Loft conversions add value

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by Kay Murchie

Increasing property prices and stamp duty are making life hard for those who want to move to a larger home. A study by GE Money Home Lending has established that loft conversions can add value to your home – anything from £22,000 to £45,000. Moving upwards could be the next best thing but you must go through the correct channels.

According to the Federation of Master Builders (FMB), renovating a loft can take on average 3 months. Funding a loft conversion should be relatively easy, particularly if your property has increased in value and you have equity in it. Mortgage lenders will provide loans for home improvements, which are added to your mortgage or you can release equity by remortgaging.

Planning permission is essential and once this has been granted, you will need to find the right professionals for the job. An architect will handle the whole project from planning and design to selecting a builder and overseeing the work.

The Loft Shop says you should expect fees ranging from £1,500 to £3,000, in addition to building and material costs. The FMB recommends that homeowners obtain at least 3 quotes before commencing any work.

Whatever improvement is carried out in your home, your mortgage lender and insurer must be informed. Adding extra space to your house could result in a higher buildings insurance premium.