Converting a loft in your home might be beneficial for some homeowners. If you plan on selling your home in the near future, the right work to the loft area can increase the home’s value. Or, if you simply plan on enjoying the space as a family and aren’t considering resale value at the time if the space is properly utilised you can enjoy it for years to come.
Cost of converting the loft –
First off, you have to consider the costs associated with converting a loft space. Initially, the cost of labour per day you’ll pay to a licensed tradesperson will run between £200-300. This is in addition to the cost of materials which can exceed £1000 depending on what you’re doing to the space. A loft which is approximately 100-200 sq meters in space can typically be completed in a week’s time.
How much value will it add –
Think of it this way; if you convert the loft into a bedroom or guest room, this can greatly add value to the home. If you have a 2-bedroom home, the new loft will give you a third bedroom. In some areas, this can increase the value of your home by £5000 or more when you resell. So, the £1500-£2500 you spend to convert it, is obviously worth it.
The converted loft can also double up as a game room, a place for the kids to do homework or even a home theater to enjoy time with the family. So, even if you don’t plan on selling the home soon you can utilise the space and make the most of it with family/friends.
For the most part, loft conversions aren’t too costly considering the returns unless you plan on purchasing lavish décor and spending a great deal of money on furnishings. Otherwise, it might well be worth converting the space, adding more livable space and having a spare room for different activities whether you plan on enjoying it or plan on reselling the home in the near future.
Account for delays/setback –
It is obviously a good idea to expect the best but plan for the worst. In the event new lighting, wiring, plumbing or other work has to be done this can add to the cost and time. So, you can budget accordingly and set aside an additional £500-1500 for these additional expenses. Even if you incur them, the returns during the selling process is typically worth the time and cost of getting the conversion done.
Loft conversions can be used in so many ways. Whether you plan on enjoying the space yourself or simply plan on converting to increase resale value, it is beneficial to do in most homes. If you are contemplating whether or not to make the upgrade then I would contact a few licensed tradespeople. Get some written quotes and compare the prices they offer to ensure you find the best price, guarantees and most qualified to do the conversion of the loft space in your home.