London is only second to Monaco as the most expensive city in the world to buy property, so it is not always easy to simply buy a new property when you need to boost your living space.
Basement conversions have been surging in popularity over the past few years, particularly in London, where space is at a premium.
A basement conversion is a fantastic home improvement to make if you want to add more space and increase functionality in your property. You’ll also be able to increase the value of your home in the property market if you decide to sell it in the future.
A basement conversion could add a completely new dynamic to the household. The newfound space could be used to create a workout room, an entertainment space or just a spare bedroom for when guests stay over.
If you have a large family, then you could use the basement as a reading room or a place to retreat when it gets too hectic upstairs!
This is what many homeowners and contractors believe, and it’s easy to see why as basements typically already have all the structural walls in place, as opposed to other house extensions which require a lot more restructuring work.
In some parts of London, a fully renovated basement can add up to 20% in market value to a home, and this figure can go even higher for the super expensive properties of Kensington & Chelsea, Hammersmith & Fulham and Islington that come equipped with mega-basements.
A Party Wall agreement must be agreed upon a few months before the project takes place, but this could delay it for months if your neighbours aren’t keen on the idea.
If you need basement conversion, please don’t hesitate to contact us! 020 7916 2087