Research shows that as property prices continue struggling in the United Kingdom, there is an increase in the number of people transforming their lofts into an extra room.
For over a decade now, this has been taking placed in the various terraced homes in London. Because of this, property owners have been forced to obtain extra space through alternative solutions due to overall property prices. Unfortunately, that trend is now going national.
Research conducted by Lloyds TSB seems to suggest that more and more vendors are hiring local loft conversion specialists and removing their properties from the market in order to concentrate on making improvements to them. However, even when overall prices are wobbling, a loft conversion can add approximately 10% to the total property value. Peter Bolton Kin, the Royal Institute of Chartered Surveyors’ Global Residential Director, was quoted as saying the following:
“People are making the most of the space they have because of the costs of moving and a loft conversion can be an asset to a home.”
Financing A Loft Conversion
Homeowners will typically finance any and all alterations to their properties by tapping into their property equities. While lenders have always been happy to support this move, albeit at a low-cost option, slumping property prices and higher interest rates may cause this to no longer be the case. However, if your credit record is good, the cheapest personal loan you can obtain is one that stands at 7.2% from the AA.
Further research has also determined that approximately one-fifth of residents in the United Kingdom are making plans to engage in major structural work on their properties. According to a study conducted by Sainsbury’s Bank, approximately 5.3 million homeowners made some form of structural changes to their properties last year.
On 1 October 2011, new regulations took effect that allow individuals who own lofts to perform conversions and extensions without needing to first obtain permission from their local councils. The government in the United Kingdom has estimated that this will save approximately 1,000 pounds in costs since around 80,000 homes will not need to obtain this kind of permission. In light of the current financial climate, these regulations will also allow homeowners to add extra space and value to their existing properties rather than having to move.
What Are The Most Common Loft Designs?
Typically, there are a few very common loft designs that an owner of a loft can take advantage of if they wish to do so.
The first is a full loft conversion, which generally involves installing a space such as a master bedroom, guest bedroom, en-suite bathroom and/or shower room. Taking advantage of this option would give the best return investment.
Another common loft design involves turning the space into either a teenage den or a playroom for younger children. A playroom would accommodate younger children, while a den will be a great space for children who will be living at home longer than expected.
A home office is another popular common loft design, especially if the loft owner plans on either working from home or running their business straight from their home. These are usually outfitted with storage, cabinets, and various types of wiring.
What Will It Cost?
The cost of a loft conversion usually is between 14,000 pounds and 40,000 pounds, but also will depend on how large the project itself is. Here is a short list of cost estimations by project:
*Small loft conversion: 15,000-17,000 pounds
*Medium loft conversion: 18,000-24,000 pounds
*Large loft conversion: 25,000-40,000 pounds
Other Points to Consider
The following are other points that you will need to take into consideration when converting your loft:
For more details, get in touch with a local building company.