Print

Don't convert your loft to a loss

With property prices increasing by 40% since 2001 homeowners are faced with an increasingly steep climb to reach the next rung on the property ladder. As a result more and more homeowners are undertaking loft conversions to add to the value of their home. However haart estate agent warns that a loft conversion is far from a simple DIY job and homeowners could lose thousands of pounds if they proceed without undertaking the necessary research.

To help homeowners avoid the pitfalls, haart estate agents has provided the following advice on loft conversions:

1. What value will a conversion add? 
Before carrying out any extensions you should contact your local estate agent to see what value a loft conversion will add to your property. The value will often depend on other houses in the area and whether they have a loft conversion or not. It is possible to over-develop the wrong house. Even if your house is the best in the road, the location could limit the potential value of a home.

2. Assess your potential to expand
You need to assess if it is worth expanding into the space that is available. Is there enough room to stand? Will it be a comfortable useable space? Perhaps look at other loft conversions in similar properties to get an idea.

3. Ensure you have the correct planning permission
If you live in a listed building, area of outstanding natural beauty or conservation area then you will have to gain specific planning permission from your local authority. However you are allowed to build 10% of the floor area of your property without planning permission, although you must obtain a permit to build from your local council.

4. Permission to build can add value
Even if you don't carry out the loft conversion, having the planning permission can add value to the property. However if you do have sufficient funds it is often better to carry out the work as buyers often have problems visualising plans.

5. If a job's worth doing it is worth doing properly.
This is not a simple DIY job.  Ensure that the loft conversion is finished off to a professional standard. Bad loft conversions could even reduce the value of a property.

6. Shop around

Never accept the first quote from a builder. Seeking a builder through recommendation is invariably the best bet to ensure that you get a reliable and efficient builder. However ideally you should obtain at least three quotes and ask to see similar lofts they have built.

7. Ensure you do not end up with a glorified storage room
To be classed as a living space, such as an extra bedroom it is essential that the loft conversion has a proper staircase, windows and meets fire and building regulations. Without this a selling agent will not be able to class this space as anything other than a storage room and there will be very little, if any value added.

8. Use a good architect Often loft companies include architects drawings however it can be worth researching for one yourself as there are a number of solutions which can be developed to maximise space.

9. Consider a bathroom
If you are increasing your property to four or five bedrooms consider adding an ensuite shower room as people will expect two bathrooms in a house this size.

10. Use quality finishes
Be aware that a builder will only install standard finishes unless otherwise specified and it is important that any additional room is in keeping with the rest of the property.

Russell Jervis, managing director of haart estate agents comments: “Converting a loft is becoming a lot more popular to help homeowners step up the property ladder. If a loft conversion is carried out properly it can certainly add to the value of a property. However it is important that homeowners follow some simple guidelines otherwise they could be pouring a lot of money down the drain.”