Loft conversions are an increasingly popular kind of home improvement. In a difficult and unpredictable housing market moving is something that people might not want to consider yet they might still want more space. Converting a loft in your home can free up what is essentially dead space and make use of an area that is already available with a little work.
Another reason that converting a loft is a popular kind of home improvement is to add value to a home. No matter how you use a loft conversion; for an office or a den, many other people will see it as an additional bedroom if they needed it; a spare room or for a children’s room. A house with an additional bedroom brings your home up a notch to the next band of pricing, and information from Nationwide has shown that a loft conversion giving an additional potential bedroom can add around 11% to the price of a house.
If you are trying to decide whether a loft conversion is an investment worth making, you should consider a number of options. Firstly, do you need it for now? Even the potential for a loft conversion can add value to a home and so it needn’t necessarily be you that could carry out the work. Also, how much work needs doing for a loft conversion to be viable.
If you plan for a loft conversion to add around 10% to the value of your home then you need to make sure that you wouldn’t be spending over that for it to be cost effective. The cost will be determined by the amount of structural work such as stairs, the kind of conversion and also the age of a building. If your building is listed it may not even be possible to have the kind of conversion you want and so this should also be taken into account.
Last of all, can you afford to spend the money right now? Regardless of how much the conversion will add to the price of your home, if you are going to need a loan where the interest will be expensive, you should factor this into the cost of the loft conversion overall.