Property owners participate in renovations to increase the value of their home. Some do it to create more space for tenants or to improve their quality of life. Whatever the option, you need to do the right kind of renovation. As one of the top options for lettings agents in Kensington and Chelsea, we want to look at basement renovations in particular. They can be a great idea for some properties.

According to a new analysis, digging down is the best way to add value to a home. By creating a basement in your house, you could double the value of your property in specific parts of London. Estate agents belonging to Foxtons calculated the average price of introducing subterranean storeys. Also, they looked at the standard increase to the resulting selling price in every borough.

Best places to excavate

Domestic diggers within Kensington and Chelsea could increase their property’s net value by 96%. According to the study, the leafy west London district is the leading place to do this sort of work. That is due to the high price of housing and massive footprint.

Camden was in second place on the value-add table. It had an average of 84% uplift. As for residents in every other borough, they can expect a 35% increase in value at least. Across London, the standard full-storey basement costs £167,955 to construct. Although, it adds £459,653 to the price. This represents a net gain of £291,699, or over half the average property value.

Many can take advantage of the renovations

The managing director at specialist consultancy Basement Masters had comments on the study. He said that basements did not need to be the preserve of the rich. A young couple capable of digging under their ground-floor flat can double their space. This is without doubling their costs. Those with enough land in premium postcodes can add much value with a basement.

Decisions to dig need to be made on localised factors. Examples would be the use, planning rules, existing floor type, and ground conditions. If you’d like to speak to the top lettings agent Kensington and Chelsea has, contact us today.

Before excavation can start though, you must go through the design and planning processes. Several boroughs have cracked down on basement construction in recent history. This was after a spate of controversial mega digs.

Kensington and Chelsea introduced new guidance during 2016. This was after raising huge concerns about the influence of massive excavations on neighbours. Basements in this borough are only generally able to be one floor deep. Moreover, they must come with a maximum footprint equalling the home and half its garden. As for construction method statements, you must submit them alongside planning applications.

Neighbour trouble

Brian May, Queen guitarist, was co-founder of a campaign group working at banning mega basements. This was following the experience he had with his neighbours’ deep digs in Kensington.

Jimmy Page was another guitarist who had an issue with the basements. He objected to Robbie Williams’ plans to build a basement in his Holland Park house. Page has concerns about the potential damage the work could cause to his Listed home. The planning battle went on for more than four years, and the neighbours are said to be still fueding.

The chief executive at Foxtons did say that basement extensions can be divisive. It could make you unpopular with your neighbours because of the construction work. That being said, for those who can complete a renovation project like this, the results will make it worth the effort. Your home will be able to command a higher price when the time comes to sell. Also, it will have much higher appeal in the eyes of potential buyers.

Lettings agents in Kensington and Chelsea that understand your needs

At Finefair Ltd, we have been aiding property owners and investors for more than a decade. As a result, we have a deep understanding of what it is they desire. Some will ask to discuss matters like council leasing and guaranteed rent. We can provide all kinds of useful info and showcase why it can be a great decision.

Should you need anything else from expert lettings agents in Kensington and Chelsea, we will do everything we can to help. So, please tell us if there is anything we can do for you.