Does A Basement Add Value?
Basement extensions have inherently brought inconsistency in household values. There is widespread evidence to suggest they are invariably advantageous for homeowners as they can add, as an estimate, between 10 to 15 per cent to the price of a property. Furthermore, the potential to create high quality spaces underneath your home can hasten the selling process of the property as buyers will always pay premiums where spaces is maximised, rather than wasted.
Conversely, some basement extensions cause severe detractions from a property’s worth due to the subterranean room’s common characteristic of appearing vast, making the rest of the house appear inadequate in comparison. The addition of a basement can in fact create homes where there is actually more space below ground level than above ground. Where natural light can be introduced, an additional floor down can add to the feeling of spaciousness. Any further underground space and there is always the risk of having a bunker feeling.
Currently under construction, 76 Ladbroke Grove is one example of this 21st century subterranean living. In the heart of Notting Hill, it will benefit from a double basement with 4 bedrooms, gym and media room. The home is owned designed by Landmass. Upon completion, a sales agent will be appointment where a Guide Price of in the region of £6m can be expected.An example of value detraction can be attributed to a five-bedroom house in Kensington spanning at 6,543 sq ft with four floors above ground and four subterranean levels. The house was originally priced at £16.35m but after two years on the market, the property only sold for £11m. The real value lies in increasing the above ground living space. When digging down, ensuring the space is both functional and practical is imperative. Potential house developers may also want to consider the paradox that a property may be considered more valuable when it has potential for a basement extension to be constructed due to investors’ opportunity to ‘add value’ in the future. Therefore, once a basement has been constructed, the property may not sell at its highest possible price as the potential for future conversion has been lost. Over the last 16 years, we have designed and developed over 50 London properties, the latest of which is a Belgravia Mews House short listed for Best Residential Property 2014.
We invite private commissions from end users and investors wanting to produce the most prised configuration of their property, complimented by timeless interiors and beautiful features.Designing and refurbishing a property is a labyrinth for clients and we want to make it simple for them. Acting on behalf clients, we ensure that they are protected both financially and contractually along with every project being procured and managed expertly. Every design we do, we look to provide a truly unique space. We believe in thinking differently; we do this by making the process and results for the client smooth, creative, efficient, and beyond their expectations. We believe that our clients don’t just buy what we do; they buy why we do it. www.landmass.co.uk Contact Us - 0207 439 8095 - Visit Us 48 Beak Street, Soho, London, W1F 9RL