Home conversions are a sure way to add value while improving your property. However, all home conversions aren’t created equal. We’ve compiled the conversions that we believe will add the most value to your home below.
A loft conversion could increase the value of your home by up to 20%, especially if you convert the extra space into a bedroom. Most projects cost at least £20,000 to complete. An architect or designer’s advice is key to make sure that you make the most of the space.
Portico Conversion Quick Tips
• Not all properties are suitable for a loft conversion, so be sure to ask an architect to check your home.
• You may need to obtain planning permission from your local authority.
• Build extra storage in the eaves of the property, to be sure that you’re getting the most from your space.
• A staircase, escape window, and fire doors are all essential to makes sure your home passes inspection. These extras will cost space, so be sure to factor that loss into your plan.
Sometimes the best way to add value to your property is to look outside. London is a city where parking is a valuable commodity, and paving over your front garden has the potential to add over £10,000 to your property’s value (more depending on where you live). The price for paving varies greatly (between £1,500 and £10,000), so be sure to ask for quotes from several different suppliers.
Portico Conversion Quick Tips:
• Apply for planning permission from your local authority before paving over your front garden.
• You’ll need to ask the council for permission to drop the pavement’s kerb to easily access the driveway.
• Your garden must have enough hardcore to carry the weight of a car for this conversion to be suitable.
Split a Property into Flats
Splitting a single property into several flats can increase the value of your property significantly, in most cases, between 20% - 50%. This option is ideal for those with larger properties who are perhaps wanting to move elsewhere but wish to retain the property to rent out. You should bear in mind that converting one large property into several smaller ones will require significant electrical, plumbing, and design work. The average conversion cost is between £70,000-£100,000.
Portico Conversion Quick Tips:
• Do not attempt this type of conversion without consulting an architect. An architect will be able to advise on what is achievable with the space and design, how easy the transformation will be to complete, and length projected length of time it will take to complete the project. A host of professional advice about boilers, electricity and plumbing is necessary to be sure your conversion is executed without a hitch.
• Planning permission is essential.
• Speak to estate agents in your local area before attempting this type of conversion. They will be able to provide advice about whether there is appetite for flats in the area and how much rent you can expect to achieve.
• Speak to a mortgage broker about your finances and your mortgage options.
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