A well-crafted and safe loft conversion can add up to £100,000 to your home, although the exact amount will vary according to your location within the UK. In Central London, for example, a loft conversion, with en-suite, of 24 square metres could increase the value of the property by almost £200,000.
In the North East of England, however, where the average property price is lower, a similar conversion will be worth just under £40,000. The average for the South West of the UK is £72,000, with Cheltenham achieving more than this because of its links to London, Oxford and Bristol.
More about loft conversions
You’ll need to make sure you have enough headroom in your loft to go ahead, so before you make any serious plans, have an architect look at the pitch of your roof and the size of the floor space. You could think about lowering the floor of the loft (which is actually your first floor ceilings!) in order to increase the headroom, but this can seriously ramp up costs.
You should also be mindful about how much space you’ll lose on your first floor to accommodate the stairs or steps up to the loft if you don’t already have some. It’s usually worth it to release the extra space, but not always.
While loft conversions don’t often need planning permission, it helps to have an architect on the project so that you meet all of the necessary building regulations. An architect will also make sure you get the most out of your available space.
Your loft conversion won’t work miracles! There’ll always be a ceiling price on your property, no matter what you do to it. You should get a good idea about this price by looking at what similar properties with similar conversions in your area have sold for.
Do extensions add as much value?
It does seem that loft conversions add more value, although extensions can be useful too. In Central London, a rear extension can add up to £124,000, while in the South West of England, you can expect to add around £50,000.
Lofts tend to add more because you usually have the entire footprint of the house to “play” with, whereas with an extension, you’re limited with how far out you can go. In addition to this, extensions are often used to expand an existing room, whereas a loft is an entirely new space with a new function.