Basement Conversions Can Increase Property Values ‘By A Third’
24th January 2019
Your home is a serious investment and one that can really help pave the way for your future if you choose to improve and add value to it over time. An increasing number of people these days are opting to renovate and maximise their living spaces because the cost of moving is so very high – but what project should you embark on if your main aim is to add value to your house?
Property Price Advice suggests that renovating the basement or the cellar area is perhaps one of the best ways to go about achieving this, explaining that turning your basement into a storage or living space can actually increase the value of your home by up to 30 per cent, the Daily Express reports.
However, it was noted that this can only be achieved if the build cost per square foot is less than the price per square foot of the area, so do bear this in mind if you are thinking of starting a renovation project such as this in the near future.
It’s also worth paying some heed to HomeBuilding’s recommendations as well, with the site noting that not all basement conversions are created equal and some will add more value than others – especially if you can bring in some natural light somewhere.
The site went on: “Bear in mind that good-quality well-lit basement living space with access directly onto the back garden will be worth considerably more than dark, converted cellar space with compromised headroom.”
Top tips for basement conversion
You probably won’t need to sort out planning permission if you are going to convert your cellar but if you have to reduce the floor level to improve the height of the ceiling, bear in mind that this will be considered an extension so you may well need to having permission in place. Always check before you start work.
You will require Building Regulations approval, however, no matter whether you’re changing the use of your current cellar or excavating in order to create a new or bigger basement area. These standards make sure that buildings are energy efficient, safe and hygienic – ignore this step at your peril.
Give yourself enough time to ensure the job is completed to your exact specification. A simple conversion should take no more than a few weeks to finish, but if you want to convert your cellar beneath the entire property, the work will likely take several months to complete.
You’ll probably be able to carry on living at home while the work is being carried out if there’s direct access onto your garden for soil removal. But if you have to remove the ground floor in order for it to be rebuilt and soil will need to be transported through the property, you’ll most likely have to find somewhere else to live while the work is being done.