What does the value of a loft conversion add?

Loft conversions can add between 10 and 20 per cent to the value of your home.

Converting your loft from a dark, damp storage space into a new room is one of the best ways to add extra living space to your home. Converting your loft into a bedroom or living room can also add a substantial sum to the value of your property.

In 2008, the leading property website Prime Location estimated that ‘a loft conversion can add an extra 10 per cent to a property's value.’ The Guardian was more bullish, reporting that ‘converting 300 square feet of loft space into an en suite bedroom can add more than 20 per cent to the value of an average property.’

Research from Halifax, the UK’s leading mortgage lender, has found that a loft conversion should add an average of £24,981 to the value of your home.

Converting your loft into an additional bedroom actually creates more space in your home and adding an extra bedroom can make your property more attractive to potential buyers. According to the Nationwide, adding space (through a loft conversion) to convert a two bedroom house into a three bedroom house in London adds an average of 13.6 per cent to the value of a property. In addition, research by Savills has also shown that the price of a four-bedroom home is, on average, 71 per cent more than a three-bedroom property.

Adding extra living space in the form of a loft conversion can add a substantial amount to the value of your home. However, loft conversions can be expensive. Prime Location estimates that a small plaster boarded and insulated loft conversion will typically cost between £15,000 and £17,000 whilst a large loft conversion will typically set you back between £25,000 and £40,000.

So, if you are planning a loft conversion, it is important that you shop around for quotes and obtain the best price for the work. Make sure you stick to your budget or the cost of the build may end up exceeding the additional value the loft conversion adds to your home.

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