Converting your loft is a big decision to make. For some people it will mean taking out a bank loan or dipping into hard-won savings pots. For others, it may mean some upheaval at home and the bother of looking into planning permission.
Is there ever a perfect time to take on such a project?
In short, the answer to this question is no. Like any big decision, there will be some aspects which don’t appeal…committing financially or changing your way of life whilst building work is completed for instance.
For families with young children, necessity is usually the deciding factor…you may need an extra bedroom or perhaps a dedicated office space for work reasons.
For older homeowners, the issue is often brought up as a result of wanting to improve the home as much as possible, to bring it to its maximum beauty and practicality, thus ensuring the value of the property is at its highest level possible in addition to wanting to provide extra space for visiting family or even to provide a dedicated place for hobbies.
What to consider financially
There are many options available to homeowners when it comes to financing a loft conversion; if you’re not lucky enough to have savings available then it is definitely worth looking at the other choices.
Releasing equity or re-mortgaging your property can both be routes to consider if your fixed term is due to end. Because loft conversions are a sensible investment, it’s not a rash move when we consider the fact that your return could be considerable.
Loans are also a popular path to take and whilst APR rates are higher than the interest rates on mortgages, it’s worth considering that over time, you can actually end up paying out less…it depends on how long you take the loan out for.
Consider what you can afford on a monthly basis and look at both options to work out the best choice for your financial situation.
Thinking about the upheaval
Whether you’re a retired couple or a young family, you may be feeling nervous about building noise and how it could upset your routine.
The good news is that loft conversions are actually pretty swift to complete and the mess and noise is considerably less than that which comes about during an extension.
Speak to your neighbours to let them know about your plans, that way you may be able to consider them in your building plans…for example, if they have a big operation planned, then it makes sense to ensure that your loft conversion isn’t being built during their recovery. While we can’t always accommodate other people, it’s a good idea to try so that your relationships with your closest neighbours don’t suffer, look at ways of reducing your own stress; is it possible to go on holiday when the building work is to be completed? Can you spend some time at a friend or family member’s home during the day if the noise is too much for you?
Plan ahead and keep stress levels low…once your loft conversion is completed, you’ll realise that the upheaval was temporary and worth it.