High-quality basement conversions come with many benefits. First, a basement conversion will give you better value for money as it is often cheaper than building a new extension to the house. You will also find that such spaces are highly versatile and can be used for a variety of purposes. You can use it for an extra bedroom ensuite, gaming, studying, and even dining. When building basement conversions, you will not necessarily need to apply for a permit, and this will make the entire process more straightforward. In this guide, we will look at various aspects of basement conversion costs.
How much is the average basement conversion?
The cost of a basement conversion will increase with every square metre. On average, you can spend anywhere from £800 up to £4,000 for each square metre, dependent on the existing space and your basement conversion needs. This cost includes digging out the crawl space, adding drainage and plumbing, building foundation, and bracing the home. The cost of finishing the space will vary depending on the purpose of the basement and the kind of finishing you need. Another factor to consider is the location of your house. In larger UK cities, basement conversion cost can often be quite high.
How much does it cost to convert a basement in the UK?
As mentioned earlier, the cost of converting a basement in the UK will vary depending on several factors. If you already have an existing basement or usable cellar, then the cost will be significantly lower as you may not need to do anything structurally. For such basement conversions, you can expect to pay between £800 and £1,500 for every square metre.
A completely new basement excavation will cost a lot more since the project will require more work. Some tasks that will affect the price of a new basement excavation include the removal of excess materials, damp-proofing the space, and underpinning the walls. Excavating a new basement will cost between £2500 and £4,000 per square metre.
Another factor you should consider when calculating the cost of the basement conversion is the purpose of the space. If you want to use the space for working out or relaxing, you will not need a lot of technical décors, and this means you will pay around £2,500 for every square metre. If you’re planning to use the space for state-of-the-art kitchens or other complex purposes, the price can go up to around £4,000.
Here is a summary of the average cost of basement conversions in the UK:
• Converting an existing basement will cost up to £1,400 per square metre
• Underpinning existing cellars and lowering the floor levels will cost up to £2,000 per square metre
• Underpinning and digging new basement spaces will cost up to £3,000 per square metre
• Digging basement spaces below gardens will cost up to £2,000 per square metre
• Making lightwells and external accesses will cost up to £7,500 per square metre
• Engineer costs will range between £1,000 and £1,500
• Depending on the nature of the construction, you may need to pay £165 for a planning application
• Depending on the value of the job, you will also need to pay a buildings regulation application of at least £750
• If necessary, you may also need to pay for party wall agreements, and this will cost you around £700 per neighbour
It is worth noting that VAT-registered contractors will charge you an additional 20%.
Is a basement conversion worth it?
Basement conversions come with various pros and cons, and you should consider them before you start the process. An obvious benefit of these extensions is that they will add extra space to the house without taking up any external space. If your house is old, underpinning it will even help to make the structure more stable. Basement conversions will also help to increase the value of your home, and this change can especially be significant in big cities.
To determine whether a basement conversion is worth it, you also need to evaluate the disadvantages of these constructions. Firstly, you should note that the project will be expensive and complex. It will also be noisy and disruptive, and you may need to find alternative living arrangements for the duration of the project. The conversion should be completed within 8 to 20 weeks, depending on the size and complexity of the project.
How much value does a basement conversion add?
If done properly, your basement conversion should add 10% to 20% to your home’s value. This means that the increase in value will be more than the amount of money you spend on the construction. Homes with finished basements are also often much easier to sell.
Why choose Buildsafe?
At Buildsafe we see ourselves as a specialist independent advisor providing clients with tailored policies for each development helping them to make well-informed decisions. Our experts have over 40 years of experience in the property sector and we are able to save our clients over 30% on their basement conversion warranty. Our team is there to manage the process for you ensuring you receive the best price from the market saving you a lot of time and money.
To speak with a specialist broker call us on 0203 701 0422 or fill out our online enquiry form.
