Will a loft conversion add value to your property and if so, how much? Find out how to get the most value from your attic extension.
Are you planning on selling up, or making changes to your property to add extra living space? Whatever your motivation, it’s sensible to assess the impact of your plans before you begin. Home modifications can add or even detract value from your home - but how much potential does a loft conversion have to increase your asking price? Is extending your attic space a sensible move financially speaking?
Loft conversions are widely regarded as one of the top home improvements that will boost the value of your home. As long as it’s done correctly, then you could add thousands of pounds to your asking price should you decide to sell up. A recent study by Nationwide showed that an extension or loft conversion could add 23% to the value of your home, if this extra space creates a new double bedroom and en-suite bathroom.
To make sure your loft conversion adds as much value to your home as possible, here are a few useful tips to bear in mind before you get started.
Do you Need Planning Permission?
A loft conversion will only add value to your home if it comes with the relevant planning permission. You are allowed to add up to a specific volume allowance depending on your property type – whether you live in a terrace, semi-detached or detached building. Exceed this limitation, and you will require planning permission. Likewise, there are other restrictions in place – read more here.
Comply With Building Regulations
If your extended space does not comply with current regulations, then you will not add the value you may have been hoping for. The structure will need to be stable, have a clear fire escape and be reasonably sound-proofed. To ensure your structure complies, make sure you employ only a reputable builder.
How are you planning on accessing your loft space? If you your attic conversion will go via an existing bedroom, then this could impact the value added to your property. Instead, try to incorporate access in a communal area, so there is no intrusion of privacy.
Create A Unique Space
Loft conversions need not be boring. Think creatively about how your attic can provide your home with a space that is truly unique, yet functional. If you live in a small property, think about adding two extra rooms and a bathroom in the loft – giving growing children a sense of independence. Lofts have even been converted to recording studios – and whilst this isn’t necessarily the best route to add value in real terms, it can add value to your property as a home uniquely suited to you and your family.
If you live in a city, then loft conversions can be a great choice, too. Your loft can become a haven of relaxation with big windows, plenty of natural light and sound-proofing. From family homes in Primrose hill to landlords renting in West Hampstead, a loft conversion could add real financial and practical value to your property.
Attribute to: Duncan Cumming
Duncan has been writing for over five years. Although he has a marketing and sales background, he likes to write interesting articles about areas he has lived and worked in, including London.