“Are loft conversions worth it?” This is a question many people ask themselves when their partners suggest they should really do something with the unused attic space upstairs. Loft conversion costs can range from £20,000 to up to an eye-watering £60,000, so it’s easy to see why people can get sceptical about whether they need one or not. But what if we told you there are ways having your loft converted can actually make and save you money. Now you’re interested! This post is going to teach your loft can help you save some extra cash. The cost of a loft conversion won’t faze you once you’ve reached the end!
Offloading the things that are kept in it
Before you start working on converting your loft into a functioning room, you’re going to have to clear out all the things inside it that you’ve hoarded away. What a lot of people don’t realise is how much some of the items they have hidden away in their attic are worth. There have been cases where people have had antiques, that have just been sitting in the loft collecting dust, valued and being priced at thousands of pounds! That vase you got as a gift all those years ago could be worth a fortune! Those trading cards your son used to collect when he was a child could now be a collector’s item. There is a case of a woman finding a ceramic teapot in her loft where she was told it was a Worcester porcelain, that is valued at £41,900.
Many people hoard items in their loft that they have no intention of using, so auctioning off the items is one of the best ways your loft can save you money. One man’s junk is another man’s treasure, there are people who will pay good money for any rare items you might have hiding in your home. Even if you haven’t got anything worth a significant value, you can still make some money by organising a car boot sale, or something similar, to offload your unwanted possessions. Who knows, you might make enough to fund the cost of your loft conversion! What you want to keep an eye out for are:
- Comic books
- Art Deco possessions
- Toys and old video games
- Sports Memorabilia
- Trading cards
Renting the space out (Passive income)
If you’re wondering how you can make money with a loft conversion, renting out the space is a great idea. With the rising cost of house prices, many people are moving away from the idea of purchasing their own home, and going with the more affordable option of renting rooms and apartments. This is a great opportunity for a homeowner with spare space to make some money from their unused attic. Convert your loft into a spare room, and if you have space, a whole apartment! Doing this allows you to list your loft of websites and apps like Airbnb and Booking.com, where people can easily find your place, in a manner that’s safe and easy for you. People have studio flats and spare rooms available for prices that start at £30, going up to £150, so if you’re ever in the mindset to earn some cash from just having a room available, this could be an option for you.
You could also let your loft conversion if that is something you’re willing to do. If your loft has the space for it, you could install an en-suite bathroom and maybe a kitchen. You now have your very own studio apartment you can rent to whoever you please. If you don’t like the notion of strangers in your home, you could always rent to a family member. This is a very popular loft conversion idea that a lot of elderly people who live alone are doing. It’s always great to have some company, and you get a bit of extra cash in your pocket, win-win.
Transform it into a home office for your business
Running a business from home is great, but having an office away from home is quite ideal as you don’t need to worry about getting your work life mixed up with your family life. But what if you could have the convenience of working from home, mixed with the practicality of having your own separate office space? Well, you can. Convert your loft space into a home office. This allows you to have the best of both options. This can save you money as you don’t have to worry about spending money on renting or purchasing an external space to make your office. You also don’t have to worry about your family life interrupting your work productivity, as you’ll be able to lock yourself away in your upstairs office. This room is your space and it’s off limits to the kids. It’s psychologically proven that having your own space to work increases productivity, so if you’re a self-employed business owner, or you work from home constantly, this is a great way your loft conversion could save you money, and maximise productivity.
Working from home also grants you with some exemptions when it comes to paying tax. If you’re self-employed or work from home, you have the choice of getting a tax relief on your fixed household costs, which include mortgage interests, council tax, and even variable costs such as water and electric. What you need to do is figure out how the portion of space of your home you use for your business, and how much time is spent working there. Because we’re talking about loft conversions, you could save a significant amount in household expenses by transforming it into a home office. Once you’ve done this you can speak to your accountant on how much of your household expenditure you can claim a tax relief on. This is a really creative way on how to save money with a loft conversion in Kent.
Adds value to your home
When getting an attic conversion, a lot of people worry that the money they use to pay for it is gone for good. The cost, however, isn’t a sunk cost, but an investment in your home. It is reported that a loft conversion can add around 20% to the current value of your home. The cost of a loft conversion will come back to you if you decide to sell your home. This is because turning your attic into another usable room increases the living space available in your home, meaning you can demand more money, should you decide to sell. There is a significant jump in price when it comes to the value of a 2 bedroom house and a 3 bedroom house. The same goes for a 3 bedroom house and a 4 bedroom house. Increasing the living space makes the house more profitable than it was before. This is a great way to make money with a loft conversion.
Turn it into a home gym
We’ve all thought about signing up to a gym but have been put off the idea due to the expensive prices they demand monthly. Converting your loft into a home gym could be an investment that works to your favour. A significant amount of people sign up at the gym, but don’t actually go meaning they’re wasting their hard earned money. But having a gym at home means you’ve not got to worry about paying those hefty prices every month, as you’d be able to train for free! (Once you’ve purchased the equipment). It also means that not just you, but your family will be able to save money with a loft conversion too. A family of 5 could easily spend up to £250 a month on gym costs, so having a home gym in your loft conversion will save you and your family a lot more than you think. An attic conversion home gym can cost you up to £2000 (for the gym alone), but over time you’ll see how worth it the investment is.
Eliminates moving costs
Moving houses is a long, tedious and expensive process. You’ve got to first have your house valued, find a buyer, buy a new house, change your kids’ schools, hire the moving van, and that’s just the beginning, we haven’t even mentioned the unpacking. People move houses for many different reasons, one of the main reasons being their family has just outgrown their home. But what if you didn’t have to move? What if there was a way to increase the amount of living space in your house? What if your loft could be, I don’t know, converted into an additional bedroom for your growing family? Converting your loft into a bedroom is a much more cost-effective way to tackle this issue. It also saves you the time and hassle of having to relocate elsewhere. Even a cheap loft conversion can be better than moving houses. It is reported that moving houses can cost anything from £9,000 upwards, not including the cost of settling into your new home. This is money you could use to increase the value of your home. The cost of a loft conversion can vary depending on the type of property you own, but if you aren’t in the mood to relocate, this can be an option for you.
So those are our 6 ways a loft conversion can save or make you money. We hope you have found these helpful. If you’re from the Kent, UK region and are interested in having your loft converted, get in touch with us and we will give you a quote on your property.