You invest masses of emotional and physical energy finding the home you want. With children making an appearance and the inevitable accumulation of ‘stuff’ over the years, however, homeowners can find themselves in a quandary. To move or convert the home they have invested in and love? Here are three reasons why the former can be the best decision you’ll make.
1. Add more than 20% value
Converting your home not only means you don’t have to uproot, but can add 20% to the value of your home. That’s an average of £42,000 to the average property in the UK, according to the Nationwide Building Society.
Even if you just add a decent-sized extra bedroom, you could add a significant 11% to the value of your home. Breaking it down further, if you upgrade from three bedrooms to four, this could add 10% to the value of a terraced home, 9% to a semi-detached home and 9% to a detached home. Take a look at some of the loft bedrooms we have created over the years for inspiration, there really is something special about waking up on top of the world.
Space is the final frontier and customers are often shocked at the sheer amount of space that can be converted in a loft to bring a bedroom idea to life. Having such a fantastic-sized space to work with also means you can quite easily have an en-suite bathroom like one of these. A coveted bit of privacy and a haven of luxury which can add an additional 4.9% value to your home.
2. Save yourself stamp duty and fees
In 1984, stamp duty on homes valued at above £60,000 in the UK was 1%. Now, with the introduction of five different bands depending on your property’s worth, the highest rate is 12%.
While we don’t all have multi-million pound houses, making us eligible to pay the steepest amount, the fact is that the average home in London is now valued at £430,749, bringing with it a 2.68% stamp duty – that’s a whopping £11,537! Add in legal fees, surveys etc and you could find yourself with a bill of around 15k before you’ve even paid the removal company.
According to the London School of Economics, the average London stamp duty now equates to more than one-third of median annual earnings, compared with just 7% in 2006, and gone are the days when upgrading to a bigger home without too much impact on the bank account was possible.
Check out our online estimator to see how much a conversion will cost you instead. You can also save 10% on loft conversion projects that are booked before the end of September and get underway in 2019.
According to a recent poll by Anxiety UK, two thirds of people voted moving house top of their stress list, saying it triggered more anxiety than relationship breakdowns, divorce and starting a new job.
It’s not just about changing the bricks and mortar and getting to know a new abode, but the ripple effects a move invariably brings. Finding new schools, registering with a new GP and dentist, taking on a new commute to work.
Converting your home instead of upping sticks can alleviate all this. No, it won’t miraculously give you a bigger garden or eliminate your neighbours’ desire to practise naked midnight yoga on the lawn every full moon, but that aside, converting is the perfect way to realise your dreams without moving.
You have to play your cards right, though. To ensure as little upheaval as possible, you must ensure whoever carries out your loft conversion is committed to making the minimum impact on your everyday living. Find out more about how we endeavour to make things as stress-free as possible.
Ultimately, converting can prove to be the best alternative to moving house and in an uncertain world pre-Brexit, it can save you money, protect your investment and keep stress at bay.
With decades’ experience in the property development sector, James Lebens is Managing Director of Make Room Lofts, which caters for clients with all types of aspirations and budgets in North London and the surrounding areas.