The last two years have seen planning applications to dig basements in London properties more than double in number. The combination of rising property prices and ambitious design ideas has resulted in more and more people heading underneath their houses to create additional space. If you have rental accommodation that you wish to expand to increase your income, a basement conversion may be the ideal solution.
The days of simply digging a hole beneath the property and putting a bed in it are long gone. Clever conversion can create high quality spaces that can help to meet the ever-growing demand for rental accommodation in the capital. Maximising on your available space can increase your potential as a landlord, as the more units you own, the more money you can make.
If you do plan on converting a basement, it is important to carefully plan it for optimal function. Consider an open design plan that will maximise light. Areas with high levels of humidity such as the bathroom and kitchen need to be adequately ventilated, and the kitchen area should be complemented with some appealing touches such as low level lighting to create greater interest.
Many landlords express interest in multiple occupancy buildings without realising that they are already sitting on the opportunity. HMO properties are renowned for their lucrative benefits and we have vast experience assisting our landlords and developers with the transformation of their existing buildings into high yielding properties.
HMOs typically consist of shared kitchen and bathroom facilities so you could simply convert your basement into a living and sleeping area. Alternatively, you could transform your basement into an independent living space with all amenities included.
We can advise you on the best ways to maximise your space or help you locate the right investment opportunity. We provide preferred services across all the London boroughs, offering full property and estate management in Richmond Upon Thames and beyond, and our team of property specialists consistently deliver an excellent standard of service.