Adding value to your home
ADDING VALUE TO YOUR HOME
We get all excited when we see publications describing a loft conversion as being 1 of the best ways of adding value to your home and increasing your living space because we love what we do, especially when it has double benefits to your life and your pocket. But with so much to consider where do you start?
Don’t rush into it. Do your research!
Adding value to your family life and adding value to your home is ultimately the priority when deciding for a loft conversion but you have to get it right first time to avoid later disappointment and to avoid downsizing on your return on your investment. Do you research first and get your spec right first time because being practical first time, means a perfect loft at the end.
Most 1920, 1930’s and other period style homes in North London have the potential for a conversion but it’s worth getting expert advice from a loft conversion specialist or an architect to find out the possibility for your home so assessing your roof and footprint is vital. They will be able to give you ideas and bounce off your ideas to address feasibility too.
It’s also quite useful to visit neighbours who have had a loft conversion in your road, who have the same style house as you. The chances are you will end up with a similar style loft conversion so:
- Ask your neighbour what works for them in their loft and what doesn’t.
- Get a feel for space and think what you would like to do better for your loft conversion.
- Review their electrical lighting and switch points.
- Check out their windows in the room, above the staircase and in the bathroom if they have one as sky lighting is the best way to enhance natural lighting into your room so it’s worth considering
- The size and quantity of your Velux windows
- Some outside space if you are overlooking a beautiful landscape, but question the need if you are in a noisy area
- See the position of their staircase to access the loft and how much space it has taken from the landing or another room to accommodate the starting point
- Assess their storage space so you can make good use out of every nook and cranny in your loft conversion
What can you expect from a loft conversion?
The duration of a loft conversion can take anything between 8 to 12 weeks and even though you can live through the construction, you will have to endure the hassle of some noise and some dirt but im guessing you’re expecting this anyway. But we have worked with a few families that haven’t expected some ‘good to knows’ of a loft conversion construction so we would like to now give prospective home owners full transparency:
- You may be advised to have your entire roof replaced with new tiles or slats if your roof is tired – allocate a budget for reroofing costs (costs dependent on roof size and materials used)
- Your walls may crack weeks or months later after the completion date because homes will have subtle movement and plastered/skimmed walls will take time to settle so some cracking comes as standard – keep an eye on your cracks and attend to them once settled
- By enhancing space upstairs you will lose space from your landing or bedroom to accommodate your loft staircase – Reconsider the purpose of your bedroom especially if it’s a small bedroom as it will feel like a box room on completion
- You may have the best neighbours in the world before you start your construction but don’t forget they will have to endure dust and noise during your process and the possibility of some cosmetic or even (worst case scenario) small structural damage to their homes so it’s best to get a party wall agreement so they are aware of all the works you will undergo and have reassurance that their property will be repaired if needed – potential costs per agreement/per neighbour can amount up to £2k to £3k each before you start the conversion.
How much value could you add to your home?
Nationwide Building Society have done some recent research into the value a loft conversion will add to a home and have stated that up to 20% more property value can be added with the extension of a loft conversion. So homes valued at £400k in North London could expect a value enhancement of up to £80k when adding in a double bedroom and bathroom. Now that is a tidy profit and worth the hassle if you have only spent £40k on the entire loft conversion.