Usually, homeowners invest in a loft conversion for one of two reasons: to use the space themselves or to add value to their home before selling.
If you wish to convert your loft into a functional room for yourself, it could be used as:
- An additional bedroom
- A home office
- A workout, arts, or play space for yourself or your children.
If you are converting your loft to sell your home, this could also be a positive move. A study by Nationwide, published by On The Market, claims that loft conversions can add up to 21% to your home’s value when you decide to sell.
No matter the reason you decide to convert your loft, there are some important cost and practicality factors to understand before you begin the process.
Read on to find out four “dos and don’ts” of converting your loft in 2022.
The “don’ts” of converting your loft
1. Don’t rush into a renovation without obtaining the necessary documentation
Like any home renovation, you may require planning permission to legally complete your loft conversion.
In addition, it could be constructive to obtain multiple quotes when researching loft conversions, rather than accepting the first offer you receive from a local contractor. This could ensure you get the best deal for your budget.
2. Don’t forget to consider unexpected building costs
Your loft conversion might add great value both to your home’s overall price and to your day-to-day life.
However, there are usually unexpected costs that arise when you commit to any home renovation. In today’s world, these unexpected costs could include:
- Rising prices of raw materials, due to global supply chain issues
- Construction staff shortages if workers become ill with Covid-19
- Planning issues that might mean the project takes longer than you thought.
It could be beneficial to budget further than the initial quoted cost of your loft conversion, so that if unexpected costs arise, these do not put you under financial strain.
The “dos” of converting your loft
1. Take advantage of the chancellor’s VAT reduction for energy-efficient home installations
In this year’s spring statement, chancellor Rishi Sunak announced a total reduction of VAT on energy-efficient home installations until 2027.
This means you could save money on installing insulation that may help your new loft retain heat more easily and keep bills low.
When considering a loft conversion, make sure to take advantage of this fantastic money-saving opportunity.
You can read our article on the chancellor’s eco-boosting VAT reduction online.
2. Factor in the rising cost of living
As you will already know, the cost of living around the UK is rising. Inflation is at a 40-year high, and according to The Money Edit, Ofgem is set to increase its energy price cap by a further 32% in October 2022. This comes after an initial 54% increase in April.
So, when budgeting for your loft conversion, it is vital that you factor in the rising cost of living. Heating a larger home is likely to cause your bills to rise, so it’s important to make sure you can afford this extra space long term.
Get in touch
If you plan to renovate your loft to add value to your home before a sale, it could be constructive to work with a professional.
In addition, you could consider remortgaging your home, or explore equity release options, to afford the loft conversion you want. Speaking with a mortgage expert could be highly constructive if you plan to go down either of these routes.
For guidance on renovating your home, email [email protected] or call 0131 339 2281 to speak to us.
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