Featured image by Klaus Wagenhaeuser
A loft conversion, even in the simplest form, will add value to a property. Functionally, loft conversions add extra space that can be used for a spare bedroom, home office, or hangout space. You could even turn it into complete, self-sustained living quarters. Financially, loft conversions can add the value of an extra bedroom onto a property. They also potentially conserve existing valuable garden space.
A loft conversion is a great idea when it comes to getting a return on a home improvement. However, there are certain things that can help to enhance that return on investment (ROI). Let’s take a closer look at how to maximize the return on your investment with a loft conversion.
RELATED ARTICLE: EXPAND YOUR HOME OFFICE TO BE MORE PRODUCTIVE
Consider Renting the Space from Your Loft Conversion Out
Renting the space out can give you an instant financial boost after having paid for the work you had done. Whether you rent it out nightly or monthly, you’ll get a nice bit of pocket money from letting others enjoy your conversion.
As a side note, if renting the space out is in your long-term plan, do let your loft conversion company know that during the design process. This is because features such as an en suite bathroom will be particularly handy in this instance.
Make the Best Use of the Space
Not every loft conversion return is financial. For homeowners, the return is very much functional, too. Choosing the right use of the space is such an important way to make sure you are feeling like you invested in the right home improvement.
Maybe you use the space as a spare room, whereas before you couldn’t have anybody to stay because of lack of space. Or maybe the room is the perfect home office, helping you to build on your freelance career or work more comfortably with your employer’s new hybrid remote worker arrangements.
By using the space in the best possible way, you can feel assured that you are milking it for every inch of use you can get out of it.
But let’s say you’re converting your loft solely for financial reasons so as to get the best possible return on your house. Even then, it is still important to consider the use of the space during the design process.
For example, think about what kind of buyers you are likely to attract. Discussing the potential designs with your chosen loft conversion company will help you to understand what is possible. Then you can match your target house buyer to the loft conversions that best slot into their desired use of space.
Young professionals, for example, are more likely to use the space as a home office or living space. They may benefit more from features like en suite bathrooms. Alternatively, young families are more likely to utilize it as a nursery, playroom, or extra bedroom for children as they get older. They may prefer more square footage or standing space ahead of other features.
Image by micheile dot com on Unsplash
Don’t Overpay Because You Don’t Want to Wait
Recent news headlines have mentioned that the cost of loft conversions have reached a new high. This is because nearly everyone wants to improve their home post-pandemic. You may be eager to convert, but don’t pay more than you should to get it done sooner. You’ll lose any potential return on investment this way.
Besides, costs are likely to level out at some point. Then waiting lists will decrease, too. This is especially likely as the housing market is thought to be taking a dive soon in response to the cost-of-living crisis.
Choose the Right Conversion
There are many different conversion types on offer. These include a dormer, a mansard, or an L-shaped loft conversion. You might also choose hip-to-gable, skylight, or combinations of any of these.
Choosing the right conversion is important. This is because it ensures that by having a loft conversion done, you’re getting the maximum aesthetic and functional appeal both internally and externally.
To help you make an informed decision, have your loft conversion company explain the differences between the different options that are suitable for your property. Ask them to include the price differences and any downsides to different options.
Ideally, you’ll want to see examples of different conversions on properties like yours. This can give you have a better idea of what the results will be. Foreknowledge will help you to make the right decision. You want to be able to choose a conversion that brings the best possible return both financially and functionally.
Choose a Trusted Loft Conversion Company
If you do not use a trusted loft conversion company you could find that the project takes a lot longer than it should. Or project creep could become an issue. Basically, in some way the results may not be as great as you were expecting. There could even be safety issues.
Obviously, these are all worst-case scenarios, but who wants to take that risk? With an investment like this, you’ll want to be sure you are getting the best possible results for your money. The only way to do that is by using a trusted loft conversion company. Choose a company that is transparent about their costs and timelines. Make sure they are communicative, have a proven track record, and are happy to answer all your questions.
Make Sure You Can List Your Loft Conversion as an Extra Bedroom
The value of a property goes up considerably for every bedroom. Potential buyers are willing to pay around £70,000 more on average for a three-bedroom property over a two-bedroom property. Moreover, they will pay nearly £200,000 more to go from a three-bedroom property to a four-bedroom property.
For this reason, it is important that you ensure that you can list your new conversion as an official extra bedroom when you have the work done.
There are certain regulations that relate to this. It is important to have your loft conversion company discuss these regulations with you, since you don’t want to just end up with the space. You also want to end up with your loft officially listed as an additional bedroom, too. Then you can realize the financial gain that comes from a loft conversion.
Add Extras to Your Loft Conversion If You Can
Extras like an en suite bathroom or kitchenette will be really useful in adding value to the space both financially and functionally. They aren’t always possible, but if the loft conversion company says they are, do consider those extras. They could be worth plenty in the addtional return they provide.
Get That Temperature Under Control
Some potential buyers may see a loft bedroom as a bit off-putting if you don’t have the temperature under control. Luckily, there are various options to help. These include certain roofing types, better insulation, window tinting, automated blinds, air conditioning, and added ventilation.
Show Your Garden Some Love
One of the areas you save when you have a loft conversion rather than a house extension, is the garden. This is actually worth a lot of money when it comes to selling a home.
One in eight households in the UK do not have a garden. One in five in London don’t either. What’s more, and we all hold our gardens a bit dearer post-pandemic.
By putting a little bit of time and effort into highlighting your garden when you sell it, you’ll be maximizing this asset as well as gaining from your new conversion, too.
Design It with a Unique Layout in Mind
One of the best ways to make a return on your investment when you have a loft conversion and then sell a home, is to ensure the interior design works with the uniqueness of the conversion itself. Sometimes buyers need help recognizing a loft conversion as the asset that it is, so you have to sell the dream.
To do this, don’t just jam any old furniture in there and give it a lick of neutral paint. Instead, you need to inspire, enhance, and present. You’re selling a lifestyle with a loft conversion, which means putting extra effort into staging the room.
Use colors that give a nod to the beautiful new views of nature in the surrounding areas. Play with natural light and sky views by placing features like roll top baths or hammocks underneath the skylights. Fill up a compact conversion with a huge, beautiful king-size bed and layer upon layer of texture and tactile soft furnishings.
RELATED ARTICLE: DESIGN A HOME OFFICE YOU ACTUALLY WANT TO BE IN
Why Not Take the Next Step?
If you would like more information on loft conversions and how they could enhance your property, speak to a local loft conversion company today. They will be able to speak through all your options with you so that you can get a better idea of what you can have done and the potential return that could bring. You can then capitalize on your investment by following some of the tips above.
Hopefully, with the right planning, conviction, and post-build measures, you can ensure that this exceptional new asset is as valuable as possible moving forward.
Do you work from home? Be sure to spend a little time every day reaching out to friends and family. Also, browse our blog from time to time for fresh insights, tips, and ideas to help you improve your workspace and your work life.
The post How to Maximize ROI with a Loft Conversion appeared first on Business Opportunities.