With the cost of moving home getting higher with each passing year, more homeowners than ever before in North London are choosing to convert their lofts. As the Guardian highlighted in their 2017 report, there has been a huge increase in planning applications for loft conversions which has risen in line with a lower number of homes being purchased and sold in the capital. Below we run through some of the key reasons why people in North London are choosing to convert their lofts rather than move home.
Avoid moving costs
The cost of moving home can rise into the tens of thousands and continue to increase. Stamp Duty tax is mostly to blame and can add almost £22,000 to the cost of purchasing an average family home. A loft conversion can often be cheaper which means making the most of the space in the property allows owners in North London to save their money.
As reported by the Nationwide Building Society, an extra 20% can be added to the value of your home thanks to a loft conversion. Residents in North London are creating bigger homes instead of burdening themselves with heavy mortgages attached to fragile interest rates. A loft conversion adds value not only to the property but to your lifestyle too.
Up until 2011, converting a loft in North London was a problematic prospect. With the change in regulations to allow most loft conversions to fall into the permitted development bracket, residents in this part of London are taking full advantage. As long as the roof isn’t being extended beyond the roofline and the Local Authority approves the plans, there are no restrictions.
Loft conversions are now being converted in North London not only to accommodate children or an elder relative. Now extra bathrooms or master bedrooms may take up the space, or even a home office to offer greater flexibility away from work. It could be converted into a games room for kids or adults, or maybe even a cinema or hobby room for family members to relax in.
Converting a loft is one of the most cost effective home improvements any homeowner in North London can make. The cost of conversion is lower than the actual value added to the property, which makes the decision far easier to make. Not every home improvement is worth the time and money but a loft conversion transforms the home far better than anything else.