The modern family needs space, and lots of it. If moving to a new house isn't an option and you're looking for a practical solution, a loft conversion may be the answer. However, moving up in the world doesn't come cheap. If you're planning and building a bright new room on top of your house you may need a loan to cover the cost. Loft conversion prices can run into many thousands so we recommend doing your research into lofts and loans.
A spacious, stylish home for a happy, growing family is a dream for lots of people. Moving house is stressful and many families are very content with the place where they live, but could simply do with an extra room or two. If you’re looking to extend your home, there are a number of options, from single and double storey extensions, to conservatories and cellar conversions. A loft conversion is one of the most popular - done properly, this type of project can deliver one or more light-filled rooms, and add a little extra value to your property.
Work out what you want
Before setting out on the loft conversion journey, you’ve got to know the destination. Would you like two small bedrooms and an en suite? Or, are you hoping to create a large studio or master bedroom on your top floor? If you know someone who’s had a loft conversion installed in their home, this would be a great time to call round and ask for a sneaky peek. That way you’ll know the ins and outs of choosing, for example, a dormer balcony, roof lights or a raised roof, as well as how you’d like to split the space. Be prepared to alter your plans and keep an open mind – your dream loft conversion might be impractical or simply out of your price range.
Added extras in the loft conversion price
Significant home improvements may need planning permission – the cost of which does vary. Check with your local authority before any work starts to see if planning permission is needed. At an early stage, it’s also wise to familiarise yourself with the building regulations around loft conversions. Meeting your obligations on this score can be pricy so plan ahead. For example, fire resistant doors, proper sound insulation and a Party Wall Agreement are a few of the extra costs that may arise.
What’s the average price of loft conversions?
The price of a loft conversion can vary greatly, depending on a number of factors. Size is the most significant question. Small loft conversions, for example those carried out on a two-bed terrace house, can cost as little as £15,000. A larger property with a sizable footprint could have a loft conversion costing £40,000 or more. Where you live in the UK also matters, with prices higher in the south. Cheap loft conversions, while appealing, may present you with a number of problems in the long-term. It’s far better to do things properly, research reliable builders and avoid unexpected costs in years to come.
Factors to consider when financing a loft conversion
The overall cost of attic conversions covers a number of elements. As well as the price of the build itself, you’ll also need to take into consideration to prospect of architecture fees, planning permission and building regulations. Decorating the new loft is another cost that’s sometimes overlooked – but consider how much it’ll cost to pay for new carpets, paper and paint, furniture and accessories.
It may be that you have savings to pay for all these elements but, if not, some families decide that a loft conversion loan is a great way to raise the cash for some precious added space. If this is a route you’d like to follow it’s important to break down the costs involved in your specific loft conversion, deciding exactly how much you’d like to borrow and over what time frame. Remortgaging can also help get your hands on some much-needed funds.
Securing the right loft conversion loan
There are hundreds of potential loans on the market, which means deciding which one will work for you can be tricky. By using an online loan calculator, you can generate quotes and get a clearer idea of the products which would match your needs. As a broker, rather than a bank, Norton Finance can work with you to search the full loans market. That means we’re in a great position to help you secure the right loft conversion loan for your unique circumstances. By working with you to look at affordable monthly payments, reasonable interest rates and repayment periods, we can identify just the right loan as you plan your loft conversion.
Building a new loft is an exciting project, and one that can really improve quality of life for you and your family. By providing some much-needed extra space, converting an attic space can also be a good way to add value to your property. However, in the short term, it’s also an expensive, complicated undertaking. By taking the time to get the right finance in place, as well as the right paperwork and building contractor, you can make your loft conversion project as stress-free as possible.