Loft Conversion: Increase In Value?

blue_max_3

I live in a converted loft in North London. My rent is £1470 per month. I'd say that was likely paid for in the two years I have lived here. The OP's looks like an easy conversion. Seems certain to add value. Probably the best use of any spare money at this time especially.

seven-day-weekend

Carrot007 said:

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.

I agree.  We have a two-bedroom bungalow and use our loft for storage.  It is much more use to us than an extra bedroom or two.

My next-door-but-one neighbour has what she calls a 'dormer' bungalow.  To me it is a house.  Three of the four bedrooms are upstairs.  I don't think anyone wanting a bungalow would chose it.  She also has no loft space.

Birdman2015

blue_max_3 said:

I live in a converted loft in North London. My rent is £1470 per month. I'd say that was likely paid for in the two years I have lived here. The OP's looks like an easy conversion. Seems certain to add value. Probably the best use of any spare money at this time especially.

Once the sky lights are installed, its simple to do. I agree that as savings rates are pathetic now we may as well use it for this.

NinjaTune

Birdman2015 said:

blue_max_3 said:

I live in a converted loft in North London. My rent is £1470 per month. I'd say that was likely paid for in the two years I have lived here. The OP's looks like an easy conversion. Seems certain to add value. Probably the best use of any spare money at this time especially.

Once the sky lights are installed, its simple to do. I agree that as savings rates are pathetic now we may as well use it for this.

I suppose any buyer could use one of the bedrooms as storage space, though that does seem to negate the point of adding 2 bedrooms.  It's a much bigger loft than I was expecting to be honest, I was expecting something a lot smaller and more poky.

If you are planning to live there for quite a few years before moving on and need the additional bedrooms then it makes sense.  Personally I'd ask some local estate agents if they think it will improve or reduce saleability.  If it is only one of a few bungalows in the area it might not add the value you are hoping.  If there are plenty of bungalows around then it will more likely add value to the property but you will definitely need somewhere that can be used for storage.  The more people in the house, the more !!!!!! needs to be stored away!

p.s.  Don't forget to come back and show us the finished product, I'm very interested in how it will look.

Titus_Wadd

That loft looks perfect for conversion but only if the end result is perfect for you and your family's needs and you're staying rather than doing it to make money selling in a couple of years.  At least it won't require the addition of !!!!!! dormers.  So 4 beds if you need 4 beds, but when we were looking for 4 bedroom houses we didn't want the bedrooms split over 2 different floors, and being a hoarder I always need a loft space, and a garage and plenty of cupboard space for all the stuff we have.  Now adding a ground floor bedroom and staying as a true bungalow might add value, because 3 bed bungalows are pretty thin on the ground (around me at least).  I'd do a bit of research on rightmove and see what sells.

Please pop back when you make your decision; you may live hundreds of miles from me but I'd love to see the finished house if you go ahead, not just cos I'm nosey!

Birdman2015

NinjaTune said:

Birdman2015 said:

blue_max_3 said:

I live in a converted loft in North London. My rent is £1470 per month. I'd say that was likely paid for in the two years I have lived here. The OP's looks like an easy conversion. Seems certain to add value. Probably the best use of any spare money at this time especially.

Once the sky lights are installed, its simple to do. I agree that as savings rates are pathetic now we may as well use it for this.

I suppose any buyer could use one of the bedrooms as storage space, though that does seem to negate the point of adding 2 bedrooms.  It's a much bigger loft than I was expecting to be honest, I was expecting something a lot smaller and more poky.

If you are planning to live there for quite a few years before moving on and need the additional bedrooms then it makes sense.  Personally I'd ask some local estate agents if they think it will improve or reduce saleability.  If it is only one of a few bungalows in the area it might not add the value you are hoping.  If there are plenty of bungalows around then it will more likely add value to the property but you will definitely need somewhere that can be used for storage.  The more people in the house, the more !!!!!! needs to be stored away!

p.s.  Don't forget to come back and show us the finished product, I'm very interested in how it will look.

I spoke to the agent that sold us this house today, she reckoned we could add around 10k per bedroom and 5k per bathroom if we did this so pretty much break even.There are quite a few of these bunglows in the estate, both 2 and 3 bed versions but quite a few have been subject to loft conversion.

We don't "need" the additional bedrooms although the existing 2 are quite small and the ensuite is tiny so larger bedrooms would be nice. I have seen some plans for a similar bungalow round the corner, they added 2 beds and 2 baths so perhaps we can add a box room rather than that 2nd bathroom which would take care of storage.

The plan is to stay in this house for a good 15 years, certainly past retirement and then maybe move to something smaller to release some funds.

Titus_Wadd

Sounds like a sensible approach, best of luck