Wondering how much value can a loft conversion add to your property? If so, we’ve got you covered!
When it comes to planning certain home improvements, the best options are those that add more value without exceeding your budget. The most cost-effective options should be the ones that tend to increase your floor space for the lowest price. For this reason, a majority of smart homeowners plan for converting their loft in order to increase their living space.
But the question arises here is how much value do the loft conversions add? And is it a good idea to convert a loft? In this guide, we will discuss all of these questions!
How much value does a loft conversion add to your house?
Generally, the value of loft conversion depends upon certain factors like the type of property, size, location etc. Also, every type of house has a price ceiling which is the maximum price it can sell for the type of property and the given location. For example, if your 3-bedroom house is worth £400,000 and the price of a 4-bedroom house in your area is £450,000, you’ll notice that there will be little or no increase in the value for adding anything such as loft conversion. Similarly, if you’re living in a 2-bedroom house but your area has mostly 3 or 4 bedroom houses, you need to plan for loft conversions in order to make your house appealing and to attract more buyers.
Now, coming to the answer to the question, do loft conversions add value? Well, yes!
According to the builders North London, a basic loft conversion involving a double bedroom and a bathroom can result in about a 20% increase in the value of a 3-bedroom and 1-bathroom house.
If we specifically focus on the properties in the London area, adding a loft conversion incorporating a 2 bedroom house can result in adding around 25% to the original value. According to several reports, the average price of a 2-bedroom house is around £476,000, this indicates an increased value of around £115,000.
How much does a loft conversion cost?
Just like any other kind of home improvement plan, the cost loft conversion depends upon many factors. Some of these are as follows :
• The type of your house (detached, semi-detached or terraced)
• Total available space
• The structure of your roof
• Type of conversion you’re looking for
• Number of floors
• Any alterations in the staircase
• Location of your house (usually the cost is higher for the houses near London)
According to the survey, the average cost of a basic loft conversion incorporating a bedroom falls around £12,500 to £20,000. This amount further increases to £30,000 for a room with an ensuite, dormer and windows. Moreover, expect to pay £15,000 extra if you live in the London area.
Last but not the least, if your house needs any other structural work such as raising or lowering the floor, the amount can get increased significantly. So, before selecting the construction company, get at least 3-4 quotes to get the best deal.