As your family grows, unfortunately your home does not grow along with it. When this happens, you have a couple of options. One option is to sell your home and purchase a larger one. If you have the money in your budget, you can put an addition on your home. If you do not want to sell your home, and you cannot afford an expensive addition, you can add a loft to your home. There are several benefits of investing in a loft conversion when you live in an area like East London where space is a premium.
Much Cheaper than Moving or Putting on an Addition
Building a loft in your home will cost one third of what you would pay to sell your home and move into a new one. When you build a loft in your home, you are using existing space and converting it into usable space. It is much cheaper and easier than adding a whole new section onto your home.
No Need for a Permit
When you build an addition on your home, you would need to get permits and permission from the city first. These can take a while to get, and can make the renovations feel like an everlasting nightmare. When you build a loft in your home, there is no need for any type of permit. As long as you are not going to be changing the appearance to the outside of your home, the work can be done as soon as you are ready.
Increases the Value of Your Home
Even though adding a loft to your home is cheaper than the other options, it can still increase the value of your home. Depending on the amount of money you put into the loft, it can increase your home’s value by up to 40 percent. The money that you pay for the loft will be worth it, should you decide to sell your home in the future.
Potential Rental Income
If you can add a self contained loft to your London home, it is a great way to bring in extra income by renting it out. Many students and young, single people would rather rent a loft than an over priced studio apartment. If you can get the permits necessary, you can add an exterior entrance to the loft, providing you and your tenant the privacy that you need.
If you need additional space for a bedroom, a home office, or even a storage area, a loft is an excellent idea. It is the most convenient and least expensive way to give you the space that you need.