Why Homeowners Opt For Attic Conversions

As of now, more and more homeowners are looking for ways on how to make their homes more appealing and functional. And, one of the most common options is attic conversions.

Attic or loft conversion is a process where homeowners transform an empty attic space or loft into a functional room, typically used as a bedroom, office space, a gym, or storage space. Many homeowners prefer such solutions since it can provide numerous features. Below are some of the following.

To improve living space easily

One of the main reasons why homeowners plan for attic conversions is to improve their living space easily. Of course, there are cases when homeowners need to have an extra space for a new member of the family. However, creating such space can be stressful most especially if you do not have sufficient property space. Luckily, opting for attic conversions can be a good option. With this, you do not need to huge properties to create a new living space.

To avoid substantial improvement costs

The next reason why homeowners opt for attic conversions is to avoid substantial improvement costs. Home improvement projects are quite expensive. It gets even worse if you are planning to improve living space. Luckily, attic conversions are better options than building new establishments in your property. Apart from that, attic or loft conversions are easier to do than building, which can help you reduce your expenses significantly.

To create new means of income

Another reason why homeowners opt for attic or loft conversions is to gain new means of income. Renting out converted attics can be a good source of income. But, before planning for this venture, you need to make sure that you have sufficient space. Not to mention, you need to call in experts to assess your establishment first to ensure safety. And, you also need to call in experts to help you convert you attic. This is important to ensure that you can make attics functional and appealing.

To enhance house value

Finally, attic conversions can also help homeowners increase the value of their house. Surely, having gardens and lawns can increase value. But, homeowner can also increase the value of their property by enhancing home aesthetics and functionality. In addition, attic conversions also help homeowners enjoy better views of their street and community.

How to Value a Freehold Property

There are no yardsticks to measure the value of a freehold property. This is because evaluating a freehold is not an accurate science. However, you can follow certain guidelines on what you need to take into consideration when valuing a freehold, which is produced by the advisory services that give free advice to leaseholders. You must also take these three factors into consideration:

1. The current value of the property

2. The annual ground rent

3. The number of years currently left on the lease

Also, evaluate the expected percentage increase in property value that results from extending the leases of different lengths, along with forecasted long term interest rates and inflation rates.

Take help from an expert valuer rather than trying to work out a figure all by yourself, to present before the freeholder. An expert valuer will be able to give you the best advice, which will enable you to make a practical offer.

You will find expert valuers online. They will help you with the entire process of negotiation and buying the freehold.

For the benefit of the freehold, most surveyors add a little extra to a property’s value. This is done after comparing it with similar property with the same number of years on the lease but no freehold.

First, approach your freeholder informally, before you serve him with a first notice. This document should include your preliminary offer for the freehold, which starts off the legal process of buying it.

A word of caution. Never produce an initial notice without obtaining an expert valuation. If you make the wrong evaluation in the initial notice you won’t be able to take back the offer. After the initial notice, wait for the freeholder to reply to it with a counter notice by a date that you have given. The freeholder must be sanctioned at least two months from the date the initial notice is served.

If the freeholder is not sending his counter notice within this period, the leaseholders can take matters into their hands. They can apply for a vesting order at a court. It is now up to the court to move the freehold to the leaseholders. So freeholder’s should respond on time to the initial notice for their own benefit.

Buying a share of freehold will make little profit if you already have had a decent length lease. You would still have to give the same authorized costs as someone with a short hire, but would lead to a drop in the value of the property.

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