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The buyer landscape has changed in 2023, with more people wanting bigger homes than ever before. If you’ve been left frustrated by the lack of space at home during the lockdown period, there are a variety of options to consider.
You may not want to relocate. You’re already settled in your current home, your children attend an excellent school and you love the local area. You may also think you can’t afford to increase the size of your property.
However, the good news is there’s no need to move home. Loft conversions can be a great way to utilise unused space, create more space and even increase the value of your property.
How do you Finance Your Loft Conversion?
When it comes to financing a loft conversion, you have a number of options. Your budget and individual circumstances will likely determine which one is right for you, so make sure to do your due diligence.
Cash or upfront payment
If you have cash on hand or money in your bank account, you could pay for your loft conversion in a single lump sum.
There are many different types of loans available, and depending on your situation and credit score, you may be able to get a loan at a reasonable rate.
An unsecured personal loan is usually offered for £1,000 to £25,000, but for many loft conversions this amount may not be enough to cover the costs of the conversion, so you may need to take out a secured loan.
Secured home improvement loan
A home improvement loan gives you a fixed amount of money to spend on home improvements. That’s the beauty of a loft conversion. However, with the costs associated with loft conversion work, you may find that you’re more likely to be encouraged to take out a secured home improvement loan (also known as a second charge mortgage) rather than an unsecured one.
As a homeowner, there’s a good chance you owe money on your house. Many homeowners look at home improvement remortgages as a way to generate cash for a variety of reasons.
How much does it cost to turn loft into a room?
If you’re looking for the most cost-effective way to convert your loft space into a living space, you’re likely to find a velux window solution.
A velux window conversion is when one or two windows are fitted onto the roof, ensuring there’s plenty of natural light coming into the room. A velux window conversion typically costs between £21k and £41k.
A Dormer conversion is the most common type of loft conversion you’ll find in the United Kingdom.
When there’s a small flat roofed extension that has a window installed, you’ll usually find two at a property to create a sense of symmetry.
However, there is also an L shape Former and a side Dormer, so there’s a range of options available, which is useful if you’ve got a bit of a unique home.
In some cases, a Dormer extension can add as many as four rooms to a property.
The cost of a Dormer loft conversion is between £31k and £58k, but more complex extensions can cost as much as £40k to £60k.
A hip to gable loft conversion is when one or both sloping sections of the roof are replaced with gable walls. The cost of a hip to gable conversion is between £42k and £65k.
Mansard is the most expensive type of loft conversion you’ll see in the UK. This style of loft conversion involves replacing one entire side of your roof. This means you’ll have a new straight wall and a flat roof. It’s a big job and will often require planning permission. A Mansard conversion can cost anywhere from £45k to £75k.
You’ll see that the standard costs for loft conversion work mean that paying up front is probably out of the question for most UK homeowners. That’s why it makes sense to find a way to spread out your loft conversion costs over a longer period of time.