It’s the perfect spot for the family, in a rural location still close to schools, but it’s a bungalow and there’s no way you all want to sleep downstairs.

Time to stand back, literally, and have a proper look at the size of your roofspace and how much headroom there will be, with a builder you trust at your side.

Building up into the average loft will often give you a playroom, a large office or a bedroom and en-suite, and if that’s what you want, such loft conversions can start from around £20,000.

But if your “upstairs needs” are much more grandiose then slow down before committing yourself, because you could be looking at very much larger amounts of money to raise both the pitch and structure of your roof.

If you decide to go ahead with your purchase and convert the existing loft, without major building work, then converting around 300 sq ft of loft space into a bedroom and en-suite can add around 20% to the value of your home.

So, as long as it doesn’t cost too much to do, it should be a good investment.

The two most common types of loft conversion are dormer, where a dormer window is fitted to provide extra headroom (the dormer squares off the back of the roof slope), and skylight, where the loft space is converted as it is and the windows (often Velux) are flush with the roof.

This is generally less expensive and more straightforward to do because the roof space isn’t being extended.

You also need to consider whether there’s enough room for a staircase to the loft on the floor below. Spiral staircases are a space-saving option, but even they don’t look good if they are crammed in.

Lots of companies specialise in doing loft conversions as a one-stop shop, or you could get an architect to draw up the plans and a recommended builder to do the work. You should get at least three quotations, ask for references, and it is a good idea to ask to see previous work.

Whether you go for a simple loft conversion, or decide to take the more expensive route and alter your roof structure to built an upstairs, you will need to speak to your local council’s plannning department.

Planning permission can be required even for converting an existing loft space, and you can find out more about this by looking at the loft conversion guide at www.planningportal.gov.uk

Even the most straightforward loft conversion must also, of course, comply with building regulations, to keep you all safe, so tell the council’s building control department about the work before it begins.

They’ll want to monitor it and will need to sign it off when it’s done. If you don’t have a completion certificate from them, you could have problems selling your home, and your good investment will suddenly become a liability.

Whichever route you take, building upwards will give you valuable extra space – and a whole new outlook on the world below.