Garage, loft, and cellar conversions are popular home improvement projects that can significantly enhance a property’s value. These transformations not only maximise the existing space but also satisfy the ever-growing demand for multi-purpose living areas.
Increased Living Space
One of the most apparent benefits of these conversions is the addition of valuable living space. With property prices high, making the most of every square foot is essential. Converting garages, lofts, or cellars into usable spaces, such as bedrooms, home offices, or entertainment areas, can significantly boost a property’s appeal and value.
Adaptability to Changing Needs
As families grow or lifestyles change, the demand for adaptable living space becomes crucial. Conversions offer flexibility to create rooms tailored to the homeowner’s specific requirements. A loft turned into an extra bedroom, or a cellar transformed into a playroom can cater to varying needs, attracting potential buyers with diverse preferences.
Energy Efficiency
Many garage, loft, and cellar conversions involve upgrading insulation and implementing energy-efficient features, aligning with the increasing focus on sustainable housing.
Homebuyers are often drawn to properties with lower running costs, making energy- efficient conversions more appealing and potentially increasing the property’s overall value, as well as improving the EPC rating.
Enhanced Aesthetics and Functionality
Conversions offer the opportunity to create bespoke spaces with unique designs and features. A well-designed conversion can elevate a property’s aesthetics and functionality, making it stand out in the competitive housing market.
In prime urban areas, where space is at a premium, a well-executed conversion can be a key selling point, leading to higher demand and increased house value. There are a variety of ways you can fund these projects, with remortgaging being just one of these options.
For more information, contact your adviser who can support you and discuss the options available to you.
If you’d like to discuss the options available to you, contact your adviser today.
Source: Mortgage Intellience (Published August 2023)
Photo by Tatiana Syrikova / Pexels
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