08 Jul Why having a loft conversion is still more cost effective than moving home
The stamp duty holiday announced today (July 8, 2020) is good news for the housing market and should stimulate movement in certain sectors. However, if, you are thinking of moving just to get an additional bedroom, improving rather than moving, still makes better financial sense for many families.
The money bit
Most people want to move to get a bigger house, that’s understandable as we live in some of the smallest homes in Europe. However, consider this startling figure – in greater and outer London, moving from a two to a three-bedroom home or from a three to a four-bedroom home can add a further £110,000 to your mortgage! That’s a lot of money just to get another bedroom!
In addition, even if stamp duty cost has been taken out of the equation, there are still many others costs to factor in. These could include a mortgage arrangement fee, valuation fee, estate agency fee, solicitor’s fee, survey costs, and house removal fee.
There are also other factors to consider, what if you home does not fetch the asking price you want? Many people are prepared to thousands of pounds to ensure a sale doesn’t fall through. Then consider the worst-case scenario of all – the sale does fall through and you have wasted a considerable amount of money. Yikes!
The other bit
And apart from the financial cost, think about how much time it takes to find a new home – whether that’s spending hours online or physically visiting homes for sale at the end of a working day. It can be very dispiriting.
Also, do you want to leave your lovely garden that you have tendered for years, or say farewell to your neighbours? Will the children have to move to a different school? Are you going to have a longer commute to work?
Instead of all the upheaval and cost that’s why homeowners in Greater London, Herefordshire and Essex are choosing to have a loft conversion instead. An average dormer loft conversion in Greater London and the Home Counties is around £36,000. The reason a loft conversion is cheaper per sqm than any other extension is because you already have the basics of what is needed for the build and better still – the vast majority of attic conversions don’t need planning permission.
And there’s more
Having saved thousands of pounds in staying put and having an Econoloft loft conversion, there is even more reason to celebrate improving and not moving. A loft conversion not only provides the space your family needs now and for many years to come, but in future, should you decide to sell your home, your lovely loft provides a significant return on investment.
A well-built loft conversion from a one-stop-shop like Econoloft will add anything from two to three times the cost of the loft conversion itself. Banks and building societies agree that a loft conversion is a good investment that could see your home worth 21% more thanks to the addition of a new bedroom and bathroom.
Get in touch today and let us explain how your family home can be transformed at a fraction of the cost of moving.