Loft Conversion Debate

[SamCo]

Hi guys,

I have been having a debate with someone regarding a loft conversion.

On a 2 bedroom bungalow (125m2) worth £300k, how much more value would converting the lift create? The other bungalows on the street have done this and managed to get 1 - 2 rooms up there.

My question is, roughly how much will it cost and how much value will it add?

I know this is a very vague question but they do not believe the value added will justify the cost spent.

Thanks Sam

 

[freddiemercurystwin]

I know this is a very vague question but they do not believe the value added will justify the cost spent.

It is very vague, sometimes it does and sometimes it doesn't, its completely dependent on the specific house/area/market/purchase price in question. There are far too many variable for anyone on a forum to answer with any certainty. I've done loft conversion drawings for clients who were doing it specifically to add value and immediately sell the property to make a few quid and others who knew it would no profit except in the long term but were doing it purely to add space. Ask a local estate agent.

 

[johnny2007]

In the long term it will add value to cover the expense and more.
In some areas (london) it adds a lot more instantly.
In many cases the expense is way more than the immediate added value as one of my former customer found out and tried to blame me.
I had told him in an email that the conversion wasn't worth if he intended to sell immediately after completion.
He lost money.