With house prices reaching a new record high this month, it can seem like the possibility of owning a house or upsizing to a larger property is almost out of reach. The government's new Help to Buy scheme has resulted in a 60% increase in the number of first-time buyers across the UK, but the situation in London is still concerning with house prices in some areas hitting the £1M mark. But do not fear, there are some alternatives which can mean your dreams of the perfect spacious home can still come true.
Whether you're a first-time buyer, or are looking to get your first family home but can't afford to buy a property that's big enough, consider smaller properties with the mind to expand it. Look at top-floor flats or maisonettes where there's a possibility of converting the loft into the extra rooms you need.
Converting the loft of a one bedroom flat could make you the proud owner of a two storey, three bedroom flat ...with an en-suite master bedroom too if that's what you need.
Another client in Wimbledon recently converted the loft in their small terraced house to create room for their growing family. They told us:
By widening your property search to include smaller houses or flats, you can save thousands.
In Richmond, for example, the average price of a four bedroom property currently on the market is 82% (£500,000) higher than that of a three bedroom house.*
With the average cost of a loft conversion coming in at £53,477,* it’s easy to see that buying smaller and adding rooms by converting the loft, as opposed to buying a larger home, is the smarter option.
The money you save on a smaller property can then be re-invested into converting the loft into a space that fits your needs exactly. Not only that, but a loft conversion can increase the value of your property by 20% or more, should you decide to sell in the future.
*Figures taken from Dataloft Report: Conversion vs Moving
Here are our five top tips to help you find a house that will become your dream home.
You can also ask us for advice. We have helped thousands of clients transform their lofts into beautiful, light-filled living spaces across London. So if you see a flat or a house that you're interested in, but you are unsure about the type of lofts that are permissible in that area, contact us and we'll be happy to help. We may even be able to introduce you to a local client to see their beautifully finished loft space.