For many homeowners, the idea of converting a loft or attic space seems practical, but the initial outlay puts them off of ever doing so. According to Trade Advisor, the cost of converting a loft tends to be between somewhere between £20,000 and £40,000, with the average conversion coming in at £32,000.
Certainly, this is a significant investment and not one to be taken lightly. Before carrying out a conversion, many things need to be taken into consideration, including this cost, the cost of decorating and the possibility of obtaining planning permission.
However, converting an attic into an extra bedroom, multiple bedrooms or a bedroom/bathroom combo offers more than just practical benefits and makes great financial sense for several reasons.
Expansion Over Relocation
One way in which converting a loft can make great financial sense is for expanding a house that is currently too small. Expanding families often look to move into a bigger house when all of their existing bedrooms are occupied, but loft conversion offers a viable, cost-effective alternative.
For instance, in London, many houses have as much as a quarter of their total floor space in the attic and much of this floor space is often completely unused. By converting a loft area into a useful extra bedroom, these families can remove the need to move house and therefore eliminate the related costs, such as solicitor fees and estate agent fees and avoid the risk involved in moving house in the current economic climate.
When removal costs and stamp duty are added, moving house in London may cost somewhere in the region of £100,000, whereas converting a loft into an extra bedroom is possible for a third of that price and is far more economic than adding extensions to the house or creating a basement.
Increased Property Value
In addition to the obvious practicalities, such as offering you a new usable area of the house, converting your loft makes sound financial sense if you are looking to sell the house in the future, or in the short term.
The mere presence of a converted loft in a home will significantly add to its value, especially if a bathroom is included in the loft space. Statistics show that loft conversions tend to increase the value off a house by 20 per cent and as an example, a £17,500 loft or attic conversion can add 20.9 per cent to the value of a house worth £162,000, making it a sound financial investment.
Put simply, a converted loft is the cheapest and easiest way to add value to a property, ahead of other common examples, such as installing a new kitchen. If you are looking to sell a house and want to get the highest price possible, loft conversions can be an extremely astute financial decision.
Whether you are looking to stay in your current home and expand it in order to suit your needs, or sell the property for the highest possible price, converting a loft makes great financial sense.
Attic conversions are economic compared to other expansion options, offer a far cheaper alternative to moving into a bigger house and will significantly add to the value of a property before it is placed onto the market.