Many people are choosing to stay put in their homes rather than move at the present time. Perhaps not surprisingly this means many of them are looking at ways to improve and extend their current home rather than move elsewhere to find the ideal property.
This means more people are considering the pros and cons of loft conversions and extensions. Both provide a practical way of extending or expanding an existing property, but which is cheaper?
Not every property provides the opportunity to extend the footprint. In contrast a house with loft space that hasn’t already been converted can provide one or more additional rooms above your head.
In most cases loft conversions are the cheaper option. The space is already there – dormer windows can be added to give greater height and let light into the space. The main costs here are in converting the space rather than building something from scratch.
Some homeowners choose to go for an extension rather than a loft conversion. The main benefit of doing this is that you can get more space. An extension can be either single or double storey, so there are fewer limitations on size when compared to a loft conversion.
Of course you will need planning permission and this is not always granted. In contrast many lofts can be converted without requiring such permission. Do check in your own individual situation to ensure you don’t fall foul of any rules or regulations.
Costs and Benefits
The cheaper and most cost effective option is usually the loft conversion. However you do need to consider which option would be most suitable for your home. If you need a lot more living space to expand into, an extension might be the better option, even though it will cost more. The value of your property should rise regardless of which of these two types of improvement you make.
In many cases the value will rise in line with the amount you spend on your extension or conversion. However your prime reason for taking on such work should be to make the most of your property. If you are looking to improve a property and then sell it, there may be a risk of not making a profit on the amount of money you spend on the building works.
Of course, the extent of the works will also determine how much they will cost. A single storey extension is cheaper than a double storey one. Similarly a simple loft conversion with a single skylight will be cheaper than raising the roof or adding several dormer windows to allow extra height.
In short, it is well worth considering all the options available to you when you are thinking of extending your home. Different properties will present different challenges and options too. While a loft conversion may be cheaper in most instances, it may not automatically be the better option in your situation. Always consider all the options before making your choice.