Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Loft plan: is this financial madness?

19 replies

BlurpBlorp · 08/12/2023 11:35

After some opinions please. Some background; single mum of two DC (14 & 12), work full time with decent wage.

I've been in this house for 4 years, did a complete renovation and we've made a lovely home for ourselves. For several reasons, I'm consdering getting the loft done:

  • We'll run out of space in the next few years. Previous owners created two bedrooms out of the main bedroom (mine and youngest's box room). My youngest's room is overrun with stuff (despite having had a clear out).
  • My bedroom doesn't really work space-wise. I'm forever squeezing past the foot of the bed and banging my legs on the footer. Don't have space for a bedside table or lamp for bedtime reading.
  • No space for guests and as my family live far away it's a problem when they come. I have to sleep on the sofa when my parents are here as they're too old to take the sofa.
  • I work 4 days from home plus a second job in the evenings (all desk based) and I sit at the dining table in the same place I eat my dinner. It's less than ideal and I feel I need to give myself a proper place to work.

I'd put 2 bedrooms and a shower room in the loft for the girls; knock through my bedroom to make one master bedroom and then I'd have a spare room/office for me. Plus I'm aware that one or both of my parents may need to live with me in the nearish future so that could be their room.

What I need advice on: the cost of a loft would balance out the profit I've made on the house. My mortgage is up for renewal next year and after a chat with my mortgage advisor increased borrowing seems doable with how much I earn. My job is stable but I'm the only breadwinner so I don't know if I should be more cautious. Also I have very little savings so if i didn't do it I could save more.

What would you do in my situation?

OP posts:
MistyMountainTop · 08/12/2023 11:43

You have to separate the house as an investment and as a home. I'm assuming that you'll be there until the youngest is at least 18 so that's 6/7 years. As a home, does it work for you? Doesn't seem like it. As you've got a stable job, I guess you also have a decent pension so you don't have to worry about that. So, in your situation I'd get the loft done so that it's done and out of the way with.

Original poster
BlurpBlorp · 08/12/2023 19:24

Thank you, yes you're right I need to separate the two...

OP posts:
lartghy421 · 08/12/2023 19:29

And get a proper quote from a builder. It could be much more expensive than you think

TeenagersAngst · 08/12/2023 19:34

How much have you estimated for the loft? We have this configuration and it cost us £50k a few years ago at cost price because we were friends with the builder. I reckon now and not at cost price it would be £100k. We are in SE though.

How much space will you lose from existing bedrooms or can they fit the staircase in without encroaching on the bedroom space?

DragonFly98 · 08/12/2023 20:22

TeenagersAngst · 08/12/2023 19:34

How much have you estimated for the loft? We have this configuration and it cost us £50k a few years ago at cost price because we were friends with the builder. I reckon now and not at cost price it would be £100k. We are in SE though.

How much space will you lose from existing bedrooms or can they fit the staircase in without encroaching on the bedroom space?

Wow. We had our loft converted , five years ago, two bedrooms and a decent size shower room with toilet. Cost 28k including storage with doors in the eaves and all the painting etc.

SnowsFalling · 08/12/2023 20:30

Is there enough space in the loft for 2 beds plus a shower room, given the current floor space appears to be 2/3 bedrooms and a bathroom?

OneForTheRoadThen · 08/12/2023 20:33

TeenagersAngst · 08/12/2023 19:34

How much have you estimated for the loft? We have this configuration and it cost us £50k a few years ago at cost price because we were friends with the builder. I reckon now and not at cost price it would be £100k. We are in SE though.

How much space will you lose from existing bedrooms or can they fit the staircase in without encroaching on the bedroom space?

Not at all. We're getting this done in January, same lay out, plus getting a dormer and the roof retiled as part of the job and we're paying £65. London zone 4.

Pinkpinkpink15 · 08/12/2023 20:51

@BlurpBlorp

sorry I'm a little bit confused (Friday night knackered!!) if you did this, the attic sounds good for the girls but are there enough rooms for you to a have a bedroom office and your parent(s) to have a permanent room? Will they be ok with the stairs? (I'm 'only' 54 & my knees don't really like stairs!!)

I know you & the girls have worked hard to make it home. But I tend to think post Covid building work & supplies are SO expensive & trades so busy they're juggling too much that I'd rather look for some new & move. Somewhere that your parents can have a room/rooms downstairs). Can they contribute so you could maybe buy something with an annexe?

