Hi all. I am planning a loft conversion and would like some advice on weather it will add value. Im going to use my 3rd bedroom that is 6.5x6.5 ft as access to the loft and create a large double bedroom and ensuite bathroom. I know a lot of people in the building game so i have budgeted around 10k for the work. Will this work add 10k value to the property even though im not making more bedrooms but only increasing a bedroom size and an extra bathroom ?
loft conversion
- Thread starter dale71
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10k sounds awfully lean to me especially when you think of the structural alterations, stair case, en-suite furnishings etc. 10k may buy you the materials and some scaffolding.
Anyhoo, the value of the house may not change at all and you need to be prepared for such. Market forces dictate value, so looking at what similar loft converted properties within the same street or close proximity are fetching.
A bad job can actually be detrimental to the value.
£10k does sound incredibly cheap, I would have thought around £30,000 for a loft conversion to full building regs. I know labour is cheaper in the north east, but materials will cost around the same as down here...
How much value it will add depends on a lot of things:
How well it's finished, as Noseall says.
Whether or not you gain a bedroom (you won't).
The ceiling price of properties in your street.
The general price of property in your area.
Have a look on Rightmove at properties similar to yours, and also look for properties that have had a similar loft conversion done. That might give you some idea of how much value the work will add (if any).
I think you need to be looking for significantly more than a £10k increase in value for it to pay.
How much value it will add depends on a lot of things:
How well it's finished, as Noseall says.
Whether or not you gain a bedroom (you won't).
The ceiling price of properties in your street.
The general price of property in your area.
Have a look on Rightmove at properties similar to yours, and also look for properties that have had a similar loft conversion done. That might give you some idea of how much value the work will add (if any).
I think you need to be looking for significantly more than a £10k increase in value for it to pay.
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Not commenting on the costs, but I would view a room of that size as only suitable for a child and would therefore view the proposed double-bed + bathroom as being in a different, more valuable bracket ( as will council-tax i imagine )
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