Creating a room in your attic is an easy way to get more space. But could a loft conversion also make you money? Although it will require an initial investment, adding extra living space to your home is usually a sound way to generate an income – meaning that even if you don’t desperately need an extra bedroom in your home, getting a loft conversion could be a great financial move.
Here some ways to make your attic space pay as a homeowner.
Rent it out
A self-contained loft space is attractive to renters, so having an en-suite loft room could be a real cash cow. Investigate the market in your area: if you live in a university town you may choose to let it as a studio flat for a student, or if you’re located somewhere that attracts a lot of tourists or business travellers, you could make good money by renting it out on Airbnb. The advantage of Airbnb is that you can rent your room short-term and flexibly, at times to suit you.
Think about what paying visitors will look for in a property. If you’re going to make money from renting your loft space you’ll need to ensure that there’s a decent shower, and provide a kitchenette space where renters can prepare food.
Another thing to consider is how your guests will access the loft. Renters will prefer not to have to walk through your living space, so think about how you can achieve this.
Add value to your home
Are you looking to boost your property’s value on the market? If so, a loft conversion is always a good investment. Whether you’ve bought a property to refurbish and sell on, or you’re simply thinking of selling your home and moving somewhere new, an extra bedroom is always a great selling point for any property, and a loft conversion is more cost-effective than building an extension. If you live in London, a loft conversion could increase the value of your home by up to 24.5%.
Be sure to research property prices in your area before making your investment, as the exact return on your investment may vary depending on where you live, the size of the loft conversion and the type of property you own.
Use it as a workspace
Planning to start your own business? You’ll need a dedicated space to work. If you’re a yoga practitioner, physiotherapist or other professional who needs a studio for their clients, a loft conversion could be the ideal work-from-home space. Running your own business can be a great way to generate more income part-time, or it can be a full-time occupation. You could choose to start part-time before you take the plunge and give up your day job for good.
If you don’t want to work from home yourself but you have a great space, you could opt to rent out your loft space for commercial use. For example, a sunny loft with plenty of natural light might make a great photography studio. Note that you might need special business insurance and pay business rates if you are running a business from your home.
Want to take the next step? Find out more about loft conversions from Abbey Lofts by calling 0330 108 8839. Or if you’re still not sure if it’s for you, read more about the benefits and drawbacks of loft conversions.