It could be your family is about to expand and you need room for a nursery. Or, just when you thought you had an empty nest, your so called ‘boomerang generation’ adult children are returning home. Or, it could be that the business you run from home has outgrown the kitchen table. Either way, you need more space in your home. Below, we will discuss why now is the perfect time to build a loft conversion and how you can double your money doing it.
The Cost Of Moving
The answer used to be simple: just move to a bigger house. These days, unfortunately, it’s not that straight forward and generally it’s the huge costs involved that are putting people off. Recent research by Lloyds Bank found that the average cost to move house in 2018 is over £12,000. And that’s just the national average. With London house prices as high as they are, the true cost of moving in this part of the country can be as much as £33,000!
The lack of affordable suitable properties on the market is another big put off when it comes to considering moving for more space in and around London. The average house price in Romford, Greater London (as an example) is £360,000 for a terrace, and just over £400k for a semi-detached property. To gain an extra bedroom would mean a jump to a bigger house, with a typical 4-bed detached costing on average £533,000. Then take into account fees and stamp duty, and you will be looking at costs of over £25,000. Moving house to gain a bit more space (i.e. a bedroom) could potentially cost you as much as £200,000.
With this in mind, more and more people are looking to see how they can maximise their current living space, and are spending their hard-earned money investing in improving and extending the home they already have.
So, Why A Loft Conversion?
Firstly, deciding on how exactly you create more space will depend on the size and shape of your home. But if you are looking for the most cost-effective way to gain another room, the easy answer is to go up – into the loft. So much so, TV Property Expert, Phil Spencer (from Channel 4’s Location, Location, Location) recently rated a loft conversion as his number 1 way to boost the value of your property. Spencer told The Telegraph ‘Done right, spending £20,000 on a loft conversion could add £40,000 to the value of your home’. The exact cost of a loft conversion depends on many factors, so will be individual to each property. But it will, without doubt, be money well spent.
Secondly, a loft conversion won’t come with the stress and disruption involved in moving, or of having a traditional extension built. A decent loft build shouldn’t interfere with your daily life at all. Concept Lofts pride themselves on this, and, other than the initial setting up of scaffolding and the final work to your new loft stairs, you won’t even notice they are there. With traditional building work, the impact to your family life can be huge – having most of your home out of bounds for months on end isn’t uncommon.
Did You Know There Are 6 Types Of Loft Conversions?
In terms of the detail, you will want to make sure you get the best loft conversion layout and will probably have questions about the stairs. Everyone has questions about the stairs! And yes, there really are 6 different types of loft conversions, you can see them all here.
Which type of loft extension you choose will, again, be dictated by the shape and size of your home. Concept Lofts will arrange a visit to your home and carry out a survey of the first floor and loft space. This will provide all the dimensions needed to design you a proposed loft room floor plan, which will then be yours to keep, for free. Concept Lofts will also ensure you have all the necessary building certificates before work is commenced. Because, while you don’t need regular planning permission, there are documents that are required to prove your conversion is lawful, should you ever decide to move.
Keep your money where it belongs.
Finally, choosing to have any work done on your home is a big decision. Spending money, especially in these uncertain times, is also a big decision. One thing is certain though, while house prices may fall in the coming months, they always go back up – and any work done to add value to your home, can never be taken away. Handing over tens of thousands to move house, just to gain a bit more space, is money you will certainly never see again.
You can contact the team at info@conceptlofts.co.uk or call 020 3674 5284 to find out more about how we can help you plan your loft extension.
“Homeowners in London are 5x more likely to extend their home than move”- a report published by insurer Hiscox has found, with loft conversions being one of the most popular choices.
According to the Financial Times (April 2018) …’the insurer surveyed estate agents to find by how much a particular type of home improvement would raise the value of a property. Hiscox said extensions leading to the addition of a bedroom were the most lucrative, adding an average 11.2 per cent’
