Cash in your attic – Another attractive incentive for loft conversion!
If you need another incentive for converting your loft – other than the new found luxury and freedom of additional living space – you might consider the fourfold financial benefits of (1) cutting your losses, (2) adding value to your property, (3) selling the contents of your attic, and (4) home business opportunities.
Cutting your losses.
Let’s do the math. Say you’re living in a typical two-storey property with a value of £300,000. Convert your loft and you transform it into a three storey property. Leave it as it is and you’re effectively paying £100,000 for a third of your floor space (in which to store old furniture and bric-a-brac) Hardly value for money, is it? You’re paying a premium for it, so why not get the full benefit of it?
Adding Value to Your Property
Converting your loft will typically add 20% to the market value of your home – an additional £60,000 on a £300,000 property – which will more than offset the cost of the conversion, and leave you with a substantial profit should you eventually choose to sell. In the Herts & Essex area where we operate, property values have also risen substantially – by 20% over the past five years alone – which could effectively double your potential return.
Cash in Your Attic
Anyone who’s seen ITV’s Cash in Your Attic or BBC’s Antique Roadshow will know that people often mistake valuables for junk, and are astounded by a professional valuation of their ‘loft fodder’. That’s not to say you’re going to unearth an undiscovered Rembrandt or Chippendale in your attic, but it’s quite likely you have some sought after collectables.
Some sure fire cash generators are vintage tin toys and porcelain dolls; sports memorabilia (especially signed football programmes and team jerseys); old comic books (especially 50’s editions of the Beano and the Eagle); retro clothing and jewellery (especially cocktail dresses and vintage fashion from the 50s, 60s and 70s); and anything Art Deco (always sought after, but especially since the release of The Great Gatsby film).
Home Business Opportunities
For the left overs there’s always auction / boot / garage sales or ebay, which in these straitened times are attracting record prices for really quite run of the mill items. For the entrepreneurial there’s also the option of converting your loft into a home office / warehouse and setting up an ebay shop (see our recent blog about Running a Home Business from your Loft Conversion).