Many people often sit in their homes and wonder if there was a way, they could add value to their home. In the majority of cases the answer is yes. As long as they have enough room around their houses there is the scope to add a room or maybe two rooms. This will undoubtedly add value to any home. However, there is a downside to extending into the existing garden space, as in some cases the lack of garden space may have a negative impact on the final value of the home. Also, some houses, such as terrace houses, may not have spare garden space to be used up. This is where loft conversions can offer a solution to the problem of encroaching into existing space.
The extra bonus of having a loft conversion.
An extra bonus to adding a loft conversion is you are using space that is already in the home, and probably not being used. Unlike conventional extensions, a loft conversion will not encroach into the surrounding garden area of the house.
Loft conversions are one of the best ways for both adding extra living space to a house, while at the same time adding considerable value to them.
Although I am unable to put an exact figure regarding the increase in the value, estimates vary that between twenty and twenty five percent could be added to the final sale price of a house.
However, there are some draw backs to building a loft conversion.
The most obvious one is the inconvenience of having the top of your house virtually removed while the conversion is being carried out.
Converting a loft is not a cheap option. Obviously, the cost of the work will depend on the size of the conversion and how elaborate the final extra area is.
Prices vary from around £10,000 for a small basic conversion up to £40,000 for a loft with a bathroom installed. These are just rule of the thumb prices and a more detailed estimate from a specialist loft conversion builder will give a more accurate price.
The value of a house should be taken into consideration before any decision is made. A small terrace house valued at £160,000 would not recover a cost of a £40,000 loft conversion, whereas a modest conversion of say £15,000 would show a profit of around £17,000 if the values increased by twenty percent. Obviously a £40,000 loft conversion would produce a very healthy increase in value on a house worth £350,000.
You must take expert advice.
So, the answer to the question if a loft conversion is the best way to add value to a home, is yes. As long as you take all the advice the experts will give you, and do not overspend on the budget you set yourself.
Remember the above figures are not accurate and there are quite a few considerations to be taken on board.
However, with a lot of careful planning, I can see no reason why a well thought out loft conversion would not be a way to add value to a house.