Do you want to know what are Loft Conversions? What Are The Most Common Loft Designs? Which imperative points to consider before getting your loft? How does remortgaging work? How to Remortgage and get Loft Conversion? Know all answers related to these queries from this blog. According to the recent report, loft conversions create the most profit to home value prices, with an extra 11000 pounds being added to the value of the home. The addition of a stairlift generates an increment of 2224 pounds to home value. On average, home improvements add an increase of 4800 pounds to the value of the home.
What Are Loft Conversions?
The process of loft conversions is the conversion of empty attic space into a functional room. These are typically used as either storage space or living accommodation. Loft Conversions are one of the most popular forms of home improvement in the UK because of their various perceived benefits. The installation of loft conversions is a difficult process. While it may be possible to endeavor a DIY loft conversion, the massive amount of work engaged usually consequence the contract that several people select with an expert loft conversion company to undertake the company.
What Are The Most Common Loft Designs?
Typically, there are a few very common loft designs that an owner of a loft can take benefit of if they wish to do so. The first and foremost is the full loft conversion. This generally engages installing a space like a guest bedroom, a master bedroom, and/or shower room. Taking advantage of this option would give the best return on investment. Another common loft design includes converting the space into either playroom or a teenage den for younger children. A playroom would accommodate younger children, while a den will be a great space for children who will be living at home longer than expected. A home office is another eminent loft design, especially if the owner of the loft plans on either working from the house or running their business straight from their house. These are usually outfitted with storage, cabinets, and various types of wiring.
What Will It Cost?
Usually, the loft conversion cost is around 14,000 pounds and 40,000 pounds. However, it also will depend on the quantity of the project. Here is a shortlist of cost estimations by the project:
- Small loft conversion: 15,000-17,000 pounds
- Medium loft conversion: 18,000-24,000 pounds
- Large loft conversion: 25,000-40,000 pounds
Which Imperative Points To Consider Before Getting Your Loft?
There are some most important points that you need to consider before getting your loft. These points include available space, budget, or value.
Available Space:
It is important that you consider available space before you settle for a loft conversion. This is the space that is suitable for conversion. Moreover, this space will create the needed balance in your home? The rule of thumb when it comes to your conversion project is to make sure that it creates the needed balance in your house. You should transfer accessible space and still have a loft. This provides rooms for perfect rooms and relaxation in your house.
Budget:
The cost of the loft conversion depends on the design you wish to settle for and the space available for the conversion. For instance, a modest roof light conversion would cost 1200 to 1500 pounds, while a dormer conversion would cost 1680 to 2400 pounds that will fit your value to your home and your budget.
Value:
What does the value loft conversion add to your home? Make sure it is a substantial return on your investment. You should explore more on the small soft conversion before and after decide the entire value at the end of the project. Moreover, you can also consult a loft conversion expert to decide whether the conversion is ideal or not.
Remortgaging For a Loft Conversions:
Remortgaging is the one of most common ways to make loft conversions affordable. A loft conversion can typically add a particular amount of value to a house. This is because you are free up to cash to add long-term value to your home. With the interest rate currently at a record low of 0.25%, now is the perfect opportunity to consider remortgaging for a loft conversion. Also, you can get the opportunity of remortgaging for loft conversion with the help of a Real Estate Diary. It is the team of experts. At Real Estate Diary, we provide you better possible rates by which you can easily remortgaging for the loft conversion.
How Does Remortgaging Work?
There are many people who have been on a fixed-rate mortgage for many years. After that, they see themselves go onto their lender’s Standard Variable Rate (SVR). This will be familiar with the remortgaging process. Usually, the SVR can have a higher interest amount attached to it than your previous fixed rate. It is not guaranteed to stay the same. As such, standard practice is to either agree with conditions with your lender or shop around for a better deal. The latter process is remortgaging.
Remortgaging is also advisable for those who want to add a loft conversion to their home. If you have been living in your house for some time, you will likely pay off a chunk of your mortgage. Moreover, for many people, the house has gone up in value too. Maybe your home is now worth 500000 pounds. However, your mortgage is 250000 pounds. This means you have equity of 250000 pounds. By this, you can extend your mortgage.
How To Do Remortgage And Get Loft Conversion?
There are many questions that strike the mind of people that as to how to do a remortgage and get a loft conversion. You will know about this in detail in some steps. One of the steps is to price up your loft conversion. This is something if you choose Real Estate Diary experts; they will provide you quote as soon as possible after a consultation at your home. After getting a quote in the next step, you will know how much you need to pay?
From here, these experts decide the value of your property and work how much work it would sell for? Therefore, you will know how much you will be able to borrow. Moreover, if you are coming to the end of the fixed-rate contract, you can take the help of Real Estate Diary experts who will able you to find the best deals while also increasing how much you are borrowing.
Final Points to Remember:
Conclusively, today’s time is the greatest time for you to consider remortgaging for loft conversions. The reason why today’s is greater time is that interest rates are continuing to hit lows. That is the only reason it is a great time to free up equity and build the loft conversions of your dreams. You should consult with Real Estate Diary experts. They have more experience in the mortgage industry. You should know in a clear manner that an experienced can give you positive advice. At Real Estate Diary, we will remortgage your loft as soon as possible. Hence, choosing experts in Real Estate Diary is the better choice.
Frequently Asked Questions:
How much does it cost to convert a loft?
Generally, a loft conversion costs around $7,000 to $ 67,600, averaging around $20,000. This translates into a price of $50 to $150 per square foot. You will pay $9000 to $34,500 to build a loft from scratch, and $14,300 to $ 67,600 to turn a current one into a bedroom with an unsuited bathroom.
Do you need planning permission for a loft conversion?
Most of the loft conversions can be carried out without planning permission, but you still require satisfying building regulations.
How long can does a loft conversion take?
Average, loft conversions can be done in little as 4 weeks or may up to 8 weeks within a less complex style than others.
