Basements - The Facts to Know
When walking down the residential streets of Fulham, you will come across multiple basement conversions in their construction stage or finished. Basements are a great way to add square footage to your property and therefore increase your property’s value. This article will introduce you to the pricing of a basement conversion and some design tips to think about when you are in the planning stages.
Prices for basement work is different all over the country, but this article will focus on the price in the capital.
In general, you are looking at £3000 to £4500 per metre squared, depending on internal finishes. In addition you need to think about VAT at 20% and professional fees. A lot of the cost comes down to the excavation and the underpinning of the foundations of the existing house and damp proofing. Due to all of this, a basement conversion is more expensive than an above the ground extension.
One should also take into consideration that with home renovations, issues can arise and the cost could be more than expected.
A lot of terraced properties in London will have a basement put in around 4x9 metres. This would be a 36 metre squared basement. If you are looking at £3000 per metre squared, then the basic construction cost would be £108,000. The VAT for this, at 20 percent, would be £21,600. In addition, professional fees normally at 10-15% would be £16,200.
Therefore, looking at a 36 metre squared basement, in total, that would be around £145,800.