St Albans house prices: How Much Value Does a Loft Conversion Add?
Better than an extension! Within the London area, studies have shown that a loft conversion adds to the value of a property by an average of 24.5%. Commonly, standard extensions have been built into properties to add value, but we’re here to showcase how your property can grow in value by integrating a loft conversion into your home.
With homeowners in St Albans and the surrounding areas looking to make the most of their property investment, considering a loft conversion is often a pragmatic choice.
We’ve explored just how much value you can expect from a loft conversion.
How much does stamp duty cost?
The price of stamp duty needs to be taken into consideration when moving house:
- On a home of £125,000 – £250,000 in 2022, the price of stamp duty is 2%
- For a property that’s £250,000-£925,000, you’ll pay 5%;
- For a home valued at £925,001 – £1.5m, you can expect to pay 10%.
This means that for the average St Albans home, stamp duty will cost almost £22,000. This added cost of moving house is one of the reasons why many of our clients choose a loft conversion instead of moving home. This way, you get a new space without additional stamp duty, lawyer costs and removal fees.
How much value could a loft conversion add?
You likely already know that a loft conversion for your property has the potential to raise its value above St. Albans’ median home price. On average, properties with a loft conversion are evaluated at 24.5% higher than properties without a loft conversion.
A conversion is a great way of elevating your house on the property market. For instance, if you currently own a two-bedroom house worth £400,000 and are looking at ways to add value before you sell, a loft conversion could add almost £100,000 – making the value of your house around half a million.
How much does a loft conversion cost?
Considering a loft conversion already? Well, we’ve done all the hard work and looked over hundreds of sites to determine whether this investment in your home is worth it. But we’ve taken it one step further and formulated a calculator which determines how much your loft conversion could cost, depending on your specific conversion type and size preferences.
Calculate how much your loft conversion could cost.
While the cost of a lost conversion can range broadly based on the property, in St Albans a Victorian or terraced house loft conversion can cost upwards of around £45,000. The least expensive choice tends to be a dormer loft conversion.
Are loft conversions worth the investment?
Put simply, yes! Considering the investment to outcome ratio, you are likely to get a lot more from a loft conversion than what you put in.
If your property has an estimated value of £500,000 then an increase of 24.5% would increase the property value to £622,500. Considering the cost of an average loft conversion in St Albans, investing in one could certainly be a worthwhile asset when you go to sell.