14 Mar Basement extensions and property value
Basement extensions and conversions could increase the value of your London property by nearly 50% according to Property Manager JLL.
A London house, available for £4.75m has full planning permission for a basement conversion with a post-conversion resale value predicted at around £7m. This particular property is located just off of King’s Road in Chelsea and has planning permission to enlarge the property by around 1,000 sq feet.
We have been responsible for the design of a few basements on this road and typically they turn out beautifully. The house in question not only has permission for a large entertaining area on the ground floor and a large kitchen, dining and family room, but also has plans to extend the existing studio into the new basement creating a private cinema.
Extending into your basement has many benefits and with house prices soaring in London it is often cheaper to increase your current living space than to move out of the area. People with growing families require more and more space and, in areas where loft conversions have already been completed often the only way is down.
Having ANY planning permission makes a property more attractive to prospective buyers, but permission for a basement extension increases that attraction significantly. Buying pre-conversion will mean buyers pay less for the property therefore pay less stamp duty and will also see big returns during resale once the work has been carried out.
In a stuttering and uncertain property market there is still much demand for properties requiring modernisation and with the option of basement extensions you can make fantastic returns. This is the kind of project that we specialise in here at the Basement design Studio.
Our years of experience mean that we know better than anyone what works when it comes to basement design – we can even take care of all the permissions, reporting and administration should you require.