Moving house is expensive, but most homeowners don’t realise just how much it costs to relocation, especially in London and the South East where house prices (and therefore stamp duty) are at their highest.
Earlier this year, the average price of moving home rose to an astounding £12,000 (on average). These are all necessary costs of moving, including stamp duty, solicitor fees, and removals companies. However it doesn’t bear in mind the cost of additional commutes, taking time off work, and lost/damaged items. The average home in London and the South East is beyond the stamp duty threshold, which automatically adds around £10,000 onto the cost of moving and is non-negotiable.
How Much Does a Loft Conversion Cost?
The cost of your loft conversion depends on a range of factors, including:
• Type of loft conversion (velux, dormer, or mansard)
• Materials used
• Size of your loft conversion
• Whether you need planning permission
• Rooms added (ie. whether you want plumbing added to the loft space)
But the costs start from £14,000 for a simple bedroom and bathroom Velux conversion.
What are the Benefits of a Loft Conversion?
The additional space is the main benefit of any loft conversion; you can add up to 30% more living space onto your home in just 6 weeks or so. But there are financial benefits too.
Nationwide found that loft conversions add a huge amount onto the value of a home – up to 20% or £37,000 in some instances. This means that you don’t just save the money you would lose in moving house, but could actually get a great return by investing in your home. Loft conversions also improve the saleability of your home, so when you do come to sell it’s likely that it will sell more quickly than others on your street.
Where Does it Makes Sense to Improve Instead of Moving?
More and more people are building loft conversions in Hertfordshire, Essex, London, and the home counties rather than moving. These areas in particular have great commuter links and good schools, so families would rather expand their existing home rather than moving somewhere less convenient.
Adam is a digital marketer at Loftworld. When he is not spending way too much time on social media, he can be found writing groovy blog posts for Loft Conversion Companies.