With the property market in flux since the crash in 2008, many homeowners are no longer in a position to move house, and extending, modifying and remodelling our homes is now more popular than ever. For some of us, this is easier than for others, depending on where we live. A terraced house with a small garden in central London, for example, has limited options. Extending out over can be either impossible or eat into valuable outdoor space. In these situations, a basement conversion can be an ideal solution, adding much-needed space and value to your home.
How Much Value Will a Basement Conversion Add?
As with any home improvement, the value that a basement conversion adds to the property will depend on the type and size of the space created as well as the finish used. It’s also worth remembering that this type of conversion will be a substantial investment. Costs can range from one to four thousand pounds per square metre, depending on whether you are simply converting an existing space or digging out from scratch. It’s estimated, though, that a well-done conversion can add around eleven percent to the overall value of your home.
More Than Money
While it can be easy to focus on the value a basement conversion in London might add to your property, it’s also worth considering how it can change your lifestyle. A well-planned design can give much-needed additional space in the home. Perhaps you have a growing family that is spilling out of existing space; maybe your hobby is taking over the home; or perhaps you need a home office. A basement conversion can be used for many different purposes, but getting the planning and layout is crucial. It’s also worth considering your longer-term plans. While none of us can know exactly what the future might hold, it’s worth factoring in any plans that we already have.
Consider Your Primary Objective
Before embarking on a basement conversion, it’s useful to consider what your primary objective is. Do you plan to stay in the property for a considerable length of time? If so, you need to find a solution that works for you and your family. If it’s value you want to add, look at a style and finish that will add the broadest appeal in your target market.
So if you’re limited for space in your home or are looking to extend its appeal ready for selling, a basement conversion might well be worth considering. But make sure you choose a company that has plenty of experience in this field and can provide customer testimonials. A basement conversion can be a far more complex project than a standard extension, with a variety of regulations and safety issues to consider.