Since the pandemic, priorities have changed. Garden space has become more valuable, home offices have become an integrated part of our lives and uncertain times have been enough to put people’s moving plans on hold. Whilst the stamp duty holiday has helped to rejuvenate some interest in moving, others are instead looking at how they can enhance their current space.
A loft conversion could be their answer.
Not only can they help increase revenue for investors in property who have buy-to-lets, they can also increase the property value by up to 21%. With the ability to open up previously unused space, and access to fast bridging loans to help with funding, the popularity of these conversions has grown. Particularly in areas where space is hard to come by, such as our capital. With the price of land being at one of its highest peaks and the announcement of the recession, adding an extra room without the worry of moving may prove to be a good option to raise property value for future selling.
This is especially true right now – when home offices are a priority in a buyer’s eyes. Coronavirus has caused new home trends to flourish, a key one being a specified area to work when at home. It’s increasingly looking to become a stable part of the ‘new normal’. So now could be the perfect time to consider converting. But first, you should ask yourself one simple question.
Is a loft conversion right for you?
This comes down to a couple of key factors:
- Overall amount you are willing to spend vs. the value it will add to the property
- Style of the conversion you would like
- How you intend to utilise the space
They can be added to assets in your property portfolio, to increase storage in commercial properties, or even to your own residence. Whether you’re looking to transform the attic into a master bedroom and en-suite, create a home gym, or even add a home cinema room, it’s important to understand the different features available.
The benefits of a loft conversion
Loft conversions are more popular than you think when it comes to UK property, particularly when it comes to those living in London. It’s easy to understand why:
- Can take 6 – 10 weeks to convert (on average)
- Allows you to add another bedroom, storage or home office
- Increases property value
For the most part, planning permission is not needed for your average loft conversion. However, there are certain restrictions which may mean that getting planning permission is vital for the work you would like. Some of these restrictions include:
- No extension is to be higher than the highest part of the roof
- Extending or altering your roof space beyond its current limits
It is always worth checking that your intentions fit alongside these restrictions. You can find more out about these here.
Style and price
Knowing what type of loft conversion works for your property will give you a better indication of what price range you’ll be looking at.
A basic ‘room-in-the-loft’ conversion is as it sounds, basic. But you can still transform your space with this type of conversion. It usually costs £1,150-£1350 per square metre* and will include the necessary fire safety measures and the features below.
But there three other types of conversion that you should consider, as they are highly popular across the UK.
A dormer loft can be done with either a flat or pitched roof. A flat roof is one of the most popular conversions as they overhang straight from the roof, making it easier to install. Unlike a pitched roof, they offer a larger amount of floor space due to the vertical roof.
Mansard conversions will cost you, on average, £20,000 – £35,000 as they require a change in the roof structure. It alters the back of the house in a way that seems a part of the property. By integrating the extension, it becomes more visually appealing; seemly adding another storey to the house due to the almost vertical wall.
If you own a bungalow or a semi-detached house, then a hip to gable conversion may be the best option. The lofts in these properties tend to have sloped side walls, as well as front and back. This form of extension removes those side slopes and builds up the end wall. This adds in a standard pitched roof, allowing the loft to have an area with full headroom.
How MFS and fast bridging loans can help you
Our conversion and refurbishment bridging loan is a fast short-term finance option that can be used to upgrade your property. They range from light refurbishment to structural changes, covering a large variety of modifications. We also tailor our bridging loans to suit your needs.
So, whether your looking to install a bedroom, a gym, a home office or something else entirely, contact us today.
*This will vary so ensure you have quotes from different parties before going ahead