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How to maximise your return on investment with a loft conversion

22nd March 2021/General News

How to maximise your return on investment with a loft conversionWhether you need an extra bedroom for your growing family, you’re hoping to create additional space to accommodate visiting relatives, or you’re dreaming of a luxuriously indulgent penthouse-style suite where you can retreat from the world after a busy day – a loft conversion could be the answer. And the great news is that not only could a loft conversion add some much-needed usable space to your home, it can increase the value of your property too.

 

Number crunching

Many homeowners face a common conundrum – having outgrown their current home they must decide whether to move to a larger property or create extra space either through an extension or a loft conversion.

In many cases, a loft conversion is the most sensible choice. Firstly, moving house can involve a considerable amount of expense such as legal fees and stamp duty. Not only could a loft conversion save you money in this regard, it can actually make you money in the long run. Many studies have shown that carrying out home improvements, such as a loft conversion, can add as much as 20% to the value of the property.

Plus, a loft conversion that has been finished to a high standard will make your home more appealing to prospective buyers, should you decide to sell up in future.

 

Unlocking the full potential

In terms of maximising return on investment, the best loft conversion is one with a bedroom and an en-suite bathroom, as these tend to add the most value to a property. However, a loft conversion has got to work for you and your family, and it’s important that you get the most out of it. Therefore you can use the space in whatever way you choose – perhaps a home office, a gym, or a kid’s playroom for example.

 

Setting a budget

Loft conversions can vary widely in price range, depending on whether you’re simply creating one room with roof lights, or installing an additional bathroom with dormer windows, for example. It’s therefore a good idea to consider the ceiling height of property prices in your area, and how long you’re likely to remain in the property when weighing up how much you’d like to invest in the conversion.

 

A hassle-free way to add space and value

The average loft conversion takes just 5 weeks to complete and the great thing is that the majority of the work can be accessed from the roof, which minimises disruption, so you can remain living in your home throughout the whole process.

 

Key things to consider before embarking on a loft conversion

  • Is there ample head height? Building regulations specify that a standard loft should measure at least 180cm in height. However, for a comfortable conversion, we advise that your loft measures at least 230cm from the floor to the roof.
  • Do I need to inform my neighbours? Under the 1996 Party Wall Act, if your home is a semi-detached building or a terraced house, you will need to let your neighbour know about your loft conversion plans. In addition, should the exterior of the property be altered, with dormer windows for example, Planning and Building Warrant applications will need to be lodged.
  • What safety issues need to be considered? For two-storey buildings, extra fire protection is required so new plaster will need to be added to the ceilings below. Part of your electrical installation should include linked smoke alarms on each floor, which all sound the moment one is activated. In addition, the converted loft must be separated by a fire door at the new stairs, and the new room will need a window big enough to serve as an emergency exit.

 

A well thought-out loft conversion that is finished to a high standard can add considerable value to your property. In fact, it can generate the greatest return on investment of all home improvements. It can make your house more appealing to buyers in the future and, in the meantime, it can give you and your family more space to grow into. It’s a win – win from every angle!

To see examples of how Revere Contracts has transformed homes and unlocked their potential, follow us on Facebook, LinkedIn, and Instagram. And if you’d like to discuss how a loft conversion could maximise your return on investment, call 0131 370 0446 to arrange a free, no-obligation appointment.

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