Loft Conversions – A Good or Bad Investment?

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Poole based builder William Bowley Projects Ltd discusses the pros and cons of having a loft conversion and whether it really is worth the investment.

Builders In Poole | William Bowley Projects Ltd

William Bowley Projects Ltd

A loft conversion can Increase the value of the property substantially...

Loft conversions are certainly not new. The earliest mainstream loft conversions date back to the 1950’s. This was at a time when people did not want to spend money on moving house post war but needed more room to accommodate larger families and the increased interest in lifestyle choices including hobbies and pastimes.

With the UK property market being in the doldrums, people are choosing to stay put and spending more money in improving and extending their existing properties.

Nick Turner, one of the directors at William Bowley, “In the UK the average loft conversion costs around £20,000 to £30,000, although this can become closer to £40,000 in London. This assumes that you are using a specialist loft conversion company to complete all the work. If a loft conversion was done adding 2 bedrooms to a property in London this could add a minimum of £75,000 to the value of the property.”

“We have loads of interest from people asking for quotes for loft conversions in the Poole and Bournemouth areas. It makes absolute economic sense. The average cost of moving homes has tripled over the last 10 years to nearly £9,500. This money is basically being spent on solicitors costs, finance charges and stamp duty. All of the money spent moving is a cost rather than an investment, like a loft conversion. Although a high end loft conversion could cost £25-35,000 this investment could actually add £50,000+ to the value of the property. This is something people don’t actually consider or understand. One is a pure cost, the other is an investment in the future value of their property which they can enjoy for many years,” states Nick Pitts-Crick, Director of William Bowley Projects Ltd.

“People want to stay put. In many cases they have really attractive mortgages that would be lost if they moved so if they need more space a loft conversion is a great investment. They can have the best of both worlds without having the hassle of moving home. We can manage the whole process for them. Recent legislation in 2011 has made a loft conversion, in many cases, not require planning permission. This alone can save the client well over £1,000. It’s reckoned there are about 80,000 loft conversions undertaken each year in the UK alone. The process is much less complicated than before. Santander Bank reckons that you should see a return on your investment within a couple of years – not a bad investment!”

For a no obligation consultation to discuss your project, you can reach them on 01202 717669 or email: info(at)WilliamBowley(dot)co.uk. Alternatively they are obtainable via their mobiles: Nick Turner on 07989 307939 or Nick Pitts-Crick on 07973 383127 or visit the website http://www.williambowley.co.uk/

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Damian Qualter
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