Very few 20th century houses have basements, but there are signs that this is being rethought. UK homes are smaller than in most countries, and many of us need more space. There seems a choice between moving to a larger property or sacrificing part of the garden for an extension.
There’s an alternative, though. You could add a basement to your home.
Creating Space with a Basement
A basement, whether included in a new build or retrofitted in an existing house, provides an entire extra floor with no extra footprint or height. It can provide extra living space for a growing family, or else you could have your utility room or garage down there, freeing up space on the main floors.
On the other hand, a basement has many possible uses. You could have a games room, a gym, a home cinema or even a swimming pool. Alternatively, you could convert your basement into a self-contained flat, either for a family member to live independently or to rent out.
And, if you think a basement would be too gloomy for some of those uses, it needn’t be. It’s easy enough to include light wells, which can also be used for access, either as an independent entrance or a fire escape.
Saving Money with a Basement
Moving is an expensive business. It’s been estimated that, with fees and expenses, selling a property worth around £300,000 could cost you up to £28,000 — and that’s before factoring in the higher cost for a larger property.
Excavating and fitting out a basement isn’t cheap, but it’s unlikely to come to that much, unless there are major issues. You’ll have the additional advantage that basements are very energy efficient, since there are few exposed surfaces.
Adding Value with a Basement
A basement can be invaluable just for improving your quality of life by providing extra living space without the costs of moving, but it can also give you a financial boost. The simplest way of achieving this would be to rent it out as a flat, but it can also add real value to your home when you finally sell it.
It makes sense that a house with three storeys and 50% more floor space will sell for significantly more than one with two storeys, and the advantage will far outweigh what you’ve paid out. Property guru Phil Spencer’s estimate on his own basement conversion was that “for every £1 invested into the house, potentially £3 was added to its value.”
How much difference would a basement make to your quality of life? Get in touch to discuss your home’s potential with us.