Question: We are planning a hip to gable loft conversion (which will cost us around £55,000) to give us another bedroom and bathroom. The house is currently valued at £325,000. We plan to move out of the area in four years for school zone purposes.
Do you think the £55,000 investment will pay for itself in that time or – put another way – is it reasonable to assume that the cost of the extra bedroom and bathroom will add the same amount to the property’s value? The house is currently a three-bedroom semi-detached house from 1930
If Nationwide is to be believed, in a 2020 report, a loft conversion that includes a double bedroom and bathroom can add around 20% to the value of a three-bed, one-bathroom house. But there is no guarantee and a lot depends on which part of the country the property is in. But if the conversion is done poorly, it can have a detrimental effect on the value of a property. Advice site homebuilding.co.uk says a hip-to-gable conversion “has a powerful visual impact on a property’s curb appeal and – unless done well – can sometimes look overwhelming”. This is especially the case when one of a pair of twin properties has been remodeled – often resulting in an awkward and unbalanced look (unless both are remodeled in tandem).
You may want to talk to your neighbors before proceeding with any work, and look at similar projects to make sure you’re happy with how your house will look if you remodel.
If you want to add a bedroom and bathroom because it’s cheaper than moving to a bigger house, I can see the point of doing the remodeling. But if it’s just to add value, then I’d talk to an estate agent before parting with any cash. But that’s partly because I don’t enjoy the downtime (and dust) of getting the builders in.
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