Moving home is a big emotional and financial decision, especially when you have a young family to take into consideration. Many couples are telling us the cost of moving has increasing rapidly. When taken these costs into consideration, these alone have help them pay most of not all of the loft conversion.
To give you some ideas of the cost benefits of getting a loft conversion over moving to a new home, here is a real story of a couple we helped. Mr & Mrs Ford, who own a large bungalow with three small bedrooms, in North Lincolnshire. The couple have 2 children, and have just found out, they are expecting a third in 7 months time, so they begin to look at options.
To buy a similar aged 4 bedroom house, with ensuite to master bedroom home in the same area as they live now, would cost them an extra £40-45k. In addition to this the cost of moving home would be almost £8k when all is taken into consideration:
- Estate Agents Fee 1% + VAT – £2,100.00
- Stamp Duty – £1,500.00
- Solicitors Base Fee – £1,100.00
- Local Searches & Electronic Transfer – £350.00
- Mortgage Evaluation Cost – £250.00
- Cost Of Switching Mortgage, inc all fee’s – £1,200.00
- Increase In Council Tax (first 5yrs) – £560.00
- Removal Company – £850.00
Total Cost Of Moving Home approximately £48,000 to £53,000
With this in mind they spoke with TVM Lofts, and compared the costs. We gave a fixed price quote for a loft conversion with a rear dormer, giving them two bedrooms upstairs, including an additional jack and jill ensuite. We also updated the three bedrooms to make room for the new staircase, and left 2 large bedrooms downstairs. The total cost including VAT was £38,000, giving them savings between £10,000 and £15,000, and a whole lot of stress.
Plus after the renovations were complete, the house was revalued with a new market value of £214,000.00. That’s a huge 22+% increase on the original evaluation.