How much does a loft conversion increase the value of your property?
When thinking about extending your property, one of the first things you’re likely to consider is how much it could increase the price of your property by.
As there are so many options available for converting your loft space, there isn’t one simple answer to the question of how much a loft conversion will increase the value of your house, although it’s been known that a loft conversion can add on average around 10% – 20% more to the value of your property.
That said, the percentage could go up or down depending on numerous factors. Some of the key things to consider before going ahead with your project include:
- What type of loft conversion you’re adding to your property
- The location of your property and its surroundings
- What you will be using your loft conversion for
- Features of the loft conversion
- The cost of the loft conversion vs the increase in value it could offer
What type of loft conversion are you adding to your property?
The type of loft conversion you’re planning will play a huge factor in what value could be added to your home. Not all properties are suitable for all types of loft conversions so it’s always worth speaking to a loft conversion expert to understand what options are available to you before thinking too far ahead.
Where is your property located and what are the surroundings like?
The geographical location will dictate the value increase a loft conversion could offer, as will the properties surroundings and local amenities. Good transport links, highly rated local schools, and a pleasant neighbourhood with a low crime rate are all things considered by most home seekers, so if your property is already based in a sought-after location, you’re likely to see a larger increase in your property’s value after converting your loft than if you’re based in a less desired location.
What will you be using the loft conversion for?
Another factor in what percentage increase you could expect a loft conversion to have on your property is what you’re going to use the loft conversion for. Typically, a converted loft that provides an extra bedroom with an ensuite will add the most value to your home. Home offices are now one of the most in-demand property features since the rise in home working following the Covid-19 pandemic and converting your loft into office space can also offer a significant rise in the value of your property.
What features does your loft conversion have?
Features of the loft conversion will also dictate the extra value you may be able to add to your property. The design and layout of the conversion as well as the additional space created, the décor, available storage in your loft conversion and how you create natural lighting are all things that will play a part.
What return on investment (ROI) could a loft conversion offer?
The cost of your loft conversion and the ROI it could offer will depend largely on the points previously mentioned. Once you’ve considered the points above, it’s advised you speak to a loft conversion specialist to see whether your house is eligible for a loft conversion, and if so, what options are available to you. Once this has been established, a quote can be provided so you know how much the project will cost initially. With this in mind and taking the previous points in to consideration, you should have a good idea on what your return on investment would look like if you were to sell your property. The property market is ever-changing, so its worth noting that the value it could add to your property could go up or down over time.
Looking to add value to your property in 2023? Get in touch for a free, no obligation chat to discuss what options are available to you.