When considering how much value a loft conversion will add to your home it is important to consider both intrinsic and extrinsic value.
Because, if you are considering doing a loft conversion purely for the potential financial gain when selling your house further down the line, then the value added might not be enough to make it worthwhile.
The general consensus these days is that a loft conversion (consisting of a loft being converted into an extra bedroom with an en-suite bathroom) could add 20% or more to the value of your home.
But, there’s a lot more to it than that. In the remainder of this article, we’ll take a closer look at all the important factors that should inform your decision-making process and examine the real benefits (and potential pitfalls) a loft conversion might bring.
KEY TAKEAWAYS
- The average cost of a loft conversion in London is between £40k and £80k
- The type of conversion (Dormer, Hip-to-Gable etc.) will determine how much extra space you will add
- Most loft conversions will add approximately 50 cubic metres to a detached or semi-detached London house and roughly 40 cubic metres to a terraced London house
- Hip-to-Gable and Mansard conversions will typically add the most space
What type of loft conversion is best?
Drawing up your own loft conversion plans is certainly possible if you possess the right knowledge and skill set. Though it should be pointed out up front that it is no small task.
For the uninitiated, below we outline the basic steps involved.
Decide what type of Loft Conversion you want
The answer to this question is actually quite simple. The best type of loft conversion (for adding monetary value to your property), all other things being equal, is the one that gives you the most, useable space.
There are many different types of loft conversion. The three most popular in London for creating additional space are Dormer conversions, Hip-to-Gable conversions, and Mansard conversions.
Dormer Conversion
Average Cost = £45,000
Hip to Gable Conversion
Average Cost = £50,000-£75,000
Mansard Conversion
Average Cost = £45,000-£75,000
A Dormer conversion will provide some extra room in your loft space, but not all that much.
For a loft conversion that will provide enough additional space to have a meaningful impact on the value of your London home, you would be best advised to opt for either a Hip-to-Gable or a Mansard conversion.
Do bear in mind that the costs quoted above are average prices for standard or basic conversions. Both Mansard and Hip-to-Gable conversions can be much more complex and much more expensive.
As for the timeframe of a loft conversion, it vary depending on various factors such as the complexity of the design, size of the loft, type of materials used, and the availability of labor, but on average it can take anywhere between 8-12 weeks.
How much space will a loft conversion give me?
This might seem like a “how long is a piece of string?” type question but there is actually a reasonably consistent answer to be had here.
Most loft conversions are considered to be Permitted Developments, meaning they do not require planning permission. Depending on the loft conversion however, some may require a Party Wall Agreement.
In order for a loft conversion to qualify as a permitted development, the extra roof space must not exceed 50 cubic metres for a detached or semi-detached house or 40 cubic metres for a terraced property.
As a result, most loft conversions in London will add 50 cubic metres of new space (or as close to) to a detached or semi-detached house and 40 cubic metres (or as close to) to a terraced house.
Additional Considerations
In most cases the value of a loft conversion will come from the improvement it brings to your everyday life and comfort in your own home. The intrinsic value is difficult to quantify yet impossible to ignore.
Increasing your property’s market value is a desirable outcome of a loft conversion, but it shouldn’t be the main driver. Despite property being a mostly reliable asset class in recent decades, house prices can (and do) go down as well as up.
Therefore, you should consider how you would be affected if you were to spend £40k, £50k or even £100k+ on a loft conversion only for the property market to experience a 20% correction to the downside.
FAQS
How Much are Loft Conversions?
In London, the average cost of a loft conversion usually falls somewhere between £40,000 and £80,000. Depending on the size, quality of materials and complexity of the project costs could potentially run much higher.
How Long Is My Roof Suitable for a Loft Conversion? a Loft Conversion Take?
Your roof must be at least 2.2 metres from the floor at its highest point in order to qualify as a permitted development. If your roof does not meet this criterion then it will likely not be suitable for a loft conversion as London Borough Councils more often than not will deny permission to raise your pitch roof.
CONCLUSION
A loft conversion has a high potential to add significant value to your property, but there are no guarantees that it will.
How much value a loft conversion will add to your home depends on various factors including the type of conversion, the quality of the work and materials, the cost of the conversion, and other factors such as whether or not your house is located in a desirable area.
If you are interested in learning more about the cost of a loft conversion for your home and the potential value it might add please get in touch for a free initial consultation.
