How Much Could a Loft Conversion in London Add to the Value of Your Home?
As someone who aspires to having a loft conversion one day, I found today’s guest post interesting and thought readers would too, especially any living in the London area.
How much do you think that a loft conversion could add to the value of your home? According to the latest Simply Loft survey, more than half of Londoners think they could gain up to another quarter on the value of their home; but are they right?
Short answer: kinda.
Simply Loft is one of London’s leading home improvement specialists; completing bespoke, high quality loft conversions throughout the capital and commuter belt.
Recently the company conducted a survey to find out more about attitudes in London toward loft conversions and other home improvements. They discovered that 58% of people were unaware that planning permission was not always required to create a loft conversion. In fact, the vast majority could be completed without getting wrapped up in red tape.
Another common misconception was that a home extension would add more value to the home than a loft conversion, when in fact the opposite is true. On average, loft conversions add more value to a property than home extensions because the number of bedrooms in a property is an important factor in a property valuation; and loft conversions would more often be used to create extra bedrooms.
When asked what amount a loft conversion would add to a home, however, 52% were bang on the money. They correctly chose a 10-25% increase.
A loft conversion in London can add as much as 25% to the value of a home. The increase is more often closer to 12.5%, but can be more depending on the nature of the property and the location.
Of course, improving a home with a loft conversion is about a lot more than adding numbers to a price tag. A breathtaking new space could convince a buyer to choose a property over many others in the London housing market. While if you’re not looking to move, the loft conversion could simply make life better for as long as you’re at that address.
Rob Wood, Director of Simply Loft and sister company Simply Extend, said: “The property industry in London is more competitive than ever and sellers need all the help they can get to complete a sale.
“Buyers have access to a wide variety of properties all over the region and small details can make a big difference. Freshly redecorating or modifying a home could give the seller a competitive edge; and let’s not forget that most property owners will be living in the house until they sell up.
“They want to enjoy that time as much as possible and a brand new contemporary living space will certainly help them to do that.”