In recent years, more and more people are waking up to the possible benefits of a basement renovation. In an increasingly competitive housing market homeowners are forced to consistently look for new ways to add value to their house and it may very well be the case that, hidden away beneath your kitchen floor, lies the potential to do this significantly. Also, with the increase in information exchange thanks to new technologies, especially the Internet, lifestyles and hobbies have become more and more diverse and so an unused space represents a great opportunity for a customized hobby space. But what are the real benefits of a basement renovation?
A more cost-efficient and achievable alternative to an extension
The value of plot space, particularly in the cities, has risen dramatically over the years and often makes for a prohibitive cost when it comes to the option of an extension. Add to this the cost of construction itself, with the potential need to develop the site and lay foundations, and you have something that is simply not cost-efficient especially when considered alongside the potential gains for house value that you may see at point of resale. A basement renovation, on the other hand, builds within an already existing structure and so helps to avoid many of these costs. Additionally, basement conversions are a far less encroaching type of development when it comes to your neighborhood and so the kinds of planning permission challenges you can run into when constructing an extension can usually be avoided as well. For example, many areas classed as ‘areas of outstanding beauty’ have restrictions on any construction that affects or impairs the aesthetic view. Naturally, developing the part of your house hidden beneath the ground avoids this issue completely.
Add value and customize your house at the same time.
Now, while a basement renovation is almost certainly a lower-cost option than an extension, it is, of course, by no means free. Also, the more space you have to renovate, the more the cost will be. However, property experts estimate you can add as much as 20-30% to the value of your house with a suitable basement conversion. That’s one of the great benefits when it comes to crunching the numbers at the end of the day. However, a far more immediate benefit is that it gives you the opportunity to alter and customize you basement space into something that improves your quality of life. If you are a growing family you can create a living space to suit each individual’s personality and preferences. Got a special hobby, like painting, dancing or boxing? Then create the studio, dance floor or home boxing gym you’ve always wanted.
Put that basement to work!
If the financial benefits at point of resale are a little too ‘long-term’ for you, there are others ways to squeeze money out of an unused basement space. Converting a basement into a downstairs apartment is a good way to create an additional income for your household in a way that keeps your tenant and your family home relatively separate. For those with aspirations of starting their own business, converting a basement into an office creates a professional environment for your enterprise and increases productivity by helping to keep family and work duties separate. It also provides a toy-and-children-free zone for meeting clients! Or, for those who are good with their hands, home workshops have a proven track record of producing extra income through ‘cottage industry’. The major benefit, regardless of which option you choose, is that you can customize the space to suit your work habits and preferences. For instance, you can install a fridge and kitchenette for quick and easy lunches or a shower to freshen up before big meetings.