[Help] Loft conversion advice

[brighton_dave]

Morning, we are in the process of tendering for a loft conversion in Eastbourne and prices are far higher than we were initially given ballparks for and more than our additional mortgage amount.
It is a full width dormer conversion (house is not gable ends) with 1 bed and ensuite.
Wall in small dowsnstairs bedroom needs moving a few inches. Steels across remaining chimney i support with the top section being removed. Standard 3 bed semi.
Fingers crossed for 3 points today. Been nice not having to worry about the drop this season!
Cheers

 

[happypig]

I'm having my loft converted in June. Prices are quite a bit higher than we thought they would be. We are using a builder that has done several jobs for us in the past and his quote was virtually identical to another (well recommended) builder.
Initially our architect said we'd get it done well within our budget so we added a few bits on but it came out about double what we were expecting so we've had to rein it in a bit; we were going hip to gable and remodelling the downstairs as well. Now we're just having 2 beds & bathroom upstairs.
Feel free to PM to chat actual quotes/prices

 

[portslade seagull]

The price of materials have shot up hence the much higher costs being quoted

 

[nwgull]

What have you been quoted? I’m not any sort of expert, but was considering doing something similar in my house. I’d have thought that conversion from a hip-ended to a gable ended roof would add a few K.

 

[Blue3]

A relative of ours had a quotation for their loft conversion a couple of years ago but due to Covid19 it was not taken up until very recently the cost in the mean time has gone from £50,000 to 70,000 with the blame going on Brexit and more recently energy, I was looking at our 9% inflation the highest in Europe and wondered how that figure was reached and an article in the independent put Brexit at 6% and Energy at 3%

Adam Posen, a former Bank of England policy maker, said on the 27th April 2022 most of Britain’s inflation problem stems from Brexit and that he’d vote for a half-point interest rate increase to curb an upward surge in prices.

The economist who heads the Peterson Institute for International Economics in Washington, a prominent research group, said that 80% of the reason why the International Monetary Fund expects Britain’s inflation to remain elevated for longer than its Group of Seven peers is the impact of its departure from the European Union

 

[Brok]

I'd be very disappointed if it took anybody more than, say, 5 minutes?

 

[zefarelly]

Ours (hip to gable) no dormer, double room and en suite was 40k, I did all th drawings and got steel calcs checked/approved myself

Did all the decorating myself as well, and we did the bathroom supply/tiling as Separate thing issue. Idea being we got exactly what we wanted better and cheaper.

That was nearly 2 years ago now so I guess £50k + now?

 

[Weststander]

What prices have you been quoted?

I know experienced builders in your part of the world, I can mention it to them, but I'd prefer to know the ball park before I do so.

 

[Justice]

I would allow for an air con unit otherwise it’s a room in the summer that can get unbearable. Materials have shot up 20% the average build cost is £2k per sq meter if that helps.

 

[Live by the sea]

£60-70k is about right to include a dormer for a reasonable size semi . You can negotiate a discount if you are having an extension done as well .

 

[Boroseagull]

A relative of ours had a quotation for their loft conversion a couple of years ago but due to Covid19 it was not taken up until very recently the cost in the mean time has gone from £50,000 to 70,000 with the blame going on Brexit and more recently energy, I was looking at our 9% inflation the highest in Europe and wondered how that figure was reached and an article in the independent put Brexit at 6% and Energy at 3%

Adam Posen, a former Bank of England policy maker, said on the 27th April 2022 most of Britain’s inflation problem stems from Brexit and that he’d vote for a half-point interest rate increase to curb an upward surge in prices.

The economist who heads the Peterson Institute for International Economics in Washington, a prominent research group, said that 80% of the reason why the International Monetary Fund expects Britain’s inflation to remain elevated for longer than its Group of Seven peers is the impact of its departure from the European Union

UK inflation is not the highest in Europe. Here in Spain it is currently running at 9.8% but feels higher.......https://www.aa.com.tr/en/economy/in...-rate-in-nearly-40-years/2550122........can't blame this on Brexit!

 

[brighton_dave]

Thanks all. The ball park was 30/35k excluding VAT quarter 4 last year and now getting prices between 60,000 - 82,500. It will probably add about 51k to the house value assuming a 15% return.
I know it will improve our quality of life but the equity would take a hit as it will be financed through additional borrowing and we remortgage next year.
I've already paid for plans and structural updates and thinking of parking it and see what happens come 2023.
Unsure how those up North where prices are lower could ever justify such a spend on a conversion.

 

[brighton_dave]

Cheers. Ballpark Q4 2021 was 30/25k and now ranging between 60 - 82,500.

 

[Weststander]

Thanks all. The ball park was 30/35k excluding VAT quarter 4 last year and now getting prices between 60,000 - 82,500. It will probably add about 51k to the house value assuming a 15% return.
I know it will improve our quality of life but the equity would take a hit as it will be financed through additional borrowing and we remortgage next year.
I've already paid for plans and structural updates and thinking of parking it and see what happens come 2023.
Unsure how those up North where prices are lower could ever justify such a spend on a conversion.

Thanks.

I'll now go to my friend.

Some builders can do this legitimately but without the VAT on labour, as you pay the other tradesmen directly.

 

[Weststander]

Cheers. Ballpark Q4 2021 was 30/25k and now ranging between 60 - 82,500.

Some people don't need the work at all, so quote a silly high price. If you accept, super profit.

 

[Madafwo]

Hip to gable and a full width dormer came in at around £40k for us. That was for 2 rooms, one with en-suite and a utility room, bathroom fitted and tiled but we did the rest of the decorating ourselves. It was all done and dusted in December 2019. I'd only do it again if the sums added up in terms of added value but the quality of life in having that extra space is amazing.

 

[Dick Head]

Have you tried turning it off then on again?

 

[Weststander]

Thanks all. The ball park was 30/35k excluding VAT quarter 4 last year and now getting prices between 60,000 - 82,500. It will probably add about 51k to the house value assuming a 15% return.
I know it will improve our quality of life but the equity would take a hit as it will be financed through additional borrowing and we remortgage next year.
I've already paid for plans and structural updates and thinking of parking it and see what happens come 2023.
Unsure how those up North where prices are lower could ever justify such a spend on a conversion.

I visited Boro recently, large 4 bed semis in tidy areas were £115,000!

I’d guess that people simply move upmarket, rather than spend £50k to £200k on big refurb/extension projects..

 

[Weststander]

Thanks all. The ball park was 30/35k excluding VAT quarter 4 last year and now getting prices between 60,000 - 82,500. It will probably add about 51k to the house value assuming a 15% return.
I know it will improve our quality of life but the equity would take a hit as it will be financed through additional borrowing and we remortgage next year.
I've already paid for plans and structural updates and thinking of parking it and see what happens come 2023.
Unsure how those up North where prices are lower could ever justify such a spend on a conversion.

I visited Boro recently, large 4 bed semis in tidy areas were £115,000!

I assume people simply move upmarket, rather than spend £50k to £200k on big refurb/extension projects..

 

[deletebeepbeepbeep]

Building materials usually at the forefront of inflationary trends, cost is only going to go one way.