Buy with attic conversion or do our own?

Sunrise_Sunset

We are interested in 2 houses, in the same estate. Both are 2 bed terraced houses, one has the attic converted and the asking price is 15k more. We think they did a good job on the attic. We are torn which to go for; the cheaper house and do the attic ourselves, or the one already converted.
We are trying to think of monthly mortgage repayments and how this might be affected when the interest rates go up in the not so distant future. But on the other hand we think 15k extra isn't bad to have the attic conversion done and dusted. The one with the attic is at the very tip top of our budget, the bank wouldn't lend us any more than that anyway.
Advice? I hear people saying that an attic conversion would probably cost about 20k now, is this correct?

sunnyday1234

Did they get an engineer and proper planning for the conversion ? If not then you wont be able to get a mortgage for the house with the conversion unless its just for "storage"

myshirt

Sunrise_Sunset wrote: »

We are interested in 2 houses, in the same estate. Both are 2 bed terraced houses, one has the attic converted and the asking price is 15k more. We think they did a good job on the attic. We are torn which to go for; the cheaper house and do the attic ourselves, or the one already converted.
We are trying to think of monthly mortgage repayments and how this might be affected when the interest rates go up in the not so distant future. But on the other hand we think 15k extra isn't bad to have the attic conversion done and dusted. The one with the attic is at the very tip top of our budget, the bank wouldn't lend us any more than that anyway.
Advice? I hear people saying that an attic conversion would probably cost about 20k now, is this correct?

Go with the one with the conversion. You will pay interest at 3% on that 15 grand, versus interest at about 9% on the 20k (depending on when you borrow it)

listermint

First is the conversion certified. as it it's allowed for use


Second if it is then it's a better purchase as you'll struggle in this market to get one done and certified for the same money and hassle

touts

Sunrise_Sunset wrote: »

We are interested in 2 houses, in the same estate. Both are 2 bed terraced houses, one has the attic converted and the asking price is 15k more. We think they did a good job on the attic. We are torn which to go for; the cheaper house and do the attic ourselves, or the one already converted.
We are trying to think of monthly mortgage repayments and how this might be affected when the interest rates go up in the not so distant future. But on the other hand we think 15k extra isn't bad to have the attic conversion done and dusted. The one with the attic is at the very tip top of our budget, the bank wouldn't lend us any more than that anyway.
Advice? I hear people saying that an attic conversion would probably cost about 20k now, is this correct?

A mortgage interest rate is probably far cheaper than any other loan you will get later to do the extension. Yes you may be paying it off longer and therefore pay less monthly but more overall but the extra amount each month will financially stress you far less.

Once you get stuck in everyday life, family, work and mortgage repayments the attic conversion will likely get put on the long finger and not get done for years if ever.

We bought a house in a newly built estate. We had the option of a small extension. We opted for that at the time for 18k. One of our neighbours said they would do it later. 10+ years later they still haven't got around to it and regret it. They need the space for family reasons. But now they would have to, get an architect, apply for planning permission again, get a builder, and face weeks/months of disruption and have been given a rough quote of 40k-50k.

Go for the one that futureproof your needs.

Gumbo

Sunrise_Sunset wrote: »

We are interested in 2 houses, in the same estate. Both are 2 bed terraced houses, one has the attic converted and the asking price is 15k more. We think they did a good job on the attic. We are torn which to go for; the cheaper house and do the attic ourselves, or the one already converted.
We are trying to think of monthly mortgage repayments and how this might be affected when the interest rates go up in the not so distant future. But on the other hand we think 15k extra isn't bad to have the attic conversion done and dusted. The one with the attic is at the very tip top of our budget, the bank wouldn't lend us any more than that anyway.
Advice? I hear people saying that an attic conversion would probably cost about 20k now, is this correct?

Assuming the attic conversion is certified then go for that.
It may not be an official bedroom but the structure and fire regs are more important here.

Planning may not be an issue assuming it only has roof lights to the rear. The vendor will still have to provide a cert of compliance with the exempted development regulations though.

Sunrise_Sunset

sunnyday1234 wrote: »

Did they get an engineer and proper planning for the conversion ? If not then you wont be able to get a mortgage for the house with the conversion unless its just for "storage"

I don't know. It's not advertised as a bedroom, but that's what it's currently used for, and what we would also use it for.

