The reason for building a loft conversion depends on your personal circumstances, and there are more benefits to renovating your attic room than you may think.
With the rising costs of just about everything in the UK, the future financial prospects is a concern for many families. The cost of living in recent years has risen sharply and sky-high property values make it difficult for home owners to sell as first-time buyers cannot afford the deposit to get them on the property ladder.
With more financial hardships expected in the future, putting your money into bank investments and commodities is not a shrewd financial move. Investing in your home on the other hand not only adds value to your property which you can benefit from in later life, it also provides plenty of other benefits to get you through to retirement.
Create an extra bedroom
The creative ability of architects and interior designers these days can shape an attic room to whatever you want it to be (providing your idea is practical), and one of the most common ideas is a bedroom. Historically, this extra room ordinarily means sawing a hole in the roof of your landing and installing a trap door and slide ladder. However, this does not legally constitute an “extra room” so will not add value to your property.
However, a loft conversion alters the access into the roof by installing a staircase which adds style and sophistication to the architecture of your home. It also feels more like a special room rather than a space in the roof you have to climb into. If you have sufficient room you can even install an en-suite bathroom.
This idea in itself offers several benefits and gives you the opportunity to bring in a little extra household cash. The rise in higher education fees is expected to usher in what the media has dubbed the “boomerang generation,” – kids that head off for University only to return to their parents nest five years later, jobless and saddled with debt.
Graduates are no longer given dispensation to pay back student loans and will lose a good chunk of their wage repaying loans. Once rent and food is paid for there is little to nothing left for fun. A reasonable rent price at their parent’s home may be more appealing. Alternatively you could rent the room out to a lodger.
Loft conversions also cost a lot less than it does moving house. To give you some idea the average price of a loft conversion starts are £30,000. The average house price in the UK in 2013 was over £172,500 – 5.6 times more than the average wage! Moving home will also put your mortgage repayments up and adds a financial burden.
Turning your attic into a fully insulated room also improves the energy efficiency of your home. This will help reduce energy bills, and with talk of home owners being taxed in accordance with how energy efficient their home is, there is an extra-incentive to improve your home.
There were a lot of victims from the 2008 banking crisis and many employees that were made redundant used the opportunity to start their own business and work from home. For entrepreneurs with families this can pose a problem with space and finding the peace and quiet you need to concentrate.
A loft conversion can give you private space and makes an ideal getaway to create your home office. You won’t be disturbed by the kids and you won’t be in anybody’s way scattering files over your floor.
City Lofts London – award-winning builders
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