Due to an array of costs including record property prices, stamp duty and a high cost of living, it has probably never been more financially testing to attempt a house move. Hence, more homeowners have endeavoured to avoid moving house, as AOL observes.
So, how can you expand your usable residential space if moving house is out of the question? Two options worth mulling over are a garage conversion and loft conversion – but, given the expense that either can necessitate, it might be wise for you to select just one.
How exactly would you like to use your extra space?
You might have been long considering moving home, but been deterred by the cost of doing so. Given that this cost has touched a record £12,000 as cited by Virgin Money, this is pretty understandable! So, how were you planning to use the additional space that a new home would have given you?
If you didn’t have a car and weren’t planning to get one, you might have been considering a home that offered an extra bedroom or home office in place of a garage. However, if your current home has a garage, you could have it converted to meet your particular needs.
For this conversion work, you would not usually need planning permission – and there are various possibilities for how that garage could be transformed. This can be a very space-effective home improvement, given that about 90% of all UK garages are unoccupied.
Of course, if you don’t have a garage, your home might still have a loft which is currently largely empty. Converting a loft could boost your home’s floor space by as much as 30%. Nonetheless, if you do want to go ahead with a loft conversion, remember that you would also have to lose some floor space beneath the loft for access to be installed.
You could go on to sell your home at a higher price
Right now, the property might seem too choppy for you to confidently enter. However, a conversion could add value to your property and so make it easier for you to sell it at a pleasingly high price once market conditions have become more favourable.
Converting a garage attached to the residence can set you back £10,000 to £20,000 in upfront cost. However, the resulting rise in your property’s value could, estimates hint, reach about £40,000 if the garage will be made an en-suite bedroom. Considering that the average price of a UK home is £218,000, this means that its value could be grown by roughly 20%.
The increase that a basic loft conversion brings to your home’s value could be nearly as much: 15%. Such a conversion would cost about £16,000 to £20,000 but could add just above £30,000 in value to a UK residence of average price – an impressive return.
We can help with both garage and loft conversions; our site details what to expect from our roofers in Washington and other North East areas such as Newcastle and Middlesbrough.