Many homeowners in the UK look for cost-effective options when deciding on home improvement projects. A loft conversion is one of the most cost-effective options for homeowners to maximize the indoor space and increase their home value.
The question is: How much value does a loft conversion add to your home? Should you carry out such a project? Is it worth your investment? In today’s article, we will answer these questions to help you make informed decisions. Read on!
Loft Conversion and Home Value
How much value a loft conversion adds to your home depends on various factors, such as the location, property type, home condition, type of loft conversion, etc. For example, if you have a three-bedroom home worth 400,000 pounds, and the price of a four-bedroom house in your local area is 430,000 pounds, a loft conversion project won’t add much to your home value.
On the other hand, if you live in a two-bedroom house with most of the houses in your local area have three, four, or more bedrooms, in that case, your loft conversion project can increase your home resale value and attract potential buyers. The value a loft conversion adds to a home varies from location to location in the UK.
However, a growing body of research evidence and reports show that a loft conversion project for a two-bedroom home can increase your home value by 20%. The average price of a house in the UK is between 231,000 and 232,000 pounds. It means the average home value added by a loft conversion is between 45,000 and 46,000 pounds.
Bear in mind that whilst a loft conversion increases your home value, how much largely depends on your property’s location. For instance, research shows that a two-bedroom house in London has an increased value of 24.5%, which is more than the average value for homes in the UK.
The average price of a house in London ranges between 476,000 and 480,000 pounds, and a loft conversion project can add a value of more than 116,000 pounds. On the other hand, a loft conversion adds around 38,000 pounds for a house in the northeast and 199,700 pounds in central London.
Loft Conversion Factors That Affect Your Home Value
Your home value resulting from a loft conversion project depends on various factors, including the roof structure, type of houses, such as detached, semi-detached, or terraced, type of conversion, the amount of space available, the quality of staircase, and location. For example, a loft conversion project can increase your home value if you live closer to London.
The average total cost for a loft conversion project in the UK is between 12,500 and 20,000 pounds. However, you will have to pay between 25,000 and 30,000 pounds if you live in London or any other big city in the UK and want to add dormer and roof windows to your loft. It is crucial to hire a professional contractor for the correct loft estimations. The purpose is to generate higher returns on investments (ROIs).
Final Words
If you want to improve your home, consider a loft conversion project to enhance your indoor space and take advantage of the extra space. For instance, you can use a loft for various reasons, such as a bedroom, playroom, or study room. Hiring a professional loft conversion contractor or company is essential because they know how to get the job done accurately, increasing home value and ROIs.