Home owners in Essex and London are increasingly being told that having a loft conversion can add value to a property. However, there are many things to consider before pushing ahead with a conversion, and unwary home owners could find themselves throwing money away if they don’t do their research beforehand.
Is a Loft Conversion Right for Your Property?
Many potential buyers rate extra living space very highly when looking for a property. Loft conversions could add up to 20% to the value of your house, but not all properties are suitable.
The best advice is to contact a handful of local estate agents around your area in Essex or London, depending on where you’re based, to discuss whether or not the conversion is likely to be valuable. They should be able to let you know how it might affect your property value and whether many other houses in the area have had loft conversions also. It’s important to realise that over-developing an unsuitable property can turn out to be an expensive mistake.
Balancing the Cost
Before starting any building work, it’s vital to get an accurate idea of what the project will cost. It’s estimated that, depending how many rooms you’re planning on developing and whether or not you’ll be including a bathroom, a loft conversion can cost anything from £16,000 to £40,000.
You’ll want to be sure you’ve got the best quote for the work and that you will get a good return on investment in terms of your increased property value. That’s why you should take the time to speak to local estate agents and gather a number of quotes before proceeding.
Get a Good Quote
The world of loft conversions is fiercely competitive and becoming more so as time goes on. That’s good news for home owners as it means there is a diverse array of companies to choose from and just as many price tags to consider.
You should shop around as much as possible and the general advice is to obtain quotes from three different companies before making a final decision. However, three quotes is the minimum you should get. It’s perfectly acceptable to gather even more quotes before choosing a company. Also, it’s not advisable to simply opt for the cheapest – quality of workmanship should be your primary consideration and both Essex and London have excellent loft conversion specialists based in the local area.
Make Sure You Meet Essential Regulations
You must decide what you want your loft conversion to be once it’s finished. An extra bedroom? A self-contained living space? Two bedrooms and a bathroom? Then you need to be aware of what regulations you need to meet.
Your loft conversion must have a proper staircase, windows and meet safety and fire regulations. If your finished conversion fails to meet these regulations, your estate agent will only be able to value it as an extra storage room – nothing more. And you’ll have missed the opportunity to add substantial value to your home.
In reality, most houses are suitable for some kind of loft conversion and the key is to seek professional advice at each stage. With forward-planning and careful design, you’ll end up with a loft conversion that increases your living space and adds significant value to your property.