loft conversion - added value?

ben_m_g

Hi all,

We have a new(ish) house that we love, but it a bit small for us and a growing family.
Not being able to find anything we love more, we are again considering going up into the loft to make more space.

There is still lots to do, I really need to get some better quotes and find out if there is a covenant/restrictions (stung by that one before) but it would be great to get to hear some thoughts on what we are planning to do.

It is a three bed house (two doubles and a good single), going into the loft would create a new master bedroom with dressing area and en-suite.

It really isn't a big house, the internal space is only around 6m by 8m, the loft conversion would also loose some in the eves.

After all has been said and done we would be left with is a good size master bedroom with ensuite and dressing room, bed 2 (the old master) a double with ensuite and bed 3 would expand into the old single room as a double with a dressing room.
Three double bedrooms, two ensuite, two dressing rooms a family bathroom and wc.

So while we wouldn't gain an extra room, we would have three great sized rooms.



What concerns me is that this will not be cheap, thankfully as a newer property there should be less issues, but in addition to the loft conversion , the stair placement, there will be some knocking down walls with bed 2 / 3.

I am not expecting to flip this property but am worried about loosing investment. a 4 bed house would have more appeal but we are doing this for us (in the short term at least).

Has anyone faced the same option? Estate agents are a no-go so advise / comments would be appreciated

phill99

You are effectively turning a three bedroom property into a 3 bedroom 2 bathroom property. The money you will spend on it (say £25k) will only get you another bathroom. Thats an expensive bathroom, so in pure financial terms, you need to question if its worth it.

However, if you are in it for the lomg haul it doesn't matter what you spend. Do it for the needs of your family.

ben_m_g

A different way to put it, yeah I can see that.

I suppose putting extra space in a property and another ensuite and dressing rooms doesn't add much value to a property.

I have been down the sensible route, talking to estate agents, I brought round the three top estate agents to price up the house (when we were going to sell) no two where within 10k of each other.

All three gave me different information and one flat out lied about housing work.

DaftyDuck

No, I suspect it will marginally devalue your property. Adding loft space does add value, but only if there is space for the addition to be in keeping, giving a balance to the property. As you say, adding dressing rooms to a quite small property isn't going to get buyers beating your door down, and having the master bedroom up another flight of (potentially narrower) stairs may reduce the interest somewhat. Adding bedroom space without increasing the ground floor living space also has some downsides.

However... If you intend to stay for five or so years, then the equation changes somewhat. You'll save around £10,000 on the immediate moving costs, but will still not see a profitable return on the investment. You would, however, be staying where you love it.

Having done this for the profit, I can't recommend it, from what you detail.

Doozergirl

The loft of a modern property is arguably harder to convert. If the roof is made with lightweight trusses, it could need an entire new roof!

Whether you recoup the cost in house value is all down to the availability of space locally and the current value. The higher the value, the more you gain. The greater the demand for space (in London, for example) the better for you.

ben_m_g

Thanks all, some interesting points.

I haven't made a decision, but I am going to get some quotes, if extending is going to be more expensive than through this may throw a spanner in the work.

cyclonebri1

I too was surprised when you said modern house, as DZ said the quick way would be to rip the whole roof off, but it can be done provided the existing trusses don't block the placement of the new purlins.

You will maybe add £5k initially provided the resulting room is a good size double.
The first 1 1 did had to sacrifice the box room for the double back staircase.
However it was a very large semi and the room produced was huge, about 20ft x 12, it made the house.

The big issue is you have to make a proper quality job of it or as above it can devalue the property.

Without bragging here I'll never forget what the building inspector said to me on final approval, "At last, 1 that's been done properly"

I guess they see some atrocities.

ben_m_g

I think if you do it, do it right.

They way we have the house, it wouldn't be a major issue if it dragged on a bit, or we waited to put in the right fixtures and fittings.

I don't think it will happen if the roof will have to come off though, that is an added price and major issue with access.