In recent years, basement conversions have become an increasing phenomenon. According to
Halifax Insurance, applications to renovate basements, soared by 183 per cent; with suggestions that
factors such stamp duty increases and the nature of a fast-moving market, have led to the increase
in popularity; and it’s easy to see why. Basements can be a great way to increase your properties
value and size, especially in expensive, space poor locations such as London. Whether you’re looking
to add extra bedrooms, a play room or a cinema to watch your favourite films, a basement can be a
great addition to accommodate this.
Previously, these so-called ice berg homes were only reserved for the rich, to add square footage to
their already sizable mansions, but today, they are more affordable and common among average
suburban families up and down the country. Basements are associated with many benefits, the
most obvious being that they can be incredibly cost effective and are a relatively easy way to
increase your property’s size and value. When looking at a recent example of a property JBrown
sold, a small-scale extension adding two rooms costing around £90,000, saw the property’s value
soar by around £150,000; a substantial net value increase of an impressive £60,000. These figures
can of course be multiplied for bigger scale conversions. The process can also be relatively quick,
especially beneficial for investors. The planning process usually takes around two months, with only
around ten per cent of applications being rejected, and the construction phase taking approximately
twelve weeks.
Basement conversions are undoubtedly a big undertaking, and if done incorrectly, can have
disastrous consequences for both you and your neighbours. Most people will have heard the horror
stories associated with basement conversions such as property collapses and neighbours being
trapped in their properties due to subsidence. Some London councils have even stopped awarding
planning permission to households looking to construct basements. Even if everything does go
smoothly, you and your neighbours can expect weeks of noise and disruption. For these reasons,
extensive research is essential before making your first move.
Ultimately, providing you conduct substantial research, and are willing to put up with a few weeks of
construction, a basement extension is an incredibly effective way to add additional space to your
existing square footage and add value to your property. Most extensions add value of around ten to
fifteen percent of the property’s value, with this figure estimated to be a higher twenty percent in
central London. These figures are appealing to investors and family home owners alike. Basement
extensions are also great way to ensure your property reaches its full potential, and if the property is
your home, ensure that your property grows with you and your family.
If you would like more information about how we can sell your home, please get in touch with us on 0207 099 5105.
To find out how much your home could be worth in the current marketplace, why not request a free and instant online valuation?
