15 Jan Homeowners love loft conversions – and investors are catching on too
We’ve always believed loft conversions are the perfect way to add space and value to a home – as the saying goes, ‘Improve instead of move’. But you don’t just have to take our word for it, as we recorded an 18% growth in sales across 2013 compared with the previous year. What’s more, there’s been a spike in the number of property investors using loft conversions to add value to a property before they sell it on.
And Raymond Gavin is one such person. He’s been investing in the London property market for some time, buying properties, renovating them and selling them on. Not that long ago he was nervous about adding a loft conversion to his builds but, as he told us, his opinion has changed.
“I was under the impression that a loft conversion would be a difficult and lengthy process,” he said. “However, while I was looking at the potential of a three-bedroom terraced house in Forest Hill, London, I decided it was just crying out for a conversion.
“Econoloft installed a double bedroom and ensuite in the attic and, because of my experience in the construction industry, we decided it would be more cost effective if they took the conversion to shell fit-out rather than completion.”
“The loft conversion is a fabulous return on investment,” he said. “The space has made a huge difference to the layout of the whole property and has pushed it into another price bracket completely.”
We here at Econoloft understand that for most cramped families living in Greater London and the Home Counties, their primary concern isn’t making money, but getting the additional living space they need.
“The most popular reason for a loft conversion remains a master bedroom as families look to gain more space,” said our managing director Becke Livesey.
The Hannan family are typical Econoloft customers. Jane, Brandon and their children Jack (11) and Amy (9) live in Old Coulsdon, an area they love with neighbours they would hate to leave. But, their three bedroomed semi-detached was becoming too small for the growing family.
“As the smallest and the youngest poor Amy was really struggling in the box room, even though we’d tried to be as inventive as possible to maximise the space,” explained Brandon. “Our hip-to-gable loft conversion gave us a massive bedroom and separate bathroom which Jane and I love – and the whole family really appreciate having a second bathroom.
“Amy now has a much bigger room in our former bedroom and we’ve turned her old bedroom into an office – it’s amazing how the loft conversion has made the whole house feel bigger.”
The Hannans say the £35,000 conversion was money well spent, not just because of the increased living space but also because of the value it’s added to the property.
“We’ve got our investment back and more,” said Brandon. “The conversion has added around £50,000 to the value of our home.”
As house prices in Greater London continue to soar, we here at Econoloft expect many more families and investors to look to their attic to add both space and value.