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Loft Conversions: London Homes Can Benefit

There are many obvious benefits of building a loft conversion: the extra living space gained can be used in a variety of ways, for example, as a bedroom, a playroom or a study; an extra bathroom can perhaps be added, or indeed a whole luxurious master suite, including aspects such as a walk-in wardrobe or ensuite bathroom, can be created from loft conversions. London homeowners are especially relishing the extra space and, according to Prime Location, the typical terraced homes of the city in particular are extending upwards rather than outwards.

But what about the less obvious benefits of loft conversions in London, particularly those which are financial? It’s been proven recently just how beneficial loft conversions are when it comes to adding value to a home – it’s believed that they are the top way of doing so, and here’s why:

Useable Space

Nationwide Building Society has recently shown that house hunters are prepared to pay extra for what is perceived as ‘usable space’. This means initiatives such as adding an additional bedroom or bathroom, or any other considerable room for that matter, add a certain desirability to a home, making it more saleable when the time comes to move on. With limited space in the capital, a way of creating usable space is with loft conversions; London homeowners can spare their gardens the intrusion of an extension, but still create valuable extra room within their existing home.

Financial benefits

As well as making your home more desirable to potential buyers, a loft conversion will also increase the value. According to The Guardian , loft conversions top the charts when it comes to the best renovations for adding value to a home, by increasing property values by an average of £20,876 - and at a cost of approximately just £10,000 to create, it’s easy to do the maths.

Similarly, Nationwide Building Society estimates that by adding an extra bedroom and bathroom through a loft conversion, up to 23% extra value can be added to a home.

This is particularly the case in the capital when adding loft conversions; London house prices are still the highest in the country, and incorporating a loft conversion within a home increases house prices further. But remember to do your research first; every area has its ceiling price, so keep an eye out for houses for sale close to your home where a loft conversion has been created, and check what they are going for – then make sure you don’t spend more on the conversion than you will recover when you sell your house.

Easy to create

As extensions go, a loft conversion is relatively easy to create. Often, planning permission isn’t needed (as long as the works fall within the rules of permitted development), and even if you feel like you don’t have much space within your attic, there are things that can be done to create more space, such as incorporating a dormer window or moving roof timbers or water tanks. If you’re considering a loft conversion, London based Bespoke Lofts are the people to speak to for ideas on how to do this and how to make the most of your space for the best increase in house price – after all, loft conversions, London and nation-wide, are one of the easiest ways of adding value to your home, as well as giving the best return!

Prime Location: - last viewed 23/08/12

Nationwide: - last viewed 22/08/12

Guardian: - last viewed 22/08/12

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