Are you planning to convert an under-used loft into a bespoke new room? At L Vella & Sons, our experienced, highly skilled team of builders is the trusted choice for loft conversions in Lewisham, Sidcup and the neighbouring areas. Property alterations of this kind have grown in popularity as the traditional climb up the housing ladder has changed over the years. Conversions not only add more habitable space, but they also raise your home’s market value too. Depending on your location, house type and other variables, this increase could be as high as 20%.
The above only scratches the surface of the benefits a loft conversion can bring. If you’re caught between improving your current property or moving to a larger one, this blog offers 3 reasons why you should embrace the ‘improve, don’t move’ concept.
The Cost of Moving
If you’ve ever moved from one property to another, you don’t need us to tell you that the costs involved soon add up. Of course, stamp duty makes up the bulk of any final figure, but you must also factor in hiring a removal firm, legal fees and other incidentals.While the process of hiring builders to convert your loft also carries an inevitable large outlay, this expense represents an investment in your property. The money spent stays locked up in your home, and you can recoup it when the time comes to sell.
The costs involved in moving, however, are essentially wasted. Once spent, you will never see that money again.
It is widely believed that the introduction, and rise, of stamp duty is one of the main drivers behind the ‘improve, don’t move’ trend. In short, you must pay stamp duty if you purchase a dwelling that costs more than £125,000 – although there is some relief for first-time buyers.
There are several stamp duty rate bands. As an example, if a house you want to buy in Lewisham, Sidcup or the surrounding areas costs £275,000, the calculation breaks down as follows:
With £3,750 due on stamp duty alone, it’s little surprise that loft conversions – and other improvements our builders excel at, such as property extensions – continue to rise in popularity across the UK.
Money isn’t the only consideration when thinking over a potential move. You also may not want to put yourself and your family through the upheaval that comes with relocating. Factoring in school catchment zones, commuting times and local community ties, selling up and moving on can soon become a daunting prospect.
Then, of course, you have to take into account that it’s harder than ever to find a bigger home that meets your needs and budget – and that’s even before you find a buyer for your current house.
When completed by the builders at L Vella & Sons, loft conversions allow you to unlock the hidden potential of your existing Lewisham, Sidcup or local-area home. This gives you all the benefits of more habitable space, but with far less stress and disruption.