11th October 2021
It became known that there are two ways for the aforesaid: loft conversion and extension of the rear.
We had questions like: what should we do, how much should we pay for it, what will we use, how much will we increase the value of the house?
Due to the coronavirus, as well as isolation, people have begun to crave free space where they can rest, informs Ed Magnus from This is Money.
There are several factors to keep in mind converting a loft or extending at the rear.
Before moving to a large living space for a high price, you need to remember its work cost and failures.
An interesting fact is that the average cost of a home extension will cost £26,000, and the average cost of a loft conversion will cost up to £40,000 (data taken from tradesman search site MyBuilder).
Pay attention to price differences, because the expansion will create more space downstairs and the loft conversion will add one more bedroom.
According to Nationwide analysis, an additional double bedroom with ensuite bathroom, three-bedroom home through an extension or loft conversion will help make your home up to 20% expensive.
The information we received from the Office for National Statistics says that the average property in England is £245,000. So if you’re worried about the cost of a small extension, you need to know that a 20% price uplift will return you £49,000.
Well-known real estate experts Robin Chatwin and Jeremy Leaf agreed to find a solution for “this is Money” what they needed to do.
Leaf’s advice included: initial start motives for doing work.
It is important to note the difference: if you convert the loft, you will have another bedroom. As for the extension, it will give you the option of another living space.
Do not build houses with heavy tops because a large number of bedrooms will not equal to living rooms number.
You have to remember, there is not enough living space for a large family, even if you want to add a fourth bedroom to a home with three bedrooms and an adjoining living room.
Also, don’t forget about destruction due to lots of work, Chatwin emphasizes.
This is essential for you to move from your home to a rented location for several months if you build a rear extension.
It will be easier if you convert the loft – there will be fewer interruptions.
There are many advantages for adding or refurbishing a loft: you don’t need to buy real estate, you don’t need to move and there are no expenses for it, and most importantly, you will increase the value of your estate.
What are we going to use for this?
Additional tips from Leaf was: find a reliable real estate agent or surveyor and together with him calculate how the work affects the home price.
The growth will not be as great as you would like.
After this, choose an experienced architect or designer to understand how high the costs will be.
Moreover, you need to know the type of planning and building regulations.
You should be aware, it can take six or nine months to obtain the above consents. It does not depend on you but depends on the authority and the availability of contractors.
In addition, pandemics affect planning and construction permission processing times.
Chatwin has answered to question: find a real estate agent and find out the price of your home in its actual state. After that, let the agent estimate the cost of loft extension or conversion.
The next step will be construction proposals, to understand the cost.
Then choose the right architect for you. He can help with a building permit before the start of the conversion, if necessary.
When you submit your permission, you will have to wait about 12 weeks.
How much will the price of the house go up?
Leaf’s answer: A conversion or expansion of loft will increase your current home value by 10-15%.
Be careful: do not perform or expand work that is different from your neighbours’ house – as this may give you less return.
Pay attention to the pros of converting or adding loft to the total living space. Analyze how much the value of the other completed properties has increased.
In this case, a real estate agent or certified surveyor who has the experience and lives in your city will also help you.
Chatwin makes a side note: A second loft room or extension can change the course of a property sale.
To summarize, a large space will quickly capture the attention of buyers as they want to work from home, and in addition to that, you can cover your construction costs.
To sum up the above, be careful to develop enough your property conversion. As an example – a very small garden on the road, will not be in your favour during the sale.