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HomeBusiness StrategiesSmall BusinessHow To Run a Profitable Basement Conversion Business

How To Run a Profitable Basement Conversion Business

A basement conversion is considered to be a very successful home extension. Turning a basement into a kitchen that is below ground level and opens to the garden can be just what homeowners look for these days. Many homeowners look for solutions to create more space in their homes, and this usually entails a basement conversion project.

If you want to tap into this niche, then starting a business that specializes in basement conversions is a great idea to make money these days since adding home extensions has become a trend. Keep reading if you want to know what to consider before running such a business and how to make it successful. 

Think About the Cost of Basement Conversion

The cost needed for this depends on whether you or your company are converting an existing basement or digging and building a new one, which usually costs double. The ground conditions of the place you are converting are also going to change a few digits. Ground conditions can make the whole process harder and slower which costs more. While working on a basement conversion, you might also need to dig deeper or further than the floor level of the basement to reconstruct the place in suitable and solid conditions. This might be more disruptive than work on any other extension for a house. It also takes longer because it involves more moving and disposal of soil in that area than any other place. 

This whole process and all the labor should be taken into consideration to decide on how you will charge your clients. You will be helping people add more value to their houses and increase their home prices, so you should be charging them accordingly. