(1888PressRelease)
April 12, 2007 - A research carried out across England and Wales reveals that homeowners who add a dormer loft conversion to their house are likely to be in a better situation.
Such meaningful add-ons are definitely cheaper than taking a mortgage or a personal loan to buy a bigger house – giving the homeowners an extra room and added value.
Though there are regional price differences, the average cost of a dormer loft conversion in the UK is around £23,000 and can add £100,000 to the house's value.
Examples: In London, a dormer loft conversion to a three-bedroom home would cost around £25,000, but can return a huge profit of nearly £146,000 – if the homeowner went on to sell their property.
Likewise, in the Northwest, the average cost of a loft conversion stands at £22,080 and can add £97,888 to the value of the home – giving the homeowner a profit of over £75,000.
And, in the West Midlands, the cost of converting a three-bedroom home to a four-bedroom home is around £22,000 – but can add more than £100,000 to the value of the property.
According to Andrew Thompson, General Manager of the Building Cost Information Service (BCIS), one must make sure that added work on the home will be useful and add value to the house.
He said, "While a loft conversion may be cheaper than moving, it can be a project that's disruptive to the household… You also need to carefully consider fire risks and redecorating costs. A surveyor can give you professional advice about building regulations, planning permission and whether the improvement will add value."
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