Why a loft conversion is one of the best ways to add value to your house

Most homeowners would probably like to think they’re making pretty good use of the space their home provides them with. After all, it simply makes sense to make the most of what is the single most valuable asset any of us will ever own. Nevertheless, the vast majority of homes across the United Kingdom could stand to be significantly improved in exactly the same way:

With a loft conversion. 

Of course, the single most immediate and obvious benefit of a loft conversion is the way in which it amounts to an extension, without having to go about intensive extension works. Rather than paying over the odds to have your home extended horizontally, it often makes far better sense to work with the unused space you already have available. 

Depending on the size and specification of your loft, the conversion could result in you having anything from a cosy box-room for occasional guests right through to the new master bedroom of your dreams. Whatever you use it for, you’ll be won over immediately by the extra living space available to you. 

There are many instances where increasing living space around the home with a loft conversion can eliminate the need to relocate to a larger property. Growing families, households in need of more storage space, home-workers looking to set up their own home offices and so on. Regardless of the work involved, it will always work out considerably faster, easier and more affordable to convert an existing loft space than to move house. 

For most, the only potentially off-putting thing about loft conversions in general is the overall cost of having the work carried out. But what many forget to take into account is the way in which a loft conversion can potentially add tens of thousands of pounds to the overall value of your property. Or in other words, you could find that it pays for itself and then some, by the time you’re ready to sell your home. These days, space it at a premium and most homebuyers cannot realistically consider the option of expensive home extensions. As such, homes that already maximise living space with lofty conversions are seen as solid gold investment opportunities by many home buyers.

Phil Spencer has a number of additional ideas for improving property values, which you’ll find in this article over at the Telegraph. 

Covering the Costs 

To fund the loft conversion – (this article can help you calculate approximate costs) - you’ll more than likely need a bank loan unless you’ve a spare £20,000 hanging around or you have family or friends who can lend you the money and pay them back monthly. Most of us however will need to secure a loan to fund the conversion. 

£20,000 over 5 year (60 months) with the current low interest rates will cost you approx. £360 per month although the interest rate you are given will vastly depend on how good your credit score is. If you’re not sure about what a credit score is or why it’s important, visit ClearScore where you can find all the answers you need plus get a free credit check and get your credit score with a credit report.

Safe and Sound 

In order for the new space to be used as a safe and functional living space for the home, it will need to be connected to the upper-floor of your home with a permanent staircase. With loft conversions, there’s always the option of using retractable ladders and whatnot, but this will usually invalidate the status of the new area as a qualifying living space. In all instances, it is worth speaking with a qualified contractor or with your local council directly, in order to ensure you receive any required planning permission beforehand. 

Keeping Warm 

Lastly, when it comes to those chilly winter months you’ll need some additional heating in your new loft conversion. The simplest and most cost-effective way to add heating to the loft is with electric radiators. These days, electric radiators are very energy efficient and come in great designs that are wall mountable and use thermostat function to create and maintain the optimal temperature without the hassle of plumbing works. A good example would be this slim line electric radiator which costs under £200 – significantly less than the cumulative costs of extending your home’s current central heating system.