It can often be the case that rather than go through the process of hunting for a new property for more space, a homeowner will look for ways to expand their current home.
This may be through an extension into the garden such as an orangery or conservatory, a loft conversion, or indeed a basement conversion. Although basements are not as common in the UK as in other countries, those homes that do have underground space can potentially play host to a range of interesting basement ideas. There are a number of ways a basement can be given a new lease of life with a renovation – so could it be right for you?
Could your property benefit from a basement conversion?
Converting a basement involves a lot of hard work and planning, but once finished, a new basement can provide you with a number of benefits.
Firstly, it will, of course, provide you with more space. You can use the converted room for a number of purposes, whether you want to create a children’s playroom, a home office, a home theatre, and entertainment space or another bedroom and bathroom. This is a great way of expanding your living space without having to move and without having to compromise any square footage from the garden, as you would with an extension.
In addition to adding space, a basement extension can increase your property value by a substantial margin too. The added living space will up the resale price when it comes time to move on if you’re a homeowner, or if you’re an investor looking to flip a project, selling with an extra floor will definitely increase your profit. You may also be an investor who would want to buy and hold and use this newly renovated basement to let, which is a viable option. Depending on the layout of your investment property, you may be able to renovate the property and provide the basement with it’s own self-contained entrance, which would mean it could be let as it’s own apartment (make sure to abide by all the correct health and safety building regulations and to obtain the correct HMO permissions where applicable). Alternatively, the basement could simply be another floor in a full house for rent, which could appeal to students or young professionals who are flat sharing, for example.
Whether you’re a first-time buyer looking for a property to grow with you over time, a seasoned investor looking for your next buy-to-let venture or a homeowner in want of a fixer-upper to put your mark on, there are many benefits to buying a house with a basement. Of course, it has the potential to be a large project, with the need for things like professional basement waterproofing, electrical installations and more to consider. VIewing conversions online and asking around friends and family can be a great way to get the creative juices flowing and see if this is a project that could be right for you.