Whether you need some extra space, you’re looking to rent out an additional room, or you’d like to increase the return on your property investment, you might be surprised to know that adding a loft conversion is an incredibly cost-effective way of increasing the value of your home. But how? We’re here to help you answer that question.
Can you do it?
There are a few things you need to check before you can convert your loft, like planning permission, the amount of usable space you have and whether you’re in a conservation area. But don’t worry, knowing if your loft is suitable doesn’t cost an arm and a leg. In fact, we recently covered some of the easy ways you can check yourself without calling in a contractor. You can find more information here.
What makes a loft conversion cost-effective?
First off, a loft conversion is a great way to gain some extra useable space, with a competitive price per square foot ratio, and a much higher chance of avoiding the need for planning permission. It also allows those that can’t build-out, to build up.
As a landlord, you could create a new rentable space while funding it from existing tenants, or by increasing the rent value of a single-tenant home. This means you can increase your future income without spending your savings.
And it’s not just cost-effective initially, but for the future, too. Homeowners and families benefit from increasing usable space while raising the resale value of the property by up to 20%.
It’s important to remember that as the property has more bedrooms, the amount a conversion adds can be slightly less due to demand. So you’ll notice the most significant difference going from a one-bedroom home to a two-bed, but not so much going to three and four.
To get a better understanding of loft conversion costs, you can check out our blog here.
The first step is free
There’s a lot to consider when you’re thinking about a construction project on your home, but if you want to increase your property value, and enjoy more space until you sell, then a conversion could be perfect for you. To get a free consultation and quote, contact us today, and let us add value to your home the SimplyEasy way.