Can't afford the mortgage? Why not buy a smaller (and cheaper) home – then add a loft or extension. We talk to a family who did both.
Paul and Lisa Jones with their children in their new kitchen in Fleet (Peter Tarry)
There is, however, a way to downsize so that you end up owing less, but have the same amount of living space. As one family found, the trick is to buy a smaller home with potential for expansion. Call it move and improve.
There was nothing wrong with Paul and Lisa Jones’s house in Fleet, Hampshire, except the mortgage. It was a new four-bedroom detached property with a garage, a drive, a good-sized garden and a playroom for their three children. They’d bought it new in 2007 for £370,000, before the recession, when house prices were at their peak. Two years later, they were struggling to avoid an overdraft.
Lisa was in tears because the house felt so much smaller. But as soon as the wall was removed between the kitchen and dining room, it seemed better “Like most people, we had aspired to bigger and better, and had moved up the property ladder,” says Paul, 41, a fire-station manager.
“We had a large mortgage, and the cost of living was rising while house prices were falling. I felt that I was working just to pay the mortgage and bills, and things were getting tougher.”
The couple decided that the only way to make ends meet was to downsize — but they wanted to stay in the same area and didn’t want to compromise on space. When they started to look at lower-priced three-bedroom houses near where they lived, in Elvetham Heath, on the edge of town, they realised that they might be able to create extra bedrooms by converting the loft space.
“The first thing we did when viewing a house was open up the loft hatch to measure the space,” Paul says. “Our criteria were a loft that could be converted and a kitchen at the back of the house.” They knew that the kitchen would be the room they used most, and wanted it to connect with the garden for “indoor/outdoor” living, which would give the feeling of extra space.
When they found a suitable property, they thought that, as well as converting the loft, they could remodel the interior by demolishing the wall between the kitchen and dining room, creating a bigger open-plan family living space. The numbers stacked up, too: they got £365,000 for their home, a small loss, but the new property cost just £240,000, not only allowing them to finance the changes, but reducing their mortgage by a handy £600 a month.
“The day we moved in, Lisa was in tears because the house felt so much smaller,” Paul recalls. “But as soon as the wall was removed between the kitchen and dining room, it seemed a lot better.” A brand-new kitchen with a central island was fitted, and most of the external back wall was replaced by floor-to-ceiling bi-fold glazed doors, allowing the inside to flow seamlessly into the garden.
The Joneses added a loft extension and opened up the downstairs living area (HO) The next step was to get the loft converted as economically as possible. “We knew we couldn’t go above £23,000, so I really shopped around,” Paul says. “I got three quotes, then bargained to get them down to our budget. We went with a company called Econoloft in the end, because they were prepared to be flexible and listened to what I wanted.”
As the third bedroom was pokey, they decided to knock the two smallest bedrooms into one, which created enough space to build a staircase into the loft. The loft was then converted into two generous rooms, giving the house four double bedrooms: plenty of room for Isabella, 11, William, 8, and Jemima, 6, to have their own space.
“One of the ways we saved money was by not having a bathroom up there,” Paul says. “There’s a bathroom on the first floor and we’ve got an ensuite power shower in our bedroom. There’s also a cloakroom downstairs — I thought three loos were enough. We also had big skylights instead of dormer windows, which kept the cost down.”
“One of the ways we saved money was by not having a bathroom up there,” Paul says. “There’s a bathroom on the first floor and we’ve got an ensuite power shower in our bedroom. There’s also a cloakroom downstairs — I thought three loos were enough. We also had big skylights instead of dormer windows, which kept the cost down.”
“Downsizing to a project with scope to add value can be an excellent strategy for building equity or reducing debt,” he says. “But you need to assess the property’s potential carefully.
“What you are looking for is the worst house you can find on the best street you can afford. If you are looking at older properties for a loft conversion, look for one with a steep roof pitch and a traditional cut roof, which lends itself to a simple conversion, rather than a modern ‘fink’ truss roof made up of a web of thin timbers. The latter can be converted, but it is more expensive.”
The Joneses, meanwhile, have no regrets about downsizing. “We all love the new house, which has turned out to be much more spacious with our alterations and the loft conversion,” says Lisa, 39, who works part-time as an administrator for a marketing company. “The size is not too dissimilar to our old house and the layout is more user-friendly. I’m in love with the kitchen, which is where we spend most of our time.”
Do they miss anything about the old house? “Well, the garden’s smaller,” Paul says, “but it’s south-facing, which the old one wasn’t, so we use it more. In fact, we’re surprised at how well everything’s worked out.”
Econoloft (www.loft-ideas.co.uk), which converted the Joneses’ loft, is at the National Home Improvement Show, Earls Court, London SW5, which ends today Converting a loft tends to be the most cost-effective way of adding rooms — and value — to your home. Will it work for you?
Lofty ideals
Is my loft suitable?Nearly all lofts can be converted, provided they have a minimum height of 2.3 metres across about half of the floor area. Putting in dormer windows will add to the usable space, though this is normally possible only at the back of the property. Houses built before the 1960s are generally easier to convert, as they tend to have a clear space between the supports.
How much will it cost?
Normally £20,000-£30,000 for a three-bedroom house, or £40,000 for bigger houses with larger lofts. Putting in a bathroom can add considerably to the cost.
How long will it take?
If the work is straightforward, reckon on 4-6 weeks.
Normally £20,000-£30,000 for a three-bedroom house, or £40,000 for bigger houses with larger lofts. Putting in a bathroom can add considerably to the cost.
How long will it take?
If the work is straightforward, reckon on 4-6 weeks.
Who should do the work?http://www.thesundaytimes.co.uk/sto/style/homes_and_gardens/Move/article786782.ece
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