For many homeowners in London, the need for extra space is a common problem. But with the cost of moving house in the city at an all-time high, many people are exploring alternative options, such as a loft conversion. The question is, is a loft conversion cheaper than moving house? In this blog post, we’ll look at the costs of both options and discuss why a loft conversion might be the more affordable choice.
The Cost of Moving House in London
Moving house in London is relatively inexpensive. According to recent data, the average cost of moving house in the city is around £32,000. This includes everything from estate agent fees and stamp duty to removal costs and legal fees. And that’s just for a standard-sized property – if you’re looking to move to a larger home, the costs can be even higher. A loft conversion could be a more affordable alternative for families that need more space but can’t afford to move.
The Cost of a Loft Conversion in London
The cost of a loft conversion in London can vary depending on several factors, such as the property size, the type of conversion required, and the level of finish. However, on average, you can expect to pay around £30,000 – £50,000 for a basic loft conversion. This might seem like a lot of money, but it looks like a more affordable option when you compare it to the cost of moving house.
The Benefits of a Loft Conversion
One of the main benefits of a loft conversion is that it can add significant value to your property. Research has shown that a loft conversion can add up to 20% to the value of your home. In addition to this, a loft conversion can provide you with the extra space you need without the stress and expense of moving house. This is particularly beneficial for families who need more space but don’t want to uproot from their current location.
What to Consider Before You Commit
Before you decide whether a loft conversion is right for you, consider a few things. Firstly, you must ensure your property is suitable for a loft conversion. This means checking the height of your roof, the size of your loft space, and whether you have enough headroom to stand up. You’ll also need to consider planning permission and building regulations, as these will affect the cost and feasibility of the project.
Ultimately, Is a loft conversion cheaper than moving house? Deciding to move house or have a loft conversion will depend on your circumstances. However, if you’re looking for an affordable way to add extra space and value to your property in London, a loft conversion could be the perfect solution. With lower costs than moving house and the potential to add value to your home, it’s a wise investment that could pay off in the long run. So, before you start packing your boxes, consider whether a loft conversion might be the cheaper and more practical for your family.