Cash in your Attic
Get real value out of your loft conversion
There are many ways to add value to your home, but one of the most profitable long term is a loft conversion. That doesn't mean it's the easiest. There are a lot of things you need to think about before pulling the trigger, and we’ll run through a few of these things in this blog.
First thing’s first - is there enough headroom up there and is the staircase positioned correctly? You have to consider if your loft is up to the task, from the structural stability to the ceiling joists to the load bearing walls, and yes, even the foundations.
You also have to think about why you’re converting your loft. If it's for value, think about what you’ll put up there. What’s going to add the most value to your home? Here are a few ideas for turning your loft into cash.
1) Extra space for the kids
Kids need space, which means you need it too. If you’ve got a brood, or one on the way, this could be the best option. Turning your loft into a playroom or teenage den might be a way of accommodating the children, and with more grown-up children staying at home for longer, this could be an invaluable use of the loft. It might not impress the estate agent as much as some other projects, but it’ll give you practical space you can use for years.
2) Office Space
As more and more people start to work from home, this idea grows in popularity. There are plenty of set-ups to choose from, but if you’re thinking of going for the full kit with cabinets, storage and wiring for telephones you should to include design features such as desk-high electrical sockets.
3) Extra bedroom
For hard cash value, it’s tough to top an extra bedroom. A full loft conversion in the traditional sense would mean installing a master or guest bedroom with en-suite bath or shower room too. It can be expensive, but as far as ROI goes, this is tops.
4) Extra space
Simply boarding out the attic space is useful and can add value. Installing a good access point, a robust loft ladder, and lighting to create a basic storage space can make your property more appealing when you come to sell. Every homeowner should finish their loft in this way at least, before they think about moving. It makes the property easier to sell, as a sizable chunk of folks who move do so because they need more space.
The average price of a loft conversion in the UK is around £20-30k. That’s if you employ a specialist loft conversion company. Of course, costs can be drastically reduced by doing some of the work yourself. It all depends on the type of conversion you go with. For example, a basic storage solution can often be done in just a day or two, and there are some specialist loft conversion companies who will, for around £1000, install joists, a new hatch, lighting and a loft ladder in just 24 hours. Even this kind of conversion can be worthwhile if you’re planning to sell your property. Having more accessible storage space available means having more useable space - and space sells houses.