To Loft or to Extend? What Adds More Value to a House?
Homeowners in London are fortunate to have a more extensive and diversified range of options to choose from when it comes to property renovation. They can add a loft conversion or a building extension to increase their living space. However, determining which option would add more value to their house can be challenging. Loft conversions and extensions can be major home improvement projects, requiring significant time, money, and effort investments. In this blog post, we’ll explore the benefits and downsides of both options, helping you make an informed decision on what adds more value to a house loft or extension?
Loft Conversion - Pros and Cons
Lofts conversions are a popular choice for homeowners, especially in London, where space is limited. It involves converting your attic or loft into a functional living space, such as a bedroom, office, or playroom. Here are some of the pros and cons of loft conversions:
– Cost-effective: Loft conversions are more affordable than home extensions, as they don’t require a foundation, roofing, or additional plumbing and electrical work.
– Add Value: Loft conversions can add significant value to your home, increasing its appeal to buyers when you choose to sell your property in the future.
– Create More Space: If you’re struggling with a growing family or need an extra room to use as an office, loft conversions can add functional living spaces.
– Planning Permission: Loft conversions often fall under Permitted Development Rights, meaning you don’t need to apply for planning permissions, which can be a bonus.
– Limited Space: Loft conversions may not have as much square footage as a full-blown extension, depending on the layout of your home.
– Building Regulations: You do need to satisfy the Building Regulations requirements for a loft conversion, ensuring the structural integrity of the roof, insulation, and fire safety measures.
– Building Complexity – The project can be disruptive for the duration of the work.
Building Extension - Pros and Cons
Building extensions are an option when you want to add significant square footage to your property. Here are the pros and cons of building extensions:
– More significant Space: An extension can add a more substantial living space to your home, such as a kitchen extension, dining space, or extended living room.
– Personalisation: An extension can customise your living space to meet your family’s needs.
– Add Value: Extensions can provide added appeal to buyers when selling in the future.
– Costly: Building extensions tend to be more expensive than loft conversions due to the high cost of materials and labour.
– Planning Permission: Homeowners usually need planning permission to carry out an extension, which can take longer than loft conversions.
– Choosing the wrong extension design can hurt home value.
Which option adds more value?
Now that we have weighed some of the pros and cons let’s consider which option would add more value to your property. It’s worth noting here that the best route for increasing your home’s value is to create a livable and functional space that complements the existing structure rather than the renovation cost. Here’s a general guide:
– Loft conversions: On average, a loft conversion in the UK can add approximately 20% to the property value, making it an excellent investment.
– Extensions: In London, extensions can fetch an average return of 10% on investment. Of course, this number fluctuates based on the quality of the work and planning, the dimensions of the extension, and the location of your property.
In conclusion, choosing a loft conversion or an extension depends on your lifestyle, budget, and long-term plans. A loft conversion can offer more cost-effective space, but an extension offers more personalisation and customisation. Both options can increase your home’s value, but to get the maximum return on your investment, hiring an experienced and reputable contractor is essential. It’s best to do your due diligence by researching getting quotes and advice from professionals and consultants. Whatever avenue you choose, home renovation is an investment that will bring you joy in your personal space now and in the future.