Over the past year there has been a lot of uncertainty surrounding the property market, especially with increased stamp duty for landlords and the Brexit vote.
This has meant that many homeowners have decided to sit tight, and to improve rather than to move. This has resulted in a rise in the number of homeowners creating more space in their property by extending into the loft to create an additional room.
By completing a loft conversion, your home could increase in value by up to 15% and you won’t have to worry about moving costs, not to mention the stress of moving home.
If you decide a loft conversion is for you, there are some things that you need to consider:
- Get an accurate cost
The first thing you need to do is to get an accurate quote for the conversion, ensuring that it includes all expenses and any hidden costs.
- Consider the impact on your existing living space
If you have a loft conversion, you will need to consume some of your upstairs floor space for stairs. Consider where you will lose this space, for example if you will lose a bedroom to gain a bedroom, is it worth it?
- Can you add an en-suite?
By adding an en-suite bathroom to your loft conversion your property will not only be more practical to use, but it will be more attractive to future buyers.
- Storage space
How much storage space can you afford to lose? If you use your loft to store items that you can’t live without you will need to consider where they will go. Most of us use the loft to store items we aren’t sure what to do with. Try and clear out your loft and see what essential items you are left with. These could be moved to a garage or shed, or even an external storage facility. If you have a loft full of items you have no where else to put, it might not be the right time to extend.
Get expert advice as to whether your boiler could cope with the extra pressure needed to feed water and heating up to another floor in the home.
- How much headroom do you have?
You will need at least 2.3 metres of headroom for a conversion to work. You will also need enough floor space for a single or double bed and room, storage by way of built-in cupboards or bedroom furniture.
- Get advice on building regulations
It is essential that you get the right information on building regulations or you will not be able to sell your home as having an extra bedroom. You will need to consider fire regulations and ventilation guidelines.
Make sure that your quote includes soundproofing for the sake of those in the loft and also in the bedroom below.
- Can you afford to undertake the work?
Loft conversions can cost anything from £20,000 up to £50,000 and can add up to 10% or 15% on the value especially in city centres where space is at a premium.
If you do have a loft conversion, make sure you tell your mortgage lender as it could mean that you will have higher buildings insurance costs.
If you require advice or a quote for your loft conversion, contact us today and we’ll be happy to help.