Basement conversions have been surging in popularity over the past few years, particularly in London, where space is at a premium. London is only second to Monaco as the most expensive city in the world to buy property, so it is not always easy to simply buy a new property when you need to boost your living space. A basement conversion is a fantastic home improvement to make if you want to add more space and increase functionality in your property. You’ll also be able to increase the value of your home in the property market if you decide to sell it on in the future. We have taken a look at some of they key benefits to getting a basement conversion:
More Space
In many properties, the basement is often overlooked as somewhere to pass the time during the day. This is because they are usually neglected and mainly used for hoarding old items. A basement conversion could add a completely new dynamic to the household. The newfound space could be used to create a workout room, an entertainment space or just a spare bedroom for when guests stay over. If you have a large family, then you could use the basement as a reading room or a place to retreat for when it gets too hectic upstairs!
Value for Money
A basement conversion might actually be the cheapest home improvement that boosts space. This is what many homeowners and contractors believe, and it’s easy to see why as basements typically already have all the structural walls in place, as opposed to other house extensions which require a lot more restructuring work. Aside from the waterproofing and the interior remodelling costs, a basement conversion represents real value for money.
Resale Price
In some parts of London, a fully renovated basement can add up to 20% in market value to a home, and this figure can go even higher for the super expensive properties of Kensington & Chelsea, Hammersmith & Fulham and Islington that come equipped with mega-basements. Many homeowners also decide to convert their basements into rentable bedrooms, as a means to make residual income every month.
Perhaps the only drawback to getting a basement conversion done is the hassle it could potentially cause your neighbours during the building process. A Party Wall agreement must be agreed upon a few months before the project takes place, but this could delay it for months if your neighbours aren’t keen on the idea. The best thing to do is try to turn on the charm and come to an agreement with them in advance in order to minimise disruption.
