantial alterations to your roofing structure and will need the correct planning and professional help to achieve high-quality results. However, the work you put in will present itself as enhanced value to both your current home lifestyle and increased selling opportunities in the future.
Like with any major construction project on your property, researching and evaluating the benefits a loft conversion can bring is the best way of deciding whether it is the right choice for you. A loft conversion not only gives your home more space but opens up the possibilities of your property to a wider audience and can give it the advantage over neighbouring homes in terms of selling.
If you have any more questions about how much value a loft conversion can add to your home, get in touch with our award winning customer service team. They can be reached via telephone on 01295 565 565 or the live chat on our website.