Around 400,000 households in the UK want to move house. It can be a really incredible choice to make, if it is right for your individual circumstances. However, sometimes people move because they love their home, but it just isn’t big enough. It isn’t offering the function needed for the homeowners to enjoy the home as they want and need to. Some people are also holding off on moving because of the potential housing market crash, as current figures show housing prices are starting to fall, and the economy shows such instability there is no real way to know what’s going to happen next.
For the above reasons and many more, homeowners are choosing to avoid moving house, and instead, they seek to invest in the improvements of the property for financial and functional gain, to get the most out of the property they live in right now. The most popular home improvement surprisingly isn’t a flashy new kitchen, a boujee bathroom or a cool conservatory. Instead, homeowners are choosing to transform the space they already have and investing in a beautiful new loft conversion.
Why Invest In A Loft Conversion Instead Of Moving Home?
We know that moving house is one of the most stressful life events that a person can go through, and most people will avoid it if they can. It is also incredibly expensive to move house, and when the economy is as it is, we don’t want to be spending money where we don’t need to.
In some instances, moving house can be a really great solution to various different challenges. However, it isn’t the right solution to all situations and many people could be better off functionally, financially and emotionally with an adjustment to their current property.
A loft conversion is particularly beneficial as an investment of time and money because it brings so many incredible returns, returns that make a lot of sense when it comes to avoiding a house move. We can split the various benefits into two main categories – functional and financial. Let’s take a closer look at both categories in closer detail:
Functional
A loft conversion offers, at the very least, an open, beautiful space that can give you better views of the surrounding area, and that has lots of natural light flooding in.
A simple skylight conversion creates a quirky space where you can design a guest bedroom, main master bedroom, playroom, home office, or even something indulgent like a walk-in wardrobe. With a more elaborate conversion like an L-shaped dormer conversion, the space available can be extensive. There can be room for multiple bedrooms, kitchens or kitchenettes, ensuites, and even luxury features like outdoor balconies.
The possibilities are vast, and ultimately, it does depend on the available space and your budget as to what you can have done. You may well be surprised, though, as to the various suggestions a professional loft construction company has for you based on their expertise and assessment of your home.
Importantly, when it comes to the function of your living space, there is one way the loft conversion trumps other home improvements, and that is with the outdoor area of your home. If you don’t have a garden, like one in eight British households (one in five in London), that is no restriction for your conversion because the work is on top of your house and is not extending the footprint outwards.
Additionally, if you do have a garden you don’t have to sacrifice any of it to create more space in your home with a loft conversion. We know 71% of house buyers would love to buy a house with a South facing garden, and post pandemic, everybody values their garden so much more, South facing or not. Any outdoor space giving you a little slice of nature that belongs to you is of such high functional value, especially if you’re a growing family. Not having to build into it whilst still gaining extra functional space in the home is incredibly useful.
Financial
Financially, as we mentioned above, loft conversions mean you can make a financial gain from adding an extra bedroom without needing a garden to build out onto. If you do have a garden, you protect its financial value by avoiding extending out into it.
When you do gain an extra bedroom by converting your loft you also add thousands onto the value of your home. Buyers are willing to pay around £565,000 for a three bed home in London, and a massive £900,000 for a four bed home. The trade up gap is not as vast everywhere, of course, but it’s a prime example of how that one extra bedroom created by a loft conversion can make a massive financial impact on a property.
There are also financial gains to be had by renting out the new space that you have created. You can make from £50 a night for a bedroom in London on Airbnb, and a lot more if it has a pristine finish, and if it is self sufficient, has an ensuite and kitchenette/ full kitchen. You can only do this for 90 days a year if the property is in London, but that’s still a huge financial gain all things considered. Long term rental can also be lucrative, with the rent of one room in London being around £900 pounds depending on the area.
For savings on every precious penny of rental income, the Rent A Room scheme from the government can be applied to Airbnb rentals, as well as long term rentals. It gives you the chance to make £7,500 tax free on your rental income.
Why Not Take The Next Step To Planning A Loft Conversion?
Moving house can be the right option for a lot of people, but in reality, staying put can work out to be a better option both functionally and financially in many cases. A loft conversion is certainly a financial investment that could, initially, be more than a house move. But with so many functional and financial benefits, both short and long term, it can be a really clever investment in your lifestyle, and in your property assets.
Why not speak to a professional loft conversion company today to find out more about the different options available to you? With a beautiful, functional and valuable loft conversion you might just wonder why you ever thought about moving house at all. Even if moving is eventually the right choice, with a loft conversion you will benefit from the added value of the extra room when you sell, so either way it really is a win, win.
