A research by Cluttons Property Consultants shows that, in London, converting offices to housing properties can boost the building value significantly.
An increase in the worth of a building up to 90% could be seen if you had an office conversion in an area such as Southbank. The reason why this is true is due to the fact that the UK is currently facing a residential crisis, and homes are consequently in demand. In Chelsea, one of the wealthier locations in London, residence is greatly required for some, and the high property prices mean that office conversion reaps huge rewards.
‘Huge potential’
Eric Pickles, Communities Secretary, believes there is ‘huge potential’ in existing buildings, and that they could easily be utilised for other purposes, either replacing the current usage or working in harmony with it.
One example of this cohesion is getting a loft conversion, which can increase property value by tens of thousands of pounds. This alteration makes buildings stand out amongst the more ‘ordinary’ other buildings in London which are generally quite similar to each other, since the added feature has great appeal to those who potentially would use the room.
At present, merely giving your walls another coating of paint, or doing some other form of renovation, simply does not have enough of a drastic effect. Approximately a third of London houses that were redecorated in 2011 had no increase in price, according to property valuators. On the other hand, the cost of almost all buildings that had a loft conversion was boosted. In this instance, large investments lead to large growth, regarding the price of the offices or other properties that you own.
Before even considering adjustments to your property, however, it is crucial that professional advice should be sought. This would optimise any changes so that they would lead to the greatest rise in price, rather than causing a decrease if they were un-checked modifications which were not so beneficial.
Energy Efficient
One of the beneficial aspects of loft conversions is that they use energy very efficiently. Hot air is not very dense, so therefore rises, heating the loft already, rather than having to install costly heating systems. Lofts, or alternatively fully converted offices, can be rented out residentially, since they are coveted highly for the prime ‘big city’ location and the subsequent convenience concerning transport and workplaces.
Another advantage of loft conversions is that, on the whole, you most likely won’t need to extend your property. Extensions require planning permission, and they cost considerably more than a conversion since no building is necessary.
The possibilities of what to do with a loft conversion are great, ranging from bedrooms to gyms. The flexibility of such a conversion means that the market can almost be dominated by buildings with such changes, as those who would use the loft could find their own way to make use of it. Even converting your disused attic into storage space would attract any future buyers or lodgers, since the area is used more effectively.
In summary, office or loft conversions (particularly in London) will generally have a positive impact on the value of your property, since the sought-after sites need more residential buildings that are notable in comparison to others.
