With COVID-19 travel restrictions behind us and the world beginning to move again, short-term property rentals are becoming increasingly popular for staycations. With the return of office-based jobs, those who previously left cities behind are resorting to weekday lets to keep them in the city throughout the working week while returning to their rural properties for weekends and vacations. Maybe you’re keen to exploit this market to make some extra cash, but don’t have a spare room or second home to rent out? Or perhaps you have a growing family and could do with extra space, but don’t want to move home? If your property is deemed suitable, having consulted specialist basement construction companies in the UK, a basement apartment could be the ideal solution.
Whether your property already has a basement that needs to be converted. Its just conveniently located and merits the addition of a basement, it is important to consider lighting and waterproofing. Whether it is for family or as an investment, you want your basement apartment to add value to your property. Especially noting that the average basement conversion will cost double that of a loft conversion. You must engage with a specialist basement construction company to seek quotes and advice before embarking on such a project.
What can basement construction companies in the UK help with?
Basement construction companies in the UK will be able to support you in quoting for the project. They advise on architecture, designs, lighting, and damp-proofing. Generally turning your space into an airy, welcoming apartment that others will want to visit.
Research shows that the average basement conversion can add up to 18% value to a home. However, weighing up whether a basement conversion is a good investment will depend on the cost of the work relative to property values in your area. In high-value areas such as central London, it is almost always worthwhile. However, if you live in a more rural area, it is advisable to discuss potential values with your local estate agents before deciding to go ahead.
Regardless of whether a basement apartment is a good fit for your house and budget. If it is finished well, has sufficient lighting, high ceilings, and direct access to the outside, it will be an appealing rental offer. In any case, if your home’s maximum value is not going to increase with these works. Then you should resist the temptation to build an extremely high-spec conversion.
What do you need to do?
It is vital that you check with your local authority whether planning is required. If it is, following the planner’s advice will be critical to getting the build approved and proceeding promptly. Planning permission is not always required. If you need to increase the depth of your current basement. A new basement needs to be created, it will be classed as an extension and planning permission will almost certainly be mandatory. Your neighbours may wish to have a say as well. Especially if the conversion will affect their ability to quietly enjoy their property, either during or after the work is completed.
You will also need to comply with Building Regulations. These are the statutory minimum construction standards put in place to ensure that buildings are safe, hygienic and energy-efficient. It’s worth downloading a copy of the Approved Document—Basements for Dwellings. For further information on what this process entails and a list of the relevant regulations.
If planning permission is required, it may be more cost-effective to use the Full Plans Application for a basement conversion rather than just the Building Notice process. The Full Plans Application specifies all design work that must be resolved before work can begin. Especially if the intention is to rent out the resulting conversion, all the right boxes must be ticked, at the right time and in the right order.
So, to recap, a basement conversion is often an attractive investment proposition. It provides additional space, and a rental income and adds value to your property in the long term. That requires thought and advanced planning. This is the best to engage with specialist basement construction companies in the UK. They will discuss the possibilities, costs and timescales for converting your particular property. Discuss values with estate agents and liaise with your neighbours and local authority before commencing work.