When you are deciding whether to invest in a loft conversion you will most likely wonder if you will get a return on your investment when you sell your property. Currently, with the housing market at an all-time high, many homeowners are thinking of renovating rather than selling and buying a new property. Typically, a loft conversion will double whatever amount of money you put into it, however there are lots of variables which dictate exactly how much money you can make from your loft conversion when you sell your house.
It is important to remember that there is no direct answer to this question either, it is always best to speak to the surveyor who quotes for your loft conversion and take you conversion plans to a local estate agent. Recently, Nationwide released data which revealed that on average a loft conversion adds 21% of the original house price to the property. For London properties it is expected to be higher than 21%. This demonstrates that for most homeowners, a loft conversion can be a great home investment that will be returned to you when you eventually sell your property.
One of the biggest variables that will limit how much money your loft conversion will add to your property, is the location of your home. It is more desirable to gain an extra bedroom and bathroom for homes in the city centre, or outskirts of London, than in the middle of the countryside. More rural properties find that a home extension has a better return on investment than a loft conversion. If your property is based in a conservation area, you may find that it adds much more value to your property, as it is much more difficult to build a loft conversion in a conservation area or heritage site.
Another variable is the size of the loft conversion. If you are only converting a small space into a living area, without increasing the amount of headroom or extending your property with a rear dormer for example, it will add less than a full reconstruction. The more liveable space you can create with your loft conversion the better, especially for London properties. If you have a loft extension which doesn’t maximise the amount of loft space to your property, you could lessen the interest in your property as new owners may not want to consider a bigger loft conversion on a property already with a loft conversion.
You will need to ensure that any work you have completed on your property is signed off by building control too, as if not, it will not add to the floorplan of your home. It is only through adding to the floorplan of your home that you will see real return on your investments into your property and capitalise on this when you sell.