WILL A LOFT CONVERSION ADD VALUE TO MY HOUSE / HOME - ESSEX LOFT CONVERSION
WILL A LOFT CONVERSION ADD VALUE TO MY HOUSE / HOME - ESSEX LOFT CONVERSION
IS A LOFT CONVERSION A GOOD INVESTMENT? WILL IT ADD VALUE TO MY HOME?
IS A LOFT CONVERSION A GOOD INVESTMENT? WILL IT ADD VALUE TO MY HOME?
A loft conversion can be an excellent investment for homeowners looking to add value to their homes. According to recent studies, a loft conversion can increase the value of a property by about 20%. In some cases, this percentage can be even higher, reaching up to 24.5% of the property's current value. This means that if your home is currently valued at £300,000, a loft conversion could potentially add £73,500 to its value. That's a significant increase and can make a substantial difference when it comes to selling your home.
The cost of a loft conversion can vary depending on factors such as roof structure and location. On average, the cost can range from £8,000 UPWARDS . While this may seem like a significant investment, it is important to consider the potential returns. Not every loft is suitable for conversion, so it is crucial to check specific elements like roof height and pitch before proceeding with the project.
One of the advantages of a loft conversion is that it generally does not require planning permission. However, building control inspection is necessary to ensure compliance with safety regulations. Homeowners need to consider factors such as fire safety, insulation, access, and overall aesthetics when planning a loft conversion.
In addition to adding value, a loft conversion can also provide extra space for growing households. This is especially relevant in areas like Chelmsford where the government has announced a new law allowing homeowners to add two storeys to their properties without planning permission starting from September. Even if homeowners are not eligible for this new law, they still have the potential to extend upwards through a loft conversion.
Another consideration for homeowners looking to add value through a loft conversion is the government's green investment package. This package provides grants for energy-saving projects such as loft insulation. By taking advantage of this program, homeowners can not only increase the value of their property but also make it more energy-efficient.
Before deciding to proceed with a loft conversion, homeowners should weigh the costs, structural considerations, and their space needs. It is essential to evaluate whether adding a third bedroom or extra living space will truly add value to the property. In some cases, it may be more cost-effective or practical to consider other options such as moving to a new property. However, for many homeowners, a well-executed loft conversion can be an excellent investment that adds significant value to their homes.