Loft Conversion

[treacletown08]

I have been quoted £25k to convert my loft into one good sized bedroom with Velux windows and a staircase. My problem is that my house is at the top of its price for the area that we live in. Should I go forward with the project ?

Any advice would be more than welcome.

Thank you in advance.

 

[KenGMac]

Looks as if you need to do the maths?

Not really reliable BUT?

HOw fast have house prices risen over "X" years

Extrapolate that rise to see how long it will take in years to account for your intended expenditure now?

Not an exact formulae but is something to consider.

Ken.

 

[JohnD]

my house is at the top of its price for the area that we live in.

So if you sell it in 5, 10 or 20 years, it willl still hit the cap of "what's a house worth in Coronation Street."

How much value will you get out of living in the house for the next ten years? £10thou per year? Will it repay the building cost and disruption?

A 5-bedroom house is always worth more than a 3-bed with a loft conversion on top.

 

[treacletown08]

Thank you both. House prices rose about 2% in 2020 or £4K in terms of our home. Moving would probably cost 8k when the stamp duty holiday expires. Mmm.

 

[foxhole]

Depends why you are converting, if you need the space then cost is not a concern compared with cost of having to buy a larger property.