Sunrise_Sunset

kceire wrote: »

Assuming the attic conversion is certified then go for that.
It may not be an official bedroom but the structure and fire regs are more important here.

Planning may not be an issue assuming it only has roof lights to the rear. The vendor will still have to provide a cert of compliance with the exempted development regulations though.

So, certified means it passes the requirements of structure and fire regulations? How do I get this information, from the vendor?

Gumbo

Sunrise_Sunset wrote: »

So, certified means it passes the requirements of structure and fire regulations? How do I get this information, from the vendor?

The vendor will provide 2 certs.
1. One to clarify it’s compliance with the exempted development regulations for planning. That’s assuming it’s planning exempt. Has it got a dormer window or just Velux rooflights to the rear?

2. A cert to confirm compliance with the building regulations. This is where it will state if it’s habitable or storage/games room etc

Pkiernan

kceire wrote: »

The bender will provide 2 certs. ...

Hmmm....

myshirt

kceire wrote: »

The bender will provide 2 certs.
1. One to clarify it’s compliance with the exempted development regulations for planning. That’s assuming it’s planning exempt. Has it got a dormer window or just Velux rooflights to the rear?

2. A cert to confirm compliance with the building regulations. This is where it will state if it’s habitable or storage/games room etc

A bit harsh to call them a bender just because they're doing small attic conversions. It's as much a legitimate business as any other trade. Maybe it shows they lack ambition, but what about it. If they are happy let them work away at it.

Dolbhad

Sunrise_Sunset wrote: »

I don't know. It's not advertised as a bedroom, but that's what it's currently used for, and what we would also use it for.

If it’s being used for a bedroom in reality but house isn’t sold as having it as a bedroom - this indicates it’s not certified and it can only be sold has “habitable” living space. What catches a lot of attic conversations that can’t be officially called a bedroom is the height of the attic and also the windows. You’d need your engineer to check it as in reality that can affect the valuation of the property. And could be expensive to convert to an official bedroom under planning that you may be better of converting it yourself. But then not all attics can be converted. When we were looking at a new build our engineer said the attic could never be converted to a bedroom officially over the way the beams were located.

The seller should provide the paperwork showing compliance with planning and building regulations but if they had that, they would have sold it has having the extra bedroom.

Make sure you’ve a good engineer on the case.

Gumbo

Dolbhad wrote: »

If it’s being used for a bedroom in reality but house isn’t sold as having it as a bedroom - this indicates it’s not certified and it can only be sold has “habitable” living space. What catches a lot of attic conversations that can’t be officially called a bedroom is the height of the attic and also the windows. You’d need your engineer to check it as in reality that can affect the valuation of the property. And could be expensive to convert to an official bedroom under planning that you may be better of converting it yourself. But then not all attics can be converted. When we were looking at a new build our engineer said the attic could never be converted to a bedroom officially over the way the beams were located.

The seller should provide the paperwork showing compliance with planning and building regulations but if they had that, they would have sold it has having the extra bedroom.

Make sure you’ve a good engineer on the case.

It can still be certified for non habitable use.
Games room, home office, play room, study etc etc etc

Planning is irrelevant, it’s the building regulations that dictate if it’s habitable or not.

Dolbhad

kceire wrote: »

It can still be certified for non habitable use.
Games room, home office, play room, study etc etc etc

Planning is irrelevant, it’s the building regulations that dictate if it’s habitable or not.

Planning is not irrelevant. Depending on the windows put in, it can require planning permission. This is where usually attic conversions fail.

Gumbo

Dolbhad wrote: »

Planning is not irrelevant. Depending on the windows put in, it can require planning permission. This is where usually attic conversions fail.

As I’ve already pointed out in many previous posts before yours.

You don’t have to try preach to me about the P&D Act

I was stating in my post that planning is irrelevant while quoting your post as you yourself stated “And could be expensive to convert to an official bedroom under planning”.

Dolbhad

kceire wrote: »

As I’ve already pointed out in many previous posts before yours.

You don’t have to try preach to me about the P&D Act

I was stating in my post that planning is irrelevant while quoting your post as you yourself stated “And could be expensive to convert to an official bedroom under planning”.

Sorry if I took that the wrong way! It appeared to me you were just concerned about building regs and I wanted to highlight planning may be at play.

Gumbo

Dolbhad wrote: »

Sorry if I took that the wrong way! It appeared to me you were just concerned about building regs and I wanted to highlight planning may be at play.

Not a problem.