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Would you spend more on a loft conversion than it would add to the house value?

(16 Posts)
MrsSparkles Wed 07-Sep-16 11:51:03

We're thinking of converting our loft - it will cost an insane amount of money, but we want to make exactly how we want it (and it will be amazing).

There's no way it will increase the house value by as much, but we don't intend to move again, there's nothing else for sale in the right area and we won't bankrupt ourselves doing it! Plus it will make the house perfect for us.

YelloDraw Wed 07-Sep-16 11:54:40

Yes of course, if I had the money, wanted/needed the space and was planning on staying long term in the house.

Enb76 Wed 07-Sep-16 11:56:17

Yes - without a doubt. I would spend as much money as was required to make it nice for me. I don't really care about the next owners nor do I think of my house in terms of value only. I probably wouldn't go stupid, stupid but only because I don't have the cash.

IAmAPaleontologist Wed 07-Sep-16 11:58:48

In your situation yes we are doing similar in that we just bought a house to renovate and will be extending and spending more than the likely value of the house at the end. However at the end we will house we never intend to move from and a house with the number of bedrooms and garden we want which cannot be bought in the area unless you spend at least £150k more than our total spend will be.

MrsSparkles Wed 07-Sep-16 12:09:39

Phew - it just feels like such an indulgence to spend close to 6 figures on a house there's nothing wrong with - its just not quite right for us!

Pangurban1 Wed 07-Sep-16 12:13:06

If it provides you with a space that you love and improves your quality of living, then yes. Don't forget if you had to move to another house, you spend money on stamp duty which is not part of the price of the house.

So, in short. Would it cost the same as another house with a similar space, taking the stamp duty, surveyors report, removal costs and estate agent fees for selling your old house into account?

Brontebiscuits Wed 07-Sep-16 12:15:03

Close to 6 figures for a loft conversion??? shock

Blue4ever Wed 07-Sep-16 12:19:30

Hold on... How much were you quoted? For how many added rooms? Close to 6 figure sum is unreasonable! We have a normal size three bed terraced house and our loft, with one very large double bedroom, en suite with a midrange bathroom cost us just under 40,000 (in London). How do you get to 'close to 6 figure sum'?

Pangurban1 Wed 07-Sep-16 12:27:20

I would like a loft conversion my self. We have a great spacious loft which we are paying for on our mortgage, but not utilising.

Bronte, if you know anyone who will do the job in London for non-London prices, I'd be delighted to save on the cost.

MrsSparkles Wed 07-Sep-16 12:30:37

I didn't - DH did (only very rough calculations). I think he went off a 50m2 conversion (will be just under) at £1,500 psm. Hoping to have at least 1 big dormer in, and potentially need to raise part of the roof. If it's cheaper - bonus. Seeing architect next week. It will be a master suite (bedroom with small living area, ensuite and walk in wardrobe/dressing room).

We're also going to do about £20k of other work at the same time.

Pangurban1 Wed 07-Sep-16 12:35:02

Gosh, that sounds like a brilliant price, Blue. Did you do your entire loft? I'm just trying to picture the space. Have you basically divided it into two areas. A bathroom in one space and a bedroom with en-suite off it in another. Do the stairs open into a landing with two doors for the respective areas?

Enb76 Wed 07-Sep-16 12:36:48

Converting mine to have just one extra bedroom and bathroom, decorated, etc... in my area, with a recommended builder would be around 60k so I can see 6 figures as not especially ridiculous. I am saving.

Pangurban1 Wed 07-Sep-16 12:40:12

It sounds wonderful. Like a little penthouse apartment. If you connected drinking water and a gas hob, you could have a private retreat that is my plan, anyway .

Mum2KSS Wed 07-Sep-16 12:46:42

we've spent quite a bit on our house recently and are not bothered if the value has not gone up in relation. We've now got our dream house that God willing. we'll never have to leave....if you are planning on staying put, then market value doesn't really mean much.

freshstart22 Wed 07-Sep-16 12:48:30

My friend is spending 250k for a loft and general re configuration to her house. It won't add that much to the value but she will stay there for ever more so who cares. (Plus she has the cash)

whatsthecomingoverthehill Wed 07-Sep-16 14:54:36

£1500/sqm might be about right for new build, but it shouldn't be anything like that for a conversion, unless there's particular difficulties to overcome.

But in general, of course it doesn't matter if you spend more than the value you're adding if you are planning on staying there for a while. For instance kitchens and bathrooms hardly ever add the value they cost but people don't really worry about it.

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