There are many options and planning required for home extension. One of them is cost of loft conversion in london. But at the same time, an extension to your residential property leads to increase in the value of the property.
People always have questions on their mind on how much? The increase in property value depends on many factors. It is difficult to give a specific answer. The average increase varies between ten to twenty percentage from the current value.
There are many factors that affect the valuation of a property. Keep in mind these points when you plan a loft conversion:
- Property location, the area and surroundings of it.
- There are many types of loft conversions. Each option has a separate effect on valuation.
- The highlights and features of the new addition made from the loft conversion
- Usage of the area after the conversion of the loft.
- Loft conversion cost against the increase in valuation of the property after expansion.
Location of the property and the area around it:
The location is the primary factor that decides the value of the conversion of the loft. The local amenities and the surrounding area affect the level of valuation.
The presence of a well-known school increases valuation. So does an area with low crime rate. An area with a beautiful landscape and greenery has a higher valuation. Also, an area with easy access to travel infrastructure commands a higher price.
If the property is in an area which is sought by many, the valuation increase is more. Areas which are not much in demand, will see a lesser increase in valuation.
Type of conversion of loft for property extension :
The upgrade of the valuation of the property depends to a great extent on the type of conversion. Each type affects the valuation in a different way. Do keep in mind that your property may not be suitable for all type of conversions. Speak to a loft conversion expert before you freeze the renovation plan. Finalise your decision only after a proper understanding of the final result.
Extra features post renovation:
Features post conversion of the loft play a role in the level of increase in valuation. The access to natural light is a premium feature. Many people choose to buy a property on the basis of sunlight available there. Natural sunlight plays a big role on the emotional state of people. Access to sunlight makes people jovial and happy.
People living in houses lacking sunlight are prone to problems. They have a higher probability of getting depression. They are prone to losing their temper more often than other people.
The addition of floor and storage space leads to a higher increase in property value. Household items need proper storage. There is always a demand for more storage space in a household.
Other factors are the design and layout of the new addition made that affects the valuation. The materials used for the design of the floor affects the property price.
Usage of the converted loft:
A very important factor is the type of use after renovation. What is the loft used for after the conversion? The increase in value is the highest if the loft renovation adds an extra bedroom. Many people buy property when a new baby is born. Addition of a new member requires an extra bedroom. When children grow up, they need separate rooms.
Home offices command an extra premium. Working from home needs a quiet space without distractions. People need to accommodate office equipment for work. This requires extra space. They seek an environment at home where they are comfortable working.
Post pandemic era saw a huge increase in demand for home office space. Conversion of the loft to an office space leads to a significant increase in value.
ROI OF LOFT CONVERSION:
The return on investment on a loft conversion depends on the above-mentioned points. They also decide the loft conversion cost. Seek advice from a loft conversion london specialist. The specialist will confirm if the property is eligible for a conversion. The options for conversion and their feasibility assessment can then take place.
Once the plan has been finalised, ask the specialist for a quote. This will enable you to plan your financials for the conversion. All the points above put together will give a number on the return of investment. You can assess the value should you decide to sell the property in the future.
The real-estate market keeps changing in unpredictable term time intervals. The value of the property may rise or decline over time. Keep your ears to the ground to understand the changes.
If you are looking to convert your loft, reach out to us to understand the cost of loft conversion in London.