Will a loft conversion add value to my property?21st October 2016
We are frequently asked if adding a loft conversion to a property will increase value. The simple answer to that question is yes, adding extra floor space will increase the value.
However, before you rush off to clear the attic and call the builders, there are a number of factors to take into consideration:
- Will the cost of the work be proportionate to the increase in value? Will the accommodation be balanced?
- Do the number of bedrooms outweigh usable reception space?
- Will it make the house too large for its plot or location?
- Will the addition of the staircase involve losing or diminishing the size of an existing room?
- Will the extra space satisfy all your requirements or would moving be more beneficial?
So what should you know about loft conversions
- A good ridge height is vital; a general rule of thumb is 2.2m. However, it is possible to raise the roof height, but this will require planning consent and incur significant extra costs.
- A party wall agreement will be required if your property is attached.
- Loft conversions are regarded as Permitted Development if they are less than 40m3 for terraced properties or 50m3 for semi or detached homes. This volume must include previous roof space additions.
- You will require planning consent if you are extending outside the existing roof slope with the addition of dormer windows, balcony or if your home is a listed building or within a conservation area.
- Any dormer windows or protrusions must be set back at least 20cm from the original eaves.
- Building Regulations will be required for all roof conversions.
- It is advisable to check with your local Council Planning Office to confirm if consent is required.
If your home has the potential for a loft conversion or by adding that extra bedroom and possibly another bathroom, it would enable you to remain in your home for a further 5+ years, then extending is worthy of consideration.
If making these changes will give you other elements that your home cannot provide or if the sole objective is to add value with the view to resale, then a clear understanding of the potential market demand and an accurate guide to the current and projected market values, is critical.