In the current climate, it’s a tough market for the home buyer. The housing situation in the UK is an unforgiving place – and is reluctant to get any easier as the economy gets back on track. Surely things will get better at some point, at least that’s how it normally goes. But with too few homes for the UK population, a national housing crisis signals things might only get worse.
That’s not much help to you if you’re looking for a bigger home. As the economy picks up, interest rates will surely rise. And a third of UK homeowners fear they soon won’t be able to afford their mortgage. Mortgages will also be harder to get for those already on the market. So house hunters looking to upgrade could be disappointed.
Which means more homeowners have to rely on the revenue raised by selling their own home. But this normally leaves you making some sort of compromise on your next property. You might find and bigger house, but you’ll face a hefty redecorating bill or live in a less secure area. There is a way to generate more money from your property, though. To give yourself more strength in the housing market.
Convert unused space into property value
Loft conversions have been recommended by property experts as the best way to dramatically increase the value of your home. A specialist loft conversion can add up to 25% to the value of your property. Conversions cost upwards of £10,000. And for that investment you could get up to £125,000 added onto the value of a £500,000 three bedroom house.
Loft conversions are the most rewarding investment you can put into your property. For other types of home improvement you will have to spend considerably more to get the same return. While extending your property can be costly and covered in red tape.
While planning permission is almost non-existent for most loft conversions and you only use the space you already have. So you pay for the conversion itself – and that’s it. The work can be done any time of the year and builders can access your roof without entering the property. In the meantime, you get on with your life in the comfort of knowing your own home is getting more valuable.
Loft conversions are in-demand
One reason you get such a big return on your loft conversion is the demand for them on the market. As the housing crisis grows, families have less space to accommodate their needs. However, upgrading to a bigger home isn’t cheap. So many house hunters are keen to snap up loft conversions. This way they get an extra bedroom for slightly less than a bigger house might costs – without the compromise on quality.
That said, with demand so high there’s no reason you can’t hold out for more and take the highest bidder. The aim is to get more value from your property to make that next move. And specialist loft conversion ca give you a lot more capitol to play with.
City Lofts London – award-winning builders
0845 519 4321
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