When it comes to home adaptations, one of the most cost-effective options to increase the value of your home or building is to increase the accessible floor area. Therefore, many homeowners choose to add an extra bedroom or have a Loft Conversion installed, taking full advantage of space that was previously not utilised.
But how much does a loft conversion in Merton contribute to the value of your home? Is it worthwhile to put up with the hassle? Or would it be wiser to spend the time and effort and sell it now?
Read on to help you answer these questions.
How much value could a loft conversion in London add to your house?
Several elements will impact the increased value of your home, after the Loft Conversion has been installed. Every home has a price limit (the maximum amount that it can reasonably sell for when the location and type of property is taken into consideration). For example, if you buy a three-bedroom property worth £300,000 and the maximum price for a four-bedroom home in your neighbourhood is £320,000, you will likely see little to no rise in value for adding a fourth bedroom.
Equally, if you have a two-bed property in a neighbourhood that have a majority of three or more, a loft conversion may be necessary to increase the value of your home and make it more appealing to potential buyers. For example, a loft conversion with a double ensuite bedroom and bathroom can increase the value of a three-bedroom property with one bathroom by roughly 20%.
How much does a loft conversion in London cost?
Having a loft conversion installed, like any other home adjustment, is determined by several elements, including:
- Structure of the roof
- The quantity of usable space
- Existing house layout (terraced, detached, or semi-detached)
- Type of conversion (e.g. Dormer, Velux Loft Conversion, Hip to Gable, Mansard)
- Changes needed to the floor to hold a staircase
- Location (Costs will almost always be higher in London and other major cities within the UK)
Taking this into consideration, the average total cost of converting a loft in south London into a bedroom with Velux windows can range between £13,500 to £25,000 or more, depending on the location and materials used. If you add an ensuite bathroom you can further increase the cost from £19,000 to £28,000. In addition, an ensuite bedroom with both dormer and roof windows, will set you back between £26,000 and £35,000.
As your building is in the London area, these costs might be as much as £17,000 extra. Additionally, if your home requires extensive structural work to facilitate the conversion, for instance, raising the roof or lowering the ceiling floor below, you are looking at a considerably higher cost.
The value added by installing a loft conversion in different regions of England and Wales can range from £38,328 in the North-East to 24.5% in London where the average house price is £501,000.
To summarise, evaluate your options by investigating similar house prices (post Loft Conversion) in your neighbourhood, consider the total cost of the Loft Conversion and compare the added value. Check the UK House Price Index and take into consideration the speed with which you want to sell your property, especially if the housing market is in decline before you make your final decision.
