One common question that is asked at the moment is: “Will having a loft conversion add value to my home in Bristol?”, to answer this question properly we will go into more detail.
Firstly: “What is the average value of a home in Bristol?”
The average value of a home in Bristol is £266,700 at present. These are recent figures for the area of Bristol provided by the Bristol Post.
Next: “By How Much Can A Loft Conversion Increase The Value Of A Bristol Home?”
The addition of a loft conversion to a property can increase the value of that property by around 20% (particularly if you add in a new bedroom with an en suite).
So taking the average figure for the value of a property in Bristol bring £266,700 if the value of that home were to increase by 20% that would mean the following:
£266,700 * 0.2 = £53,340 << This is the potential increase in value due to the loft conversion.
This is added onto the value of the property as it stands so…
£266,700 + £53,340 = £320,040 (this is the new value of the home) the value of the property has increased by 20% due to the loft conversion meaning an increase in value of £53,340.
But that’s not all.
There is also the appreciation of the property over time to take into account.
Since 2014 there has been an increase in value of property prices in Bristol of 23%, so in time not only will you realise all the benefits of a loft conversion and the increased value of that to your Bristol home, you’ll also experience an appreciation in the value of the property with the loft conversion over a period of time.
This is one of the major reasons loft conversions are such a popular investment, they not only provide extra rooms to a home, but they also provide a stark increase in value.
Do different types of loft conversion add different amounts or percentages of value to a home?
When it comes to loft conversions it is more about the rooms that are added to the property over and above the type of loft conversion it is: however with that said larger loft conversions will generally have more potential to increase the value of a home.
One great way to increase the value of a Bristol home is to add a loft conversion with a bedroom (two if possible) and an en suite, this will more than likely deliver a (very) positive return on your investment.
There is a lot to think about for anyone considering developing their loft…
If you would like guidance or to book a quote for a loft conversion, feel free to get in touch with us by using the form at the top of the page (click the link “loft conversion”), we’d be delighted to hear from you about your project & we have builders that are willing and capable of delivering the loft of your dreams for your Bristol house.