Is A Loft Conversion A Good Investment?

As well as offering valuable extra living space, loft conversions give one of the best returns

on investment when it comes to home improvements. For example, according to

the National Association of Estate Agents, adding an extra bedroom can add around 10 per

cent to the value of your home, particularly if it’s a loft conversion. Based on current values,

that’s around an extra £23,000 on the average UK home. So with the right budgeting, you

could be onto a winner!

However, first you must ask yourself if your roof space is suitable for a loft conversion.

Aspects to take into consideration when answering this include; the amount of available

head space, the pitch of the roof, the type of structure, and whether there are any major

obstacles like water tanks or chimney stacks. Once you’ve decided that a loft conversion is

feasible, costs must be taken into account.

How much will a loft conversion cost?

Like any building work, the cost will of course depend on how much needs to be done, and

what materials are used. Depending on the size and the location of your property, you

should expect to pay around £15,000 for a small loft conversion, or £25,000 to £40,000 for a

larger one.

A small loft conversion will usually include; floor reinforcement, a couple of skylights, added

insulation, a staircase to the loft, electrics, lighting and heating, and fire safety measures to

comply with building regulations such as fire doors and smoke alarms.

Larger conversions often include dormer style windows, which expand the loft space; while

conversions that require raising the roof or changing its structure tend to be the most

expensive option, as they require planning permission approval and planning application

costs must be added on. This type of work is likely to cost upwards of £40,000. To not have

any hidden costs creep up on you, it is important to follow all building regulations.

Sticking to the rules

Loft conversions are classed as permitted development and do not require planning

permission, providing they meet certain sizing regulations or that new roofing materials are

the same or close to original fittings. However, they do need building regulations approval,

regardless of whether planning permission is required or not. A building control surveyor will

inspect your work at various stages and will issue you with a completion certificate on final

inspection.

If your home is semi-detached or terraced, you’ll need to notify your neighbour of your

proposals, if the works fall under the Party Wall Act requirements. For instance, if you are building in beams which will bear on a party wall. It is also important to inform your home insurer of any changes made. Apart from an additional bedroom, there is an endless array of uses for the extra home space, such as an office, a play area or a home gym, all of which will - apart from looking terrific - add great value to your property.