It has arguably never been more expensive to try to change houses due to a variety of charges, such as record-high property prices, stamp duty, and a high cost of living. As a result, more homeowners are making an effort to stay put.

So, if moving is not an option, how can your useful residential space be increased? A garage conversion and a loft conversion are two possibilities to consider, but given the cost that either one may require, it may be best for you to pick only one.

It’s obviously a big choice that needs careful thought and budgeting, but after you make it, you might just find that you’ve fallen back in love with your modest home.

So, what were you going to do with the extra room a new house would have provided you? You might have looked for homes that offered an extra bedroom or home office in place of a garage if you didn’t have a car and weren’t going to buy one. In contrast, if your present home has a garage, you could have it modified to suit your unique requirements.

Normally, you wouldn’t require planning permission for this conversion work, and there are various ways that the garage may be changed. Given that 90% of all garages in the UK are empty, this home renovation project can be incredibly space-efficient.

Of course, even if your property doesn’t have a garage, it may still have a loft that is primarily unoccupied right now. A loft conversion might add up to 30% more floor area to your house. However, if you decide to move through with a loft conversion, keep in mind that you would also have to give up some floor area below the loft in order to install access.

You could feel right now that the housing market is too rough for you to securely enter. However, a conversion can increase the value of your home, making it easier for you to sell it for a high price once the market is more favourable.

The upfront costs for converting an attached garage to a home might range from £10,000 to £20,000. However, if the garage is converted into an en-suite bedroom, the subsequent increase in your property’s value may be as much as £40,000. The average cost of a home in the UK is £218,000, thus an increase of about 20% in value is possible.

A straightforward loft conversion might improve the value of your home by 15%, which is almost as much. An attractive return would be provided by such a makeover, which would cost between £16,000 and £20,000 yet increase the value of a typical UK home by just over £30,000.

It all boils down to the numbers because not all homes have roof or garage areas that lend themselves to conversion at a reasonable cost compared to the potential gain in property value.