The cost to convert attic to living space in the UK is well worth the price tag. With the property market struggling in many parts of the UK, people are opting to convert their attics instead of trying to sell up and buy a bigger home. The boom in attic conversions in the UK has been in London. Many terraced homes in the city have usable attic spaces. The price of affordable living in London is exorbitant. This London trend is now spreading nationwide. So, what is the cost to convert attic to living space? Read on to find out the answers.
Research in the UK by leading banks has shown that people are taking their properties off the market. Instead of trying to afford a bigger home and sell their own, they are expanding upwards in their existing properties. A well done loft conversion can be a real asset to your home. It can add 10% to the market value of your home, making it a sound investment all round.
Cost to Convert Attic to Living Space : New Regulations
If you are thinking about converting your attic to a living space, then there is good news. Since October of 2011, the number of people having to apply for planning permission for their conversion has gone down dramatically. Not having to apply for planning permission from local councils can knock off up to a thousand pounds on the price of your loft conversion.
How to Finance your Loft Conversion
Lenders have up until now been quite happy to lend money for the low-cost option of adding living space in the attic; but with interest rates rising, finding a cheap personal loan is now becoming more problematic. At any one time, up to a fifth of UK homeowners are in the depths of a plan to carry out some structural work to their homes. Over 5 million home owners carry out major structural work to their homes each year.
Cost to Convert Attic to Living Space : Regulations
Although you may no longer need to apply for planning permission for you attic conversion, you still need to be aware of building regulations. If you do not do your homework correctly, you could end up with little more than a rather expensive storage area. Your loft conversion has to be structurally stable; this means checking the ceiling joists and load bearing walls. Even the foundations of your home could affect the stability of your loft conversion.
Your loft conversion needs to be fire resistant. This can require stairs with a fire door. You will also need a means of escape. This can be incorporated with the careful and correct use of Velux skylights. Your attic also needs to be energy efficient and weather resistant. Your loft walls will need the correct insulation in order to maintain heat. Your loft conversion will also require sufficient ventilation. Stale air needs to be ventilated. If it has nowhere to escape, you could suffer from condensation issues further down the line.
If you fail to meet all of these regulations, you cannot market your attic as a bedroom or living space. This may not seem important now, but it will be when it comes to reselling your home. An attic conversion can cost you anywhere upwards of 20 thousand pounds. So, spend your money wisely.