Convert loft or not? WWYD?

[InTheCludgie]

Looking to gauge opinions as not sure what would be best to do.

We live in a 2 bed mid terrace, been here 6 years. We have a DS age 10 and a DD age 6. They currently share the big bedroom and DH and I are in the smaller back bedroom. We are planning to move in a few years when my course ends and I hopefully get a job (I'm a FT student).

We were hoping to get the loft converted next year before DS starts high school to give them their own rooms. Its looking to be about 10k minimum for conversion (just a basic room, no ensuite). Following an inheritance, I have this money pretty much ready to go. However, we have been debating just using part of this cash to invest in new sofas with one as a sofa bed and keeping some of our items in the big bedroom, then sleeping in living room.

We have thought about this as we've realised that ceiling prices on where we live means that we may not get this cash back when we come to sell, especially as we have other work to do on the house which will cost us ££. Three bed houses in our area are about 70k more so ideally would like to keep as much cash as we can for our future deposit.

What do you think? Our house has no dining area/room, just living room and kitchen on the ground floor with a big under stair storage cupboard, so no other place for an extra bedroom other than loft.

Ha I was so tired last night I thought the wardrobe was the door to hallway!

I think you might be better off posting in money matters section. I’d be working out your pay once qualified, factor in childcare if appropriate, any increases your husband can get, and any extra work either of you could do now,p. Especially anything to do with your degree subject to improve employability. Whack everything into savings, no new sofa , no repairs unless essential....and start saving for a deposit so you are good to move when you are employed and finished degree.

I would look very carefully at how realistic it could be to move, and when, realistically, it could happen. Because if you are saving the money to move, but actually you won’t be able to get what you need for 5, 6 + years, for instance, then is it really worth putting up with sleeping in the lounge for all that time? You might be better just making your house work for you and improving your quality of life. But I agree that 10k sounds insanely cheap for a loft conversion. Even if it just breaks even on costs / house price improvement though, it’s still probably worth it? And these days, even if you have to market it as 2 bedroom, a third good space is probably worth more now that it used to be with much more home working.
Biased a little because we did a loft conversion in our 3 bed terrace and it has been such a huge blessing to have the extra space working from home, and our children now have a room each, which has been soooo good for desks, working, private relaxing space etc. They never used to go to their shared room to chill out much, but they do it loads now they have their own rooms, and they love it, even though they really did like sharing.

We had a loft room done 10 years ago with paddle stairs, didn't have the head height to have a legal bedroom up there but was a legally compliant storage room meeting building regs etc. It was £20k back then.

I think your £10k is unrealistic.

Have you considered shared ownership? But a 3 bed and then staircase up to full ownership once you qualify?

Thanks Barking and Talipes, I think re moving it should hopefully happen in the months after I get a job. I have kept part of my inheritance aside to put towards a deposit and we have capital in the house which is more than a third of what the house is currently worth, plus what we can borrow once I'm working is more than the value of this place. However houses sell fast about here and they tend to go for about 15% over asking, so while I have a good idea of what we can afford in the future, I worry that we may not get back what we put into this place and it would leave us at a disadvantage. Despite this, I dont want any penny-pinching (to to speak!) to be at the expense of space for the kids.

I would not do it because your house sounds like the living spaces are more appropriate for a 2 bedroom house.

I’d focus on trying to move as soon as you can.

You're right Rainbow, its a verily small house. The front door opens on to stairs with the living room entry off to the side, this leads through to the kitchen.
The 2 bedrooms and bathroom are off a small landing at the top of stairs. I know lots of families round here extend into the loft, especially if they have no option to move. We thought that would be us but the inheritance has changed that for us.