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With the current economic trend and housing market in a slump, many homeowners are modifying their properties instead of moving. Whilst extensions and loft conversions are still the usual choice for creating more space for growing families, there is an exciting move towards a desire for basements. Over the last decade, more sophisticated materials, products and procedures have been developed, which provide the architect and builder with far greater scope to build better and more luxurious basements than ever before. If you're still weighing up the pros and cons of having a basement, this may help to put things into perspective. Ask yourself why you might need a basement; the most common reason for converting lofts, building extensions and basements is because you need the extra space. Many homeowners feel the need to move because of the lack of space, but don't really want to, as they are happy with their environment, location, friends, neighbours, facilities etc. This alone could be the biggest factor when deciding whether or not to modify your home. An even greater incentive not to move is the sheer hassle and cost, particularly in stamp duty, legal fees, and site surveys. Moving house has always been sited as one of the most stressful things we will go through in our lives, so nowadays, the more satisfying option for many is to adapt their home to their needs. If the property has already been developed to its maximum potential without going below the ground floor level, it will probably have enough bedrooms. However with an ever-growing family, extra space is invaluable. To apply to build a basement on the grounds that you need further bedroom space will prompt local authorities to warn you that you will therefore also need to make provision for further off-road parking facilities; but if the basement is to be used as extra living space, e.g. children's playrooms, snooker room etc this would not be a problem. 2-3 bedroom houses within the M25 area will range in value from approximately £300,000 - £500,000, so if we look at the upper cost range that would bring the value of each floor level to about £250,000. Would this therefore mean that by adding a basement, you would automatically add on an extra £250,000 to the value of the property? For a house of this value and size you would probably look at spending £50,000 - £100,000 on a basement. If you take into account that by moving you would not only be upgrading to a property of higher value, say £50,000 - £150,000 more, but you would also incur stamp duty at a rate of 4% (this would cost £26,000 on a property of £650,000), plus legal, surveying and removal fees, the idea of a basement starts to look far more appealing. Not only would you be adding value to your property but you would also be getting exactly what you want, peace of mind and great value for your money with none of the stress involved in a house move. Call us to discuss your ideas and plans. |
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