Do loft conversions add value to your property?
You’ll often find it suggested in lists titled ‘top 10 ways to add value to your home’ but just how much value can a loft conversion really add?
Research carried out by Nationwide Building Society in 2016 found that a home extension or a loft conversion could increase your property’s worth by 22%. This can equate to a staggering £42,700, which, on top of your home’s current value, could turn out to be an incredibly worthwhile investment.
Homeowners generally tend to settle for a loft conversion that incorporates either one or two bedrooms, boosting floor space and thus allowing your home to rise further up on the property ladder. An extra, decent-sized bedroom might add 10% to the overall value of a terraced property or 13% to a semi-detached property if you’re upgrading from two to three bedrooms.
Alternatively, if you have the available space (and necessary planning permission, of course) to upgrade from three bedrooms to four, you could see a rise of 10% in a terraced home, 9% in a semi-detached house, and 9% in a detached home.
In short, the answer is yes. A professional, high-quality loft conversion can undoubtedly increase the value of your home regardless of the type of property it is. Ultimately, of course, the decision to undergo a loft conversion will be dependent on how much time and money you’re willing to invest.