You're ready to make the commitment into expanding your home, and have a lot of space to play with, but which project is right for your home? Like many homeowners, you might not just be considering extra square feet, but also the value your project will bring to your home.
So, does a loft conversion or rear extension add the most value to your home? We crunched the numbers, so you don't have to...
|Region||House Price (/sqm)||Value added by loft conversion||Value added by rear extension|
|Yorkshire and The Humber||£2,049||£49,176||£30,735|
|England and Wales||£4,045||£101,125||£60,675|
Do loft conversions add value to a house?
Short answer: Yes.
Homeowners in the UK could add up to £100,000 + to the value of their home by converting their loft, if they open up 24 square metres of new space in their property.
Now, not all loft conversions are created equal. The value your conversion adds will differ depending on where your property is based, as our graph shows. Homes in the North East will see up to £38,000 in new value, while down in the South East, the same amount of space would bring in nearly £98,000. However, it's worth noting that this value will decrease in the South East, depending on transport links to London. The better connected you are to the capital, the bigger your property returns.
No surprise, London boasts the biggest price increase. Space is at a premium within the capital, meaning another bedroom with en-suite could add up to a amazing £200,000 to your property in high-value areas.
What you need to know about loft conversions
To ensure you have enough headroom, you’ll have to check how steep your pitched roof is. An architect will be able to advise whether or not your project will have the height needed to go ahead. You can also consider lowering ceilings to maximise the heights or creating a step in the new loft floor design.
If you don’t already have them, you’ll have to consider how much space you’ll lose on the lower level for a staircase to your loft.
Loft conversions can fall within your permitted development rights, meaning you might not need planning permission. Having an architect on board will ensure you meet requirements to qualify, while also advising on how to unlock the maximum potential from your loft.
Beware of ceiling prices. In some areas, no matter how much you renovate and extend, you’ll never increase the property’s value after a certain point. Your home will only ever be worth the same as those around you, so there’s no point wasting your money if profit is your goal.