How much value does a basement conversion add?

 

With UK property prices soaring and moving house incurring additional costs, many people are looking at other ways to gain more living space. The result is a growing trend for a basement conversion.

Rather than looking upwards to the attic or outwards to the garage or a side extension, the trend now is to go underground. This has the advantage of gaining up to 50% more space without increasing your property’s footprint.

Many homes, especially terraces and mews houses, do not offer the option to expand outwards. With help available from specialists such as basement 2 rooms, converting your cellar or basement could be the ideal solution.

The benefits and opportunities are impressive. Often the conversion does not need planning permission, it is relatively inexpensive and can add 11% to the value of your home, according to a Policy Expert article.

Conservative estimates suggest that a property owner will recoup the cost of the basement conversion plus half as much again. It can therefore be very lucrative to look at improving and extending your existing home rather than going through the stress and expense of moving.

The old mantra ‘Improve don’t move’ seems to be on many people’s lips, and it is not just in major cities such as London that basement or cellar conversions are popular, as Basement 2 Rooms can vouch for. They started the business as a result of spotting early on the rising demand for basement conversions.

People all around the country are realising that there is real value that can be added to converting the basement and creating a whole new space within their existing home. Another reason why they are becoming increasingly favoured by homeowners, is that a basement conversion can add up to 50% more liveable space, often without the need for any planning permission. Therefore, it offers a fuss-free solution compared to months of submitting documents.

Also, the cellar is often a pretty large area compared to the overall size of the house and there are so many options when it comes to deciding what sort of room to create. Many underground rooms have been converted into family rooms, cinema rooms, gyms or offices, or into an extra bedroom to rent out to earn an income.

Looking down instead of up or away could be the way to go, especially considering that a basement is often underutilised but structurally sound.

 

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How much value does a basement conversion add?
BDC July 2022 issue - 294

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