When it comes to adding value to a property there are many things you can do, from giving it a decorative facelift to installing a new kitchen. But, one way to drastically increase the value of the property is by adding a new room. Here’s how to figure out the real cost of making a loft conversion:
Will it be Cost-Effective?
Before you do anything else, it is important that you get a builder’s estimate for how much the job will cost. Then check with a local estate agent or surveyor to find out how much value this conversion would add to your house. If the two balance out or the value added is greater than the cost, then it makes lots of sense to make the conversion. But even if the cost is slightly more than the current added value it may still be worth doing as house prices are predicted to continue rising and having an extra room could be hugely beneficial.
Do You Need Planning Permission?
In 2008, the planning regulations changed meaning that many types of loft conversions no longer need planning approval. This can save you both time and money, as planning permission can cost around £1,000, take weeks for approval to be granted and even then it may not be accepted. If your conversion doesn’t raise the height of the roof, change the appearance of your existing building or add in a balcony or veranda then you most likely won’t need planning permission.
What Are the Building Costs?
This will depend largely on the builders, the materials and the amount of work that needs doing. If you don’t need to change the slope of your roof then this will be much cheaper than a conversion where you do. The average cost of a loft conversion in the UK is around £15,000-£30,000, although you may be able to reduce this overhead by taking on some of the work yourself. It is important to note that the type of conversion you choose will also affect the cost.
What Kinds of Conversions Are There?
Any of these options will help to give your home a better chance of selling than a non-converted space. Installing a storage space could be done in just a few days and cost just over £1,000, whereas a bedroom with en-suite could take up to 3 months to install and cost up to £40,000. Finding the right finance package for a larger venture is crucial to its profitability, using a development finance broker in order to get the best rates is extremely helpful here.
About the Author – Pure Commercial Finance is a team of expert brokers with industry leading knowledge across a wide range of loans and mortgages. If you’re after an independent development finance broker with all the right connections to ensure you get the best rates then talk to Pure Commercial Finance today!