Worth doing loft conversion at this property?

[vowles2000]

We are weighing up whether it’s worth doing a loft conversion at our recently purchased 2-bed, mid terrace house.

It’s way, way shabbier in real life:

www.rightmove.co.uk/property-for-sale/property-55058472.html

We got over excited (and there were a few bidders) and stupidly offered £25k over asking price back in the Summer – these properties just South of the nearby park and amenities tend to be quite sought after too. But at £305k purchase price, it’s pretty max ceiling height for value of a 2 bed in the area.

We also moved in and very disappointingly discovered it needs a re-roof (say £5,500) and the sash windows need refurbishing/double glazing (£5,500) – both things the surveyor missed, along with loads of other smaller problems, but that’s another story.

Anyway, we wonder whether it’s worth converting the sizeable loft, turning it into a big 3 bed house, with views from the loft over the urban landscape of Bristol city centre! (As we need a re-roof anyway, that would go some way to future proofing the loft conversion). We don’t have children yet, but may do in due course. We may stay for 4-5 years, or it could be 10 years. Actually, as we have overbid and we are down a load more for unexpected remedial works, we may in fact be tied to the house for quite a while.

My ongoing concern though, is that it has a tiny garden, smaller than most in the area, although the majority aren’t that much bigger. And of course the positive trade-off is the huge kitchen extension that has been done.

Will the tiny garden make converting the loft a bit pointless? i.e. maybe I am overthinking this, but it feels like it will change the status of the house from a nice house for a couple, first time buyers, or people who want to start a small family in the next few years, where outside space doesn’t really matter. To a large 3 bed house (for a growing family)…but with the limiting garden outside, meaning that most buyers with a family would be put off! So while the extra floor space would be a bonus, it might fall into an awkward place on the market.

I should add that it’s a 2.5 minute walk to perhaps the best park in Bristol, with playground, skatepark, a lake, tennis courts etc. So whether that has an effect on the above, I don’t know? Do families tend to always want a more sizeable garden, regardless of proximity to a park?

Any thoughts would be appreciated.

You're rightmove link doesn't work.

*Your.

Dammit!

www.rightmove.co.uk/property-for-sale/property-55058472.html

It's a beautiful house. I'd do the loft conversion, not everyone wants a big garden, with the amount people have to work these days it's better for some people to have a small easy go maintain outside space so you can sit out there but not have to spend your weekends doing gardening. In this country as well we spend far more time in our houses than sat in our gardens, so if you can afford to do it all now & the cost of the roof can be built into the loft conversion then I definitely would.

Ooh, I'd do it.

My friend just bought very nearby there, and I vetted the house price increase on Zoopla for her - they were asking £100k more than they'd bought for 4 years ago, but it tracked with recent sales.

The small garden might be an issue for some, but you can hardly increase it either way - and extra room is always a bonus.

I would definitely do it, particularly as it needs a new roof anyway. I know exactly what you mean about the size of garden for a family-size house, but as a London dweller, I know that any outside space is appreciated in a city and, as you say, there's a fab park on your doorstep.

I don't think an extra bedroom will be a detriment to the house unless in converting the loft a sizable chunk needs to be taken from an existing bedroom (for a stairs or access) rendering it a 3 bed that is really a 2 bed with a study/teeny box room IYSWIM.

Can the conversion be done at a later date? If you are on the fence can you maybe wait a few years and see how the market goes?

I think you have already paid more than the price of a 3 bed by the looks of it... don't throw more money at it, you wont get it back

How many of your neighbours have done the loft extension with the kitchen extension (making fab indoors but small garden)?

It's crying out to be converted. Lovely bones

It’s a tough one.

Number 24 sold for 340k 2017 so worth maybe 360k now? They’ve put on another extension since.
That is a very similar house to yours in style and has a loft conversion but they have a bigger garden.

You may only get back the build cost of your loft room as people will probably compare you to that house and it would be the ceiling for your street.

So yes I would but I wouldn’t spend over 25-30k as I reckon that may be the ceiling at present time for your house. Which is very nice btw.

I’ve got a similar situtation my house is in inbetween house. Further down the road 3 bed terraces no parking small garden 320k
Mines a large 3 bed semi parking for 4 cars 150 sqm front garden and 250 sqm back garden 450k
The next row of houses are 4/5 bed semis with 800 sqm gardens! They’re 620k

If I converted my loft i think I would only get build cost or slightly less back doubt I’d ever make money on the house but that’s not the aim.

Agree with squirreltamer. If you can keep costs under 30k then yes, I would. Bristol market showing little sign of dipping, especially for 'done' properties. Lovely house btw. Choose builders carefully though, my sis had no end of hassle with hers in Bristol and he came recommended. Go and look at work if you can.

Thanks all, that's really helpful and definitely food for thought.

Maybe we'll get a couple of velux windows put in when we have the roof redone shortly and then at remortgage time in 2 years, make a decision on whether to do the conversion.

Maybe do the conversion but without a dormer to keep the costs down?