Loft conversions offer an incredible return on your investment when compared with other home improvements. You can add up to 20% (or £37,000) onto the value of your home just by adding another bedroom and bathroom in your loft. For the last few years studies have consistently shown that loft conversions add more than extensions, refurbishments, and even new kitchens when it comes to selling your home for more. But that’s not the only way that your loft conversion can save or even make you money in the long run.
Removing Moving Costs
The number 1 reason why people get loft conversions is because their home isn’t quite big enough any more – whether it’s because of new arrivals, children/parents moving back in, or just wanting somewhere for guests to stay, a new bedroom is the most popular type of loft conversion. Even though there are upfront costs to having a conversion built, it removes a huge number of costs when it comes to moving house. Removals, inevitable breakages, solicitor fees, estate agent fees, and stamp duty push the cost of moving house to around £16,000 (an increase of 97% in the last 10 years). If you want to move house in London, it can cost up to £27,946 just to cover all of the necessary expenses. Most people hugely underestimate the amount of money and stress it takes to move home, and the impact it can have on your commute or the school run if you don’t manage to find a home n the right area.
Adding a Passive Income
More and more people are using their homes to build a passive income, and a new loft conversion is an excellent way to do that. You can rent your loft to lodgers to generate money on a monthly basis without having to give up a lot of time to learn a new skill or manage a whole new business. Sites like AirBnB even let you rent to short term visitors over the holidays or throughout the year, and make it really easy to manage your bookings. Renting our an extra bedroom on a hosting site can generate around £400 per month with very little ongoing work, while long-term lodgers would be even more stable.
Increasing the Value of Your Home
The main point of building a loft conversion is so that you don’t have to sell and move home, but ultimately it does help that you recoup a lot of your money (if not all of it) when you do come to sell. Adding a loft conversion to your home is one of the best things you can do to improve the value and saleability.