How much value does a loft conversion add to your home? With sellers understandably a little nervous about selling at a good price right now, anything that will add value to your home is a welcome addition, and that includes loft conversions. Not only will you enjoy the extra space, but, when it comes to selling, you could see a tidy profit, according to the experts, including property maestro Phil Spencer.
The fact is, however, that not all all loft conversions will automatically add significant value, nor are they always practical. If you don't have the right sort of roof (one with the correct number of load-bearing walls and suitable shape) and at least seven, or preferably eight feet of usable height, then adding a loft conversion would simply be too much work and expense to see any return when you sell.
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If the job is straightforward and you have lots of room, however, it's a different story, and a well executed loft conversion that adds at least an extra bedroom and a bathroom could add up to 20 per cent value to your home. So, bearing in mind the average UK house price of around £231,000, you could see an added value of as much as £46,000.
Here's what Phil Spencer listed loft conversions as his top home improvement to add value, and told I Love Manchester that they are the easiest way to get an extra bedroom and bathroom, '[They're] not particularly disruptive, either, as most of the work can be done from outside. The key thing is to make sure access to the loft is easy and that the conversion fits the rest of the house, rather than looking grafted on. You will have to strengthen the floor joists, which will raise the floor level, so make sure you leave yourself with sufficient ceiling height to stand up in. Spend £20,000 on a loft conversion and you can add £40,000 value to your house. I am always wary of quoting figures, but for the purposes of this article, I am using a survey of 110 estate agents, carried out by mortgage lender GE Money, which concluded that a loft conversion adds an average 12.5 per cent to the selling price.'
Bear in mind, though, that this percentage only really applies to family homes that already have multiple bedrooms. Loft conversions appeal mostly to families that need extra space – there's often little point adding a loft conversion to a smaller property, and if the space you'll adding won't add significantly more room (a single instead of a double bedroom, for example), you might want to think twice about the viability of the project.
As with all other types of extensions and conversions, if you live in London, especially in prime, central areas, then a good-sized loft conversion is almost always worth it, because any additional space is highly valued in the capital. Outside London, your best bet is to ask a local estate agent what the demand is like to loft conversions first.
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