Home improvements may take time and money, which include building regulations, design and planning and the work itself but it is a sure way to add maximum value to your home. It may seem expensive in theory, but it shouldn’t deter you from trying to change your home. A loft conversion is a good place to start. It doesn't have to be very expensive but it can add value to your home. Recent research shows that by converting a loft space, your house value can increase by as much as 20%. At the minimum however it can be increased by 10%. This is because a loft space is technically an additional room or rooms and is seen as adding value. As well as creating the extra space a loft conversion can even make your home more energy efficient. All of these together can see your home value increased by the maximum of around 20%.
This does however mean that the higher valued your house is, the bigger the ROI. If a house that is worth $250,000 has its value raised by 10% then it adds an extra $25,000 to the value. But how much did the conversion cost in the first place? If it cost $20,000 then technically you have made a $5,000 profit. Is that worth it? If your home is worth $500,000 then you will be earning an extra $50,000 onto the market value. It is a pro rata type of valuation that can be beneficial but really it is important to ask yourself is it vital for the homeowner and are you in need of that extra space.
Know your budget
Knowing your budget will help you when you look into a loft conversion and look at the type of return you may see and how much value will be added. When setting your budget, consider the average prices for essentials and added extras such as design, flooring and scaffolding. You should approach many different architects or loft conversion specialists to see who will work best for you. There are many different types of loft conversions some of which include:
- Dormer loft conversion - costs around £30,000 or $37,500 dollars . The most popular type of loft conversion is a simple flat roof dormer.
- Mansard loft conversion - costs around £50,000 or $62,600 dollars . An extension through the roof that makes the conversion look seamless with the rest of the house.
- Hip to gable loft conversion - costs around £15,000 or $18,785
- Roof light loft conversion.
The bigger and more extravagant the conversion the more value it is going to add to the property. A mansard loft conversion tends to be on the higher price as it becomes an integral part of the home that can be seen as an extra floor entirely. It is an expansion as much as a conversion and looks very in keeping with the rest of the home. Knowing exactly what you want for your conversion will be vital because it will allow you to get a better idea of how much your home value will rise.
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