It is common knowledge that the UK housing market is in a slump. As the recession deepens and the economy shows little sign of major recovery, home-owners and property developers are staying put until house prices increase.
Among these people, the more astute will realise that increasing the value of the property now can save hundreds and perhaps thousands of pounds in the future. Indeed, a loft conversion is a popular choice of extension generally because the work is usually fairly routine for experienced and professional builders.
However, those home-owners who are thinking of waiting until the new year before they begin their loft conversion should take note that, as things currently stand, the VAT that would be paid on building work and materials will revert to 17.5% on the 1st January 2010, whereas the current rate is just 15%. Whilst this may not seem like much, the savings would typically be around £150 to £300.
Obviously, the scale of the loft conversion will dictate the level of savings, but it is also important to remember that building materials and labour costs can be significantly reduced during a recession as firms become more competitive to stay afloat. On this note, it is always useful to source builders by word of mouth.
Nevertheless, a loft conversion will add valuable space to the home that will invariably add thousands of pounds on to its future sale price. Furthermore, in consideration of the fact that many home-owners are forced to remain in their properties until the housing market recovers, adding space to the home can breathe new life into living conditions. Indeed, whether it’s a study or a spare bedroom, a loft conversion can make all the difference.