Loft conversion in current financial climate

[Wizzska]

We want to get our 2 bed flat extended into the loft and spend all our savings on it. Are we completely crazy? We'll get a bigger kitchen, a bigger bathroom and an extra bedroom with en-suite. Am getting the jitters, but will have to give the final go ahead soon.

Any estate agents out there for advice or fellow loft converters?

not an agent but i think if you have the money (not a loan) and your jobs are ok, then it is a good idea - builders may be keen, and it is cheaper than moving

We're planning to use a sizable chunk of our savings for a loft conversion this year too. I must say I have had some second thoughts but the money is there and it should add value to the house. Also I reckon it must be good for the economy if people do go ahead with plans like this if they can afford it. There must be a lot of builders out there keen to get work like this.

Thanks. Am hoping we can get a bit of money off as the builders need the work. We've been wanting to do it for years, but now it seems more real as we're really getting somewhere with the plans.

If you need the space then it is nearly always cheaper to improve rather than to move, especially with house prices being as crappy as they are.

Savings are being whittled away anyway due to crappo interest rate so I would be very tempted to do what you want to do and go ahead with the conversion.

Presumably you plan to do the work so that you can stay in your home for longer ? In the long term the housing market will improve so you should get your money back for the conversion (or very close to it) if you sell in a few years. I wouldn't do it now if you intend to move in the next 18mo or so anyway.

As others have said, so long as you are reasonably confident that your jobs are as safe as they can be then I would go ahead.

Thanks ThoughtPolice. Am reasonably confident job will stay, but am keeping enough savings for 6 months just in case. Don't think I'll move for a couple of years as will love my new house and want to enjoy it for a while (and hopefully have another DC).

Just to say that if you're in London then you may get a builder price the job a little cheaper than a couple of years ago but here in the Home Counties we're snowed under with extensions, conversions, conservatories etc. We're really shocked - we were expecting a real tail-off in work, like it has in the construction and development sector but it's gone the other way.

More and more people are doing up their houses rather than sell - which is great for us as DP is a builder/carpenter and in 10 yrs of being in business he's never been booked up this far ahead - we're looking at Aug already! I know London has been hit a bit harder - so you may strike lucky if that's where you're based.

Good luck - Im very - builders' houses are never finished! And NO - you're not crazy, you're making the best of what you've got - I'd say that's a wise investment

I think it is better to improve than to move ...

It would also be worthwhile to find out about planning permission - I am under the impression that permission to improve is getting easier ....

Jeanjeannie - judging by the hassle the loft people are giving us since we asked for quotes, I think they need a bit of work. Yes, I am in London.

Thanks fleshwound, I hope it will be ok. Pre-planning went well.

Wizzka - go for it! We've heard London is being badly hit by home improvements - all very slow - so I think you'll be in the driving seat there