Converting a Loft to add value to your property

Converting a loft = adding value?

 

Converting a loft is one of the most useful ways to add value to your property, especially in areas such London where space is at a premium. However you could be wasting your money if you don’t get it right.

 

How Much Value Will It Add?

 

Research shows that adding a bedroom and bathroom by way of a loft conversion can add up to 20% to property value if you get it right.

According to BBC, average house price in Greater London was £260,764 in June 2009. In addition, Nationwide research showed that adding space to convert a two-bed into a three-bed in London adds an average 13.6 per cent to the value of a property. Although these numbers are very general, let’s take them as an example to see how much the property would be worth it after converting a loft.

 

• Average house price in Greater London £260.764

• Average added value in London 13.6%

• Average loft conversion costs £24.000

 

 

£260.764 (current house value)

+ £35464.904 (13.6%)

= 296228.904 (property value with converted loft).

Now let’s take a loft conversion costs into consideration:

£35464.904 (added value)

-£ 24.000 (conversion cost)

=£11465 PROFIT

In this case a loft conversion wouldn’t cost you a penny as all expenses are covered by added value, and it just gets better: you would make over 11 thousand pound profit! However, many issues should be considered before converting a loft, failure to do that, can lead to financial catastrophe.

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