A Converted Basement Can Add Valuable Living Space To Your Home
Basement conversions are nothing new, but over the past few years, more homeowners in Hackney have taken the plunge and undertaken their own. Here at Amar Mustafa - The REAL Estate Agent, I see a lot of prospective homebuyers who are looking for larger properties with more room for their growing families.
A converted basement adds valuable living space to your home and can make it more desirable to purchasers. However, while converting a basement can be a great idea, it isn't the best choice for everybody. Subterranean redevelopments take longer than those that are carried out at surface level, so is it worth the expense and the hassle?
Is A Basement Conversion A Wise Investment?
In purely financial terms, converting your basement may result in up to a 30% increase in your home's overall value. You could also consider renting out the extra space to boost your income.
There are other factors to consider, though. First, you'll need to determine the cost of the project and whether the conversion will be cost-effective. You'll also need to weigh up the impact of the stress and time involved in carrying out such a major project.
It's also important to bear in mind the intended use of your conversion. Adding more square footage to your property will always be desirable, but if you opt for a very specific purpose such as a swimming pool or wine cellar, you could be narrowing down the field of prospective buyers significantly when you want to sell up and move on.
Although a new owner could change the use of the space, that would involve more work, hassle, and expense that they may prefer to avoid. If you're planning to convert your basement or cellar, it's best to make the space multi-functional.
How Much Do Basement Conversions Cost?
The cost of basement conversions varies dramatically depending on the nature of the project. If you're excavating a new space, it will cost more than renovating your existing basement, and the intended usage will also have an impact. You'll also need to factor in extras like fees for design, regulations, planning, and more. In general, though, converting a basement will be more expensive than converting a loft.
Will I Need Planning Permission For A Basement Conversion?
If you're converting your existing basement and no further structural works will be needed, you won't require planning permission, but if you'll be digging down and excavating soil, planning permission will probably be required. If your property is in a conservation area or is a listed building, planning permission must be sought.
Must I Inform My Neighbours If I Want To Convert My Basement?
If one of the party walls will be affected by your basement conversion project, you are required to let your neighbours and leaseholders of any adjoining homes know before beginning work. If there will be no impact on any party walls, there's no requirement to inform the neighbours, but it would be courteous to do so.
What Kind Of Problems Could A Basement Conversion Raise?
Several issues could arise from a basement conversion project, including:
- Damp – avoid scrimping on damp proofing as a damp basement should always be avoided due to the expense of rectifying problems at a later date.
- Light – it can be challenging to get enough light into a basement. Getting the design right is key, with skylights and glass panels in the ceiling reducing dark spots effectively. Alternatively, choose a usage that doesn't require lots of natural light such as a home gym or cinema room.
- Disruption – it's very disruptive to have any major renovation project carried out, and basement conversions are especially intrusive. You may even need to move out for a while during the work.
Whether you're converting your basement ready to sell your home or you're seeking a property to buy with a converted basement, get in touch with Amar Mustafa - The REAL Estate Agent today at email@example.com or on 020 3150 5007.