If you are one of the many families that are getting to the stage where you need more space? If so – it’s highly likely you are approaching one of life’s ‘BIG’ questions.
‘Loft Conversions’ – Do they add value to your property?
Is it worth doing a loft conversion? Our quick answer is ‘only’ if you really need the extra space, and plan to stay put. Ok let us explain!
We are all keen on adding value to a property, and loft conversion companies are acutely aware of this too. If you type ‘Loft Conversions’ into the search bar of Google, you will find thousands of loft conversion specialists. These companies tell you that your new loft conversion will add value to your property. This is true in most cases, but the reality is a decent loft conversion doesn’t come cheap and the last thing you want to do is cut corners to reduce costs. If you don’t get building regulations approval and have the work signed off by the local council’s building inspectors you will be asking for trouble later on when you want to sell.
It may work out cheaper to buy a bigger property that may need slight modernisation! Take the Harringay Ladder N8/N4 for example, there is a growing community spirit and the local community have their website called HarringayOnline. I also feel the area will attract more families from nearby Crouch End and surrounding areas as they outgrow their existing homes.
Don’t forget the associated costs. If you are thinking of adding the cost of a ‘loft conversion’ to your mortgage, your lender will probably insist that they will need to value your property first. There may be a survey fee, and possibly an arrangement fee on top of an increased monthly mortgage payment; and don’t forget to calculate this extra monthly payment by 12 and then by the years you have left on your mortgage!
If you plan to use your hard-earned savings, then you will lose any interest your money would have earned in an account, and possibly the investment potential of using this money elsewhere.
Forgive us for stating the obvious… Avoid the urge to cut corners, such as obtaining planning permission. The local authority-building inspector will also need to visit at certain stages of the work in order to ensure that the roof supports are adequate and that the stairs meet fire regulations. (The last thing we think of is a fire fighter carrying one of our family members to safety with zero visibility).
If you plan to use a builder, get several quotes and beware of a quote that is drastically cheaper than all the others. Ensure they know the ‘local’ planning laws and building regulations. A Loft conversion company may prove to be a safer option as they specialise in this kind of work.
Why not call the local planning office for advice, as we cover properties in Harringay and Hornsey, you will need to contact the Haringey Council planning office (you may be surprised how helpful they are – they want you to get it right). DO NOT rely on anybody that says you do not require any permissions, check for yourself.
We offer a free valuation service. Call us on 020 8341 6262 to arrange for our professional property valuer of 20 years to have a look at your property and discuss your thoughts. He will steer you in the right direction, many of our clients are people we have offered our professional and sound advice to in the past!
If your property is leasehold then check to see if you need the freeholder’s permission, if in doubt, you are welcome to pop in with a copy of your lease and we will be happy to read it with you. If you do need permission, it is advisable to get a solicitor to deal with this. Our office is located at:
Castles Estate Agents – 5 Turnpike Lane, Hornsey, London, N8 0EP
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