Why London Loft Conversions are Ideal for Landlords
If you’re a landlord in London, there are several benefits to choosing a loft conversion, read on to find out more.
Certainly when it comes to investing in property or considering investing in property, you’ll be looking to find ways to make the most of the financial value. This is where considering a loft extension could be an excellent choice for you. Not only will you be able to add more space to your current property, but it will add value to the current resale price. Additional room or rooms can also generate income from rental too.
If you’re looking to find out what you can achieve financially from a loft conversion in London, the well-known building society Nationwide suggests that you could be looking at potentially an increase of 25% on the resale value of your property, with this number rising to 40% if you also add on an ensuite bathroom. Rental-wise, online rental agency EasyRoommate comments that you could look to receiving £851 a month in rent, based on a twin sharing bedroom.
So if a loft conversion is of interest for your property or potential new property, and you would like to find out how you can achieve rental income from additional space, where do you start? First of all, you’ll need to make sure that the loft space has ample headroom. You’ll need to have at least 2.2m height available in order to meet building regulations requirements. Not only that, but you’ll also need to have at least 2m in height available for the stairs.
Should I consider adding an ensuite?
There are so many points to consider when adding a loft extension. Topping the list of questions we’re asked is whether an ensuite is worthwhile.
If you’re looking to make any decision regarding your property, you will need to have the reassurance that it’s a worthwhile addition and that you’re going to gain a return on your investment. And certainly, by adding an ensuite bathroom to your London property, you’ll have not only the potential to add both valuable new space for relaxation in your property, while also adding to the resale value and/or future rental value too.
The Nationwide Building Society found that adding an ensuite loft conversion could find the value of your property increase by 5%. But the question is, will you truly gain from adding an ensuite to your London property? We find that many of our clients choose an ensuite, however it’s essential that you check if your property has the appropriate space requirements before going ahead. You also need to make sure that your home doesn’t already have too many bathrooms for the amount of bedrooms that you already have.
Space-wise, ensuite bathrooms come in all shapes and sizes. Larger bathrooms can afford to have a freestanding bath. If you have a smaller space, a walk-in shower or wet room may be more appropriate for your needs. According to your budget, you’ll be able to choose how you wish to finish and decorate your ensuite – as luxurious as your needs – and budget allows.