Generally, homeowners seek to get their loft extended for two main reasons. The first is to increase the usable space in their property, which generally is cheaper than buying a new house with more space. The second is the hope that having a loft conversion could increase the price of the property if the homeowners is looking to raise extra funds to move to a new home/area, especially if an extra bedroom is installed.
How much value?
The question on everyone’s mind is how much value your loft conversion could add to your property. Of course, there is no hard fast rule that states if you add an extra bedroom or bathroom, the value of your house will increase by a set amount. Added to this, the complexity of where you are situated in the country. Loft conversions in London will added more value in pound terms compared to loft conversions in Burley for example. As a percentage a Burley loft conversion might add more value than a london loft conversion.
A study from the Nationwide Building Society calculated that a loft conversion could increase the value of your property by approximately 20%. This is based on the average house price in 2016 and includes the loft conversion being used as an extra bedroom with sufficient space and also has an ensuite. In reality, the amount will vary considerably on the use of the loft conversion, fitting and fixtures, finish, location and overall appeal of the area.
Is it guaranteed to add value?
The short answer is no. Although a loft conversion adds additional usable space to your property, there is no guarantee the value of your house will increase by more than you spend on the extension. Therefore it is also important to consider if the amount you are paying for your conversion is a realistic number to also add to the value of your property.
For those who aren't looking to sell the property, this should not be a concern.
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