TeenagersAngst · 08/12/2023 22:34

Maybe 100k is excessive but for what we had done which was two double bedrooms and a shower room with three individual dormers at the back of the house along with a full size staircase and removal/make good of our box room you would easily be looking at 75k. Neighbours around us have been quoted this for a not so substantial job. And there are threads on here from this year with similar prices.

CrabbiesGingerBeer · 09/12/2023 00:27

As well as costing the loft, it might be sensible to cost moving. You are looking at massive disruption plus the risk of ending up with issues with builders. I wouldn’t do it unless there was a significant saving over moving.

It absolutely may be the case that it’s much better financially to do up the loft but I’d want to be sure.

Also, don’t you need planning permission for a loft extension? If so, do you know if you are likely to get it?

MistyMountainTop · 09/12/2023 01:42

CrabbiesGingerBeer · 09/12/2023 00:27

As well as costing the loft, it might be sensible to cost moving. You are looking at massive disruption plus the risk of ending up with issues with builders. I wouldn’t do it unless there was a significant saving over moving.

It absolutely may be the case that it’s much better financially to do up the loft but I’d want to be sure.

Also, don’t you need planning permission for a loft extension? If so, do you know if you are likely to get it?

When we did it, there was no disruption, they worked from the outside and had virtually finished by the time they broke through to put the staircase in. Took 5 weeks and it was all permitted development.

And just as importantly, the house stayed in the same council tax band, as it doesn't get reviewed until you sell the house.

missmollygreen · 09/12/2023 18:33

It is worth considering the ceiling price for houses in the area.
The increase in your house value might not cover the cost of the conversion

verrymerryberry · 09/12/2023 18:50

Also depends on your age too.

Do you have enough equity to and time to pay for the renovations and then save a bit afterwards? Have you done a 10 year budget?

Original poster
BlurpBlorp · 10/12/2023 12:38

Hi everyone thanks for the replies. Yes I'd need planning permission which would be the first hurdle. The ceiling price is a good point and I think it might take it just over the current price. But if I did the loft I'd have to commit to staying in it for 10 years minimum and that would work for me. It's a good idea to do a 10 year budget. I'm 47 and current mortgage takes me to 67 (ouch) and if I didn't do it I could save significantly more. But then the space issue would only get more of a problem. Arrrgh! Going to mull(ed wine) it over over Christmas.

OP posts:
NeonSoda · 11/12/2023 05:34

Tbh I’d probably pop a shelf above my bed, mount a bedside lamp to the wall, and then start decluttering as a family.

As another person who is the sole income for the household, I’d rather have cash reserves and/or pay my mortgage off early for security.

Original poster
BlurpBlorp · 12/12/2023 08:46

Already got a shelf above my bed but a wall mounted lamp is a good idea thanks. Still wouldn't solve the longer term space issue plus we've already had a clear out. Though the savings and mortgage issues are a worry. Thanks your opinions are all so helpful xx

OP posts:
Calmdown14 · 13/12/2023 22:57

How much equity would you still have in the house in terms of LTV?

You'd want to retain enough to ensure you have access to the better mortgage rates.

If it's affordable to borrow more, why don't you have more savings? Previous work or because you pretty much spend what comes in each month even though on paper there is spare? If you are coming off a fix it's probably going up anyway even without adding more borrowing.

I think I'd wait at least six months. Save the difference between what your mortgage payment would be and what it is now and see how it feels.

You are already working evenings and this feels like a lot to take on, nice as it might be.

RomeoOscarXrayXray · 15/12/2023 12:34

Do you have a garden? What about an office pod (ours was less than £4,000 from Hully Pod) and a better sofa bed in the living room for when your parents stay (for you to sleep on, natch look at Furl).

So much cheaper than a conversion and should you decide to do a conversion anyway, still useful!

If you do go for an office pod, Hully have a really small one for about £2,500 IIRC.

Bramshott · 15/12/2023 12:49

No harm in having a builder round to look. We thought about doing our loft (fairly standard sized 3 bed semi) but the builder took one look and said we didn't really have enough space up there to achieve a room with a good height and an ensuite - partly because the floor level needs to come up a fair bit to support the weight I think.

New posts on this thread. Refresh page