When it comes to renovations, extensions, and any space-adding project for your property, making an objective analysis as best as possible is always the right first step. You want to know that the project itself is going to be cost-effective, but you also want to know that it’s going to be effective at adding value. A loft conversion is often recommended as a relatively easy way to add some additional space to the home, but is it actually worth it?
What’s Involved In A Loft Conversion?
A loft conversion, as the name suggests, involves turning the loft into a liveable space, usually for the purposes of turning it into a bedroom (though loft offices and bathrooms are not unheard of.) First, an inspection of whether or not your loft can be converted in the first space needs to be performed to make sure you have the right type of roof and enough headspace.
There are different types of loft conversions, each with their own specific steps. However, in general, however, the loft will be cleared following the inspection. Electrical wiring may be reassessed and reinstalled. Floor joists will be installed to support the flooring, insulation put beneath them, and then the floorboards laid. Rafters will be reinforced to keep the newly converted loft structurally sound, as well. Dormers, roof lights, and staircases may be fitted if necessary.
How Much Can You Expect To Spend On A Loft Conversion?
Not every conversion is going to include every single step mentioned along the way. As such, the costs of conversion can vary rather widely. According to loftprices.co.uk, the average velux loft conversion will cost around £21,000 – £44,000 view source with prices going up to £50,000 for, especially large conversions see attic conversion prices here. The size of the conversion, any extensions, number of dormers to be installed, and location tend to affect the prices overall.
How Much Value Can A Loft Conversion Add To A Property?
With the costs in mind, finding out if a loft conversion is really worth it means also finding out how much you stand to gain by going ahead with the project. Propertyadvice.co.uk cites research from Nationwide Building Society, claiming that a successful loft conversion can add as much as 20% of the value of the property to its overall value. As such, a property valued at £200,000 could stand to see an increase of as much as £40,000. With that in mind, finding out whether your loft conversion is worth is about comparing the costs of the project (with quotes for local tradespeople) with 20% of your home. If it costs more than that, you’re not likely to recoup the costs.
So, Is It Worth It?
Of course, when we talk about whether or not a conversion is worth it, we’re not always talking strictly about money. You need to think about what a loft conversion can add to your lifestyle, not just your property value. What could the additional usable space do for you and how much convenience and improvement could it offer to your lifestyle?