Do Loft Conversions Add Value To Your Houses?
Generally, the most cost-effective ways to improve your home involve increasing your available floor space. This is why many homeowners convert their lofts into extra bedrooms, turning unused storage space into living space. The question is, how much value will a loft conversion add? Would it be worth the effort? What would be the better approach if you wanted to boost the value of your property by converting the loft or by simply selling now? Check out our detailed guide before making a decision.
How much value could a loft conversion add to your house?
Several factors will influence the added value of your loft conversion. Price ceilings are set with respect to property type and location (the most realistic amount home can realistically be sold for). The average three-bedroom house in your area can sell for up to £320,000 for a four-bedroom home, which means that you would see no increase in value with anything other than the most basic of loft conversions. In the same way, your house may need a loft conversion if it currently has only two bedrooms, while the majority of houses nearby have three or four.
A number of studies have examined whether a loft conversion adds value.”. In Nationwide’s opinion, a loft conversion adding a double bedroom and bathroom could boost a three-bedroom house by around 20%. In January 2020, the average UK house price was £231,185, representing a value increase of almost £46,000 over the previous year.
We conducted a study focusing on UK properties, finding that a loft conversion could boost properties’ value by 24.5%. On average, the house price in the city is £476,200 based on current figures – this would equate to a value increase of over £116,000 if applied to these studies. You might see an increase of between £30,000 and £40,000 if you’re looking at a house worth £200,000.
- So by concluding our discussion, it is clear that if you can afford the price and hassle of a loft conversion, then there is no better way to add value to your property because it can increase the significance of your property to a significant extent.