For those looking to improve and not move, extending down to create a basement storey beneath their property has become an increasingly popular option. The additional floor area can be used for a variety of purposes, from a wine cellar to extra bedrooms or living space, and can add significant value to a home.
If you are considering a basement conversion, here are the top five benefits to expanding down:
1. New rooms and living space
Whether you have a growing family that needs an extra bedroom or you are working from home and would like some quiet office space, a basement conversion may be the best option.
Basements stay cool in the summer and maintain heat efficiently in the winter, and so are perfect for a bedroom, sitting room, home cinema, gym, or just a snug.
2. Additional storage
It is always difficult to find the storage space for all the stuff we hold onto over the years. Many people use their lofts to store these boxes, but a dry and well-sealed basement can work equally well. And if you have already converted the loft into additional bedrooms then you will need to find that extra space in the basement.
3. Little impact on outdoor areas
Traditional extensions are a compromise in creating additional indoor space at the expense of part of the patio or garden. There is no such compromise needed for a basement conversion, as the additional space is created beneath the existing property, leaving your garden in-tact for summer entertaining.
4. An alternative to moving house
Moving house is a stressful and expensive experience. Sometimes we move house to start a new adventure, but often it is to upsize for an extra bedroom or two as our living situation changes.
Stamp duty of 2-5% on the sale value of a property means that for an average London property (£682,000), you would be paying over £24,000 in SDLT. Meanwhile, stamp duty on the sale of a more expensive property worth £2m would be over £150,000 – and this is before the expense of a removal company and securing a new mortgage.
Understandably, many people would prefer to avoid paying these huge sums in SDLT and instead spend the money on expanding their current property with an extension or basement conversion. And this investment will also add value to their home when they do eventually choose to sell.
5. Increased property value
The bonus of a basement conversion is that alongside adding some much-needed extra space to a property, it also pushes up the property value. Exactly how much of an increase a basement conversion can make depends on the property and the work carried out, but some estimates say the average basement conversion can add up to 10-20 per cent to the value of a property.
Once the construction work has been completed, the additional floor space of a basement conversion is worth just as much as above-ground space per square foot, and so by building down you could be adding significant value to your home, possibly up to £2,000 per square foot depending on where in London you live.
What to do next
If you are thinking about adding an extra room or more beneath your property, then talk to Good London Builders about your requirements. Through our eight-stage process, we can help to make your ideas a reality and give you that extra space you have always wanted.
