Are Loft Extensions a Good Idea?

We are sometimes asked by landlords if they should extend their terraced houses to make an extra bedroom in the loft. Landlords often have good connections to reliable tradesmen, who can do such extensions at a sensible price.

More useable space is usually indicative of better quality accommodation and tenants are prepared to pay to accommodate larger families. If you add a bedroom to a two bed terraced house to make a three bed, or turn a three bed into four bed you will achieve a higher rent and certainly open up your property to a larger selection of potential tenants. In the same way semi-detached properties can also be upgraded so they become more desirable and command higher rents.

However, before you rush off to the planning department and check your bank account, we would say that there are some really important things to consider, such as:

What is the actual cost of making that extra bedroom? How long will the conversion take to complete (always presuming all the tradesmen are available when you want them)? Are we talking about an extended void period whilst the works are carried out?

What we say to our clients is “please come in and talk to us about the specific property in terms of its location, present size and condition, so we can form a judgement of its earning potential with further investment and help you do the sums”.

Whilst it is true that the number of bedrooms do have an impact on the rent which can be achieved and the rentability of the property, the difference in yield – certainly in the short & medium term – may not always warrant the expense and trouble of extending.

Landlords can quickly improve the yield and rentability of their property in other cost effective ways, such as:

  • Installing a good oven, fridge, washing machine and dishwasher
  • Good lighting, painting , carpeting & drapes can work wonders
  • A garden makeover
  • A very good power shower can make a huge difference to a bathroom
  • Nice fireplaces bring a reception room to life

Naturally some works, although quite costly, are relatively non-intrusive – and may not require the property to stand empty. Even a Conservatory can be erected and transform a property and its garden in less than a week.

If you would like to discuss maximising the yield on your property or anything related to residential lettings in the Harrogate area then please come along, see Richard Chapman and the Lettings team, and enjoy a free no obligation chat about the Lettings and Sales services we provide.

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