Considering buying a house locally (south Wales) but think the asking price is a bit high.
Another house on the same (small) street has just sold, it is not in such good decorative condition but does have a loft conversion and off-street parking.
Off-street parking is difficult to value as it doesn’t have much capital cost and resulting value depends if you have a car you want to park.
However I think it should be able to put a reasonably valid price on a loft conversion. It is a ‘hip to gable’ conversion as described here with three velux windows. The Estate agents details describe it as a loft room rather than bedroom which I am guessing means it falls short of some sort of building regulation.
My basic research suggests a capital cost of something like £20k for something like this conversion and the fact that the new buyer doesn’t have to do it no doubt adds value for all but the most enthusiastic amateur project manager.
So my thinking would be that there if the houses were like for like and taking into account capital cost plus added value the loft conversion might justify £25k on an asking price.
Any experience or opinions gratefully received…