Converting your loft and basement are affordable alternatives to moving home. Then again, if you want to splash out then you could create a basement room from the land under your garden. It's a more expensive option, but it will give you more space.
Costs for Basement Re-Fit
The average size of a basement in London is around 30 square metres. The cost of construction is about £2,500 per square metre. So a basement of 30 square metres will be around £75,000. Added to this is VAT at 20% and professional fees such as architect’s fees and survey costs which can be as
much as 15%. Therefore a basic 30 square foot basement re-fit will be:
ï‚· £75,000 Conversion
ï‚· £15,000 VAT
ï‚· £11,250 Professional Services
That will mean a total of £101,250. Then you’ll need to add on any extras such as heating, specialist glazing and lighting. There will also be more to pay if you are installing a new kitchen or bathroom.
Costs for a Basement Under the Garden
Digging out a new basement under your garden is a larger investment than a re-fit. You should expect to pay around £3,500 per square metre. Therefore if you wanted to build a 40 square foot basement the construction fees will be around £140,000, plus £26,000 for VAT and up to 15% for
professional fees. Therefore a new basement construction will cost:
ï‚· £140,000 construction
ï‚· £ 28,000 VAT
ï‚· £ 21,000 Professional Services
That would give you a total of £189,000. Then, of course, you will have the costs of fitting out the room to your requirements.
And Loft Conversion
If you have a loft you want to convert, you will find the type of loft conversion you choose. A basic loft conversion of 30 square meters with two Velux windows starts at around £ 27,000. However, the most common loft conversion is a dormer. This is a flat-roofed extension and has one or two dormer windows. Costs start at between £ 40,000 and £ 44,000. The most expensive loft conversion is a Mansard which can make a new storey. You can create more than one room because of the sides of the roof can be extended. Prices range from around £ 45,000 to £ 75,000.
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