Throughout the pandemic people in Britain have spent billions on home improvements – £110 billion to be exact. This includes renovations and building works, decorating rooms and even improving parking. As we come through the other side of this unprecedented global event, the desire for an enhanced home hasn’t gone away. In fact, as the housing market takes a bit of a slump, many people are furthering their efforts to perfect their current home as moving house plans take a back seat for now.
When it comes to home improvements, some are more considerable than others and can be completely transformational when it comes to the function and form of the home. Loft conversions are a strong example of this, particularly those constructed in London where the benefits of the work are amplified by the environment. If you’re considering upgrading the place you love the most with a loft conversion, but you’re still not sure, read on for a look at the key benefits you get with this kind of substantial home improvement, particularly if you live in London:
Back garden green space preserved
The value of private outdoor space is elevated post-pandemic. Pre-pandemic luscious backyard square footage was already at a premium in London, with over 20% of homes in the capital without a garden at all (compared to one in eight across the rest of the UK). Now, house buyers want outdoor space and will pay more for it. Over 7 million people have taken up gardening since Covid-19 kept us all at home, and it’s becoming more apparent that ecotherapy is an exceptional way to soothe anxiety, symptoms of depression and stress in general. When you can’t get out for a spot of shinrin-yoku, the back garden is your own green haven to absorb all that natural healing goodness. Having a loft conversion doesn’t impact your green space at all, preserving the precious outdoor square footage that over 2,000 potential house buyers consider more important than the bathroom or kitchen when choosing a house.
Ability to create space vertically
As we mentioned above, over 20% of homes in London don’t have any outdoor space. For that reason, you may not have the option to extend outwards at all. Luckily, that doesn’t mean that you have to miss out on creating extra space in your home. With a loft conversion, you’re simply utilising space that you already have, converting it so that you can enjoy it as a spare room, rental space, nursery, snug, movie room, home office or anything else that takes your fancy.
A WFH dedicated room
The average commute to work in London takes about an hour, and add that to the huge gains many workers enjoyed when working from home during the pandemic, and it makes sense why hybrid working, or complete WFH arrangements are being maintained now we’re in a post-pandemic economy. Nobody wants to go back to the office any more for the most part, and so, a huge light-flooded, stunning loft conversion room is highly desirable as a home office.
Views and light unlocked
In any city, views and light from the highest floor may be obstructed by other buildings, and potentially by trees, street lights or even signage and statues. With a loft conversion and roof lights, or other window options, you suddenly get access to the views from the highest point in your home. They might not be spectacular, but perhaps they offer a glimpse of a landmark, or a green space, or even just an even better view of your garden or local area. Even better, loft conversions let the light flood in, enabling you to harness the hygge and improve the ambience of the room.
Long term and short term rental potential
By using a trusted loft conversion company you ensure your loft conversion meets all Building Regulations and is a safe and usable space. This means, you can not only enjoy using it as part of your home, but you could rent it out to make some extra cash. Airbnb is a great option, with the chance of banking anything from £50 to hundreds of pounds a night (location and conversion design/ size depending), but do be aware in the majority of Greater London homes you cannot rent your property out in this way for more than 90 days a year.
Long-term rental is also a possibility using the Rent-A-Room Scheme from the government which lets you earn up to £7,500 a year tax free for letting out furnished accommodation in your home. Making the space completely self-sufficient and safe with additions like ensuites and kitchenettes could also give you further long-term rental options, but it’s important to do your research to ensure you’re up to date with all the latest laws and guidance on renting property out.
Financial boost of an extra room sky rockets house value
According to the latest data, adding an extra bedroom to your home, such as a loft conversion, adds 15% to your home’s value. With the average value of a house in the UK sitting at £296,422, an extra bedroom would add £44,463 pounds onto the value of your home. In London, depending on where you live the value increase of a loft conversion could be extensive, and is likely to outweigh and outlast inflation and the increase in construction costs that are being seen.
Are you ready to enjoy the benefits of a loft conversion in London
Why not speak to a London loft conversion company today to find out more about the ways that this savvy home improvement option could benefit you? Other homeowners across the London area are already reaping the rewards of the construction work they’ve had done – will 2023 be the year you join them and help your property reach its full potential.