Loft Conversion: Increase In Value?

Birdman2015

We are considering a loft conversion and was wondering what the expected increase in valuation would be?

We are looking at 2 bedrooms and a bathroom.The property is a 2 bedroom bungalow in Scotland.

Slithery

Birdman2015 said:

We are considering a loft conversion and was wondering what the expected increase in valuation would be?

Less than the money you spend on getting the work done.

Doozergirl

It totally depends on the current value of your house!  

The cost of the work is going to be roughly the same, wherever you are. 

The difference is all in the value of property per square foot where you live.  In some places you'd make a nice packet, in others you'd lose money.  

Birdman2015

Doozergirl said:

It totally depends on the current value of your house!  

The cost of the work is going to be roughly the same, wherever you are. 

The difference is all in the value of property per square foot where you live.  In some places you'd make a nice packet, in others you'd lose money.  

House is currently worth around 300k, probably adding around 70sqm of space at a cost of 15-20k as quoted by the architect.

NinjaTune

Bungalows tend to attract a premium (in England anyway) so by changing the layout it might have a knock on effect on the value.  I'd say that going up into the loft is unlikely to add value overall, you'll probably just break even.  If you are adding the rooms so that you don't have to move, thereby saving fees/moving expenses, then that's fine.  If, however, you are doing it in the hopes of selling soon and making a profit i'm not sure it would be the right thing to do.

How big is this bungalow/loft that you can add 2 bedrooms plus a bathroom in the loft?  Will there be eaves in the rooms limiting head space?

Birdman2015

The only change to layout to the existing bungalow would be the removal of a couple of cupboards to make way for the staircase.

There is plenty room for the 2 beds and a bathroom as the pic indicates. ( more space behind where I took the photo.)  Several people have done this to similar bungalows on the estate. Just been looking at past sales. 1 seems to have sold for about 80k more than we paid for the 2 bed version.

davidmcn

It'll end up being worth whatever a similar (converted) property in the area is worth, not a formula based on your current value or the cost of conversion. 

Crashy_Time

davidmcn said:

It'll end up being worth whatever a similar (converted) property in the area is worth, not a formula based on your current value or the cost of conversion. 

Exactly, so going into a recession with Brexit looming and probably more pressure for "INDY Ref. The Revenge" it will only make sense if it improves the living experience for the OP IMO.

snowcat75

Birdman2015 said:

Doozergirl said:

It totally depends on the current value of your house!  

The cost of the work is going to be roughly the same, wherever you are. 

The difference is all in the value of property per square foot where you live.  In some places you'd make a nice packet, in others you'd lose money.  

House is currently worth around 300k, probably adding around 70sqm of space at a cost of 15-20k as quoted by the architect.

15-20k sounds or is unrealistically optimistic, I could do a quick fag paper calc, that would make materials only come to that double is a more likely budget...

Will it add value, doubtful.... as bungalows unconverted often hold a premium, and if its a standard stick a couple of ugly flat roof dormer type jobs you probably wont even see your money back.    

Carrot007

NinjaTune said:

Bungalows tend to attract a premium (in England anyway) so by changing the layout it might have a knock on effect on the value.

INdeed, It would not be a bungalow for a start. Only thing that adds to a bungalow is a loft with storage access. (not reducing the shizzle downsairs).

Removing the loft strage area is often a very negative point.

Sounds a bad ideas for sale. If youi want it however go for it.

Doozergirl

Birdman2015 said:

The only change to layout to the existing bungalow would be the removal of a couple of cupboards to make way for the staircase.

There is plenty room for the 2 beds and a bathroom as the pic indicates. ( more space behind where I took the photo.)  Several people have done this to similar bungalows on the estate. Just been looking at past sales. 1 seems to have sold for about 80k more than we paid for the 2 bed version.

That's crying out for conversion!   2.5 metres of head height there, currently, dropping to 1.5 at the upstands, which all counts as usable.  

4.5 metres wide - plenty for a bed to sit sideways across that space and put wardrobes in to eaves on the other side - two bedrooms maybe or just a lovely big master. 

Calculate your value per square foot/metre; What's the area of downstairs?  Divide £300,000 by that number. 

Then multiply the result by the extended square footage.  What do you get?  

Have a look at what 2 storey houses with similar floor areas are selling for locally.    Your value might be somewhere in between the two prices if the bungalow straight calculation comes out higher. 

There's no hard and fast to rule to what something ultimately sells for, but it would be really interesting to hear what you come up with.  

It looks like the space should be enjoyed though.  What a great loft.  

You could add way more organised  storage area than you took out.  😂