An increasing number of homeowners are opting to install or convert basements in order to gain more living space without moving house. Basements can provide owners with extra rooms and also have the potential to increase overall property value.
Before you set your mind to building or converting a space under your home there are a few important questions you should ask yourself.
What do you need the extra space for?
Basement conversions are a great way to achieve more leisure space. They can also be great for storage, utility rooms, or guest space.
However, you should to consider the practicality of moving rooms down into a space that may not receive much natural light. If you want to use the space regularly or for long periods of time, you should make sure it contains plenty of light wells, which will involve added costs.
Moving a bathroom or a kitchen into the basement also comes with additional challenges. Visit our ‘Things to consider’ section to find out more.
Will it be worth the money?
To find out how much your desired conversion will cost you should consult professional builders.
If you like where you live but want more space, it makes sense to add to your current home. If you already have a basement you already have rooms to work with, so renovating this space will be cheaper than building an above-ground extension.
More living space will undoubtedly increase your house price; however you are not guaranteed to add as much value to your home as you invest during renovation. Much of this will depend on your particular basement project. Above-ground space is generally worth more than below-ground space. Well-lit, spacious basements will also be worth more than dark, cramped conversions.
If you compare your property to similar properties in the area which have basement conversions you can get a rough idea of what the increase in value will be. To get an accurate valuation it is advisable to consult an estate agent.
If you are not likely to regain all of the money when you sell you should consider whether or not the extra space is worth the cost.
How long will it take?
A simple, straight forward conversion should only take a few weeks to complete. If you are planning to excavate and install a new basement it is likely to take several months.