Recent research has shown that by converting a loft space, your house value can increase by as much as 20%. In areas where average house prices are high, this increase can amount to a considerable sum.
A loft conversion is appealing as it makes use of ‘unused’ space to create an extra room, rather than eating into an outside area in the way of typical extensions. It often costs less per square metre to convert a loft rather than build a conventional extension, as much of the structure you need is already in place.
Most loft conversions can be carried out without planning permission as long as they don’t exceed a certain size (40 cubic metres for a terrace or 50 cubic metres for a detached house) or they have not been designed to protrude too much from the existing roof.
As well as creating the extra space and adding value, a loft conversion can even make your home more energy efficient. All that extra insulation can help bring down the cost of your utility bills.
Ask yourself the following questions before signing off on your loft conversion plans:
There are certain features in our homes such as garages or porches, that have solid research behind them, which tells us about the overall value they add to a place, but it can be difficult to assess less common features when deciding whether they're worth the investment. As a homeowner, it can be easy to decide whether a renovation is worth it because personal value for the project comes into play. However, as a real estate investor or landlord, you must consider how much value the project will ultimately add to your property and whether the cost is worth the investment. Take a look at whether a loft conversion is worth it in the long run.
The average cost to convert a loft is £35,000, but that can climb upwards of £50,000 depending on the size, whether you're including a bathroom, and other finishing details such as access to the space and general quality of the build. You'll need to hire an architect to ensure that the design is structurally sound and functional. Renovation components will include all of the standard addition items, such as framing, drywall, flooring, etc., but you'll also need to consider the possibility of finishing, raising, or lowering the ceiling and adding a finished staircase to access the room.
Renovating a loft can quickly add up to a major expense for your latest investment, which may lead you to question whether it's worth it. According to statistics, if a loft conversion is done well - and especially if you are converting it into a bedroom or a bathroom - it could provide a 50% to 75% return on investment. Adding an ensuite bedroom and bathroom does cost about twice as much as simply enclosing the space into a room that could be used as a home office or storage space, but you are essentially adding a room count to your investment. Your two-bedroom, one-bath home can now be considered a three-bedroom, two-bath, adding a lot of value to its sale potential or rental desirability.
It is important to consult not only a licensed architect and contractor to create a functional space but also your local realtor to determine whether the market demand is there. Keep in mind that loft conversions are usually, but not always, smaller spaces, so demand in urban settings will probably be higher since space is already at a premium. A loft conversion is likely only worth the investment if done appropriately, but ultimately, you will need to do market research to ensure your investment is worth the returns.
If you do decide that you can’t face a large building project, then it might make sense to look at upgrading to a bigger property. It may also be the best solution if your property isn’t suitable in any way or if you don’t expect to stay in the property for over a couple more years. If you won’t get to benefit from the extension for long, then it can be hard to justify the significant financial investment and the upheaval involved while the works are taking place.
Taking a step up the property ladder in order to gain the desired extra space, can be more than worth it, even if you are staying in the local area. We would be happy to provide you with a no-obligation valuation on your property and advise you what homes like yours have recently sold for.
Having our finger on the pulse of local market conditions, we can advise that there is currently plenty of movement in the housing market, as those who have been stalling due to the ongoing Brexit negotiations, seem to be finally making a move. There are, of course, costs (such as solicitor’s fees and stamp duty) involved with moving that need to be weighed up against the cost of carrying out a loft conversion. You may also need to extend your mortgage, so you will need to find out if your current one is portable and what the rates would be if you need to borrow more. With our local knowledge, we’d be happy to point you in the direction of recommended solicitors and independent financial advisors.
We dedicate all of our time and effort to completing the project in 5-7 weeks. The designers and architects are world-class, highly educated professionals who are familiar with the process of turning a dream into a reality. They know how to use the most up-to-date tools to show you what your home will look like and how it will be designed. They plan the work so efficiently that we can proudly boast about our on-time delivery. No details are missed by them and they take into consideration the budget like their life depends upon it. Our team is incorporated with experienced and well-qualified members who always determine to work towards 100% client's satisfaction.
Our inspector will first visit your home and then will guide you through all the pros and cons of the process. This way we will eliminate any chance of surprises on the way. He will even help you decide what type of loft conversion is best suitable for your house's structure and what will be the most efficient cost-wise. Our team is skilled at creating the least amount of damage to your life and that of your neighbors. We understand your vision and requirements before beginning any work and work in accordance with them. We also make every effort to keep all interaction and job honest in order to prevent any misapprehensions. We understand that loft conversion is a huge step and makes a significant change in your property, so it needs to take care, precisely.
Looking to have a conversion in Stratford? Contact us today to discuss your idea..
Hip to Gable Loft Conversion extends your house on the sloping side by replacing the roof with a vertical wall called the Gable. This gives maximum internal head height and floor space. Hip to Gable loft conversions are ideal for Stratford homeowners with semi-detached, end of terraced, bungalows or detached properties. We provide full planning, design to build service.
Dormer Loft Conversion is the most popular type of Loft Conversion undertaken by Stratford homeowners. This is simply the extension of the existing roof vertically that allows extra additional floor space and headroom. There are height requirements of at least two metres or higher, with no need for planning permission in many cases.
Velux or Roof Light Loft Conversion is the simplest and economical of all Loft Conversions in Stratford. The roof of your house remains unchanged, we only install attractive Velux windows that bring in plenty of natural light. As the roof structure remains intact, no planning is required. Velux Loft Conversions require considerably less construction work compared to the others and are less disruptive too.