For those based in the London area, it has long been known that a loft conversion can add in the region of 20% to the value of your home.
Extending the home upwards not only allows for residents in this region to create more space without the cost and hassle of relocating to a bigger home, it also means that, when it does come time to move on, there will be a healthy boost in the property’s sell-on price.
While there is always the temptation to cut costs and try to get a cheap deal on a conversion, by doing this you could actually be cheating yourself out of money further down the line. So what are some of the dangers of a cheap loft conversion?
Potential Value Increase
Homeowners can expect to double their investment with any loft conversion. So, for example, spending £25,000 on a conversion should see around £50,000 added to the value of the property. In London and some areas of the South East, the profit margins are even higher, sometimes three or four times the initial investment. However, this is only true if the extension work is of a high standard, with quality workmanship that will stand the test of time.
The decision to opt for a cheap conversion in order to save money in the short term, with inferior materials used and corners cut so as to get the work done quicker and more cheaply, will be evident to surveyors and valuers when assessing the worth of your property.
Habitable Living Space
Avoiding the various costs involved with moving house, including estate agent fees, solicitor fees, stamp duty etc., means expanding your current home sufficiently to support a growing family or a need for additional space. This makes the quality of any loft conversion vital, as shoddy work could quickly make any bedroom, bathroom, office or leisure space uninhabitable.
Considerations such as effective insulation, a safe and secure staircase, an effective design that maximises available natural light and efficient plumbing and electrics are all important when it comes to creating a room that is fit for its purpose. Running the risk of inferior materials and workmanship will mean costly repairs further down the line – particularly inconvenient if the room is in regular use.
Many loft conversions do not require planning permission. However, some do (e.g. those without a minimum headroom of 2.3 metres at the apex), and any loft that has been converted without passing building regulations will invalidate any extra value they might have added.
Similarly, a converted loft is not considered an additional room if no permanent access (such as a staircase) is present, and adequate ventilation must be in place for it to be habitable.
Any loft conversion company worth their salt will be able to advise you on the best way to maximise value and living space out of your available room, and opting for a cheap alternative is a surefire way to throw your money away.
As the leading providers of high quality, competitively-priced loft conversions in the Croydon and wider London area, LMB Group have decades of experience in the industry. Our expert team are on hand to take care of your conversion from design through to sign-off, ensuring that all available living space is utilised. Not only does this give your home the possibility of a new bedroom, bathroom, office space or leisure area, it also adds significant value to your property.