Loft conversion for landlords and investors

Loft conversion for landlords and investors

If you’re a property investor or a landlord, you can increase your rental value by adding a loft conversion to the rented property. A loft conversion may add up to 20% of the value of your property, according to Nationwide. The building society also claims that adding an extra bathroom may add 4.9% to your house. Also, stretching the floor area by 10% can add another 5.1% to your property’s overall value.

If you’re a property investor or a landlord, you can increase your rental value by adding a loft conversion to the rented property. A loft conversion may add up to 20% of the value of your property, according to Nationwide. The building society also claims that adding an extra bathroom may add 4.9% to your house. Also, stretching the floor area by 10% can add another 5.1% to your property’s overall value.

Indeed, adding another bedroom may also help raise the rental value, especially in London and the South East. In these areas, the demand for rental houses is high.

EasyRoommate estimated the average rent in London in 2017. According to it, it was £751 for a double room in a flat-share. There are further chances to increase the rental value by adding another bedroom and bathroom if space allows.

If you are interested in improving your investment or rental property with a loft conversion, make sure there is sufficient headroom for one. According to existing building regulations, the ridge needs to reach a maximum height of 2.2m for it to be suitable for a loft conversion. You might also require to factor in 2m of headroom required for the stairs.

However, if you’re wondering whether it is worth-getting a loft conversion for your property, then read our case study below. You’ll find out how an attic conversion for a rental property can increase your rental value.

How can Landlords and Investors add value to the property?

In recent times, an increasing number of people pan on renting for life while looking for properties that feel more like home.

So, making small alterations to your home could drastically increase the appeal to potential tenants. In order to make the tenants your long-term clients, it is best to start with superficial defects in your home.

They are also perhaps the easiest way of adding value to your rental property. So, watch out for the peeling paint, damp, in addition to dripping taps or limescale on bathroom fittings.

Investing in specific parts of your property may add significant value to your home. The best investment could be your kitchen and bathroom, as these tenants particularly give value to these areas.

For example, spending £10,000 on your new kitchen may add up to £30,000 onto a property’s value, and in words, could increase the rent. If another bedroom is added, the rent would be even higher. If you ever have to sell your property, a loft conversion will put you in an advantageous position, with the potential to increase your property’s value as much as £50,000.

Case study:

In 2019, a landlord of a first-floor terrace flat in a conservation area in South London hired a company. The company was hired to design and build a mansard and L-shaped Loft conversion and to renovate the rest of the property. The objective of the renovation for the owner was to increase rental value by adding extra bedrooms. The company ensured that space was maximized for the intended purpose. The renovated kitchen, living area, and overall finishing would attract professionals looking for rent in the locality.

This brief case study may highlight the significance of loft conversion for your property if you want to earn more from rental produce.


   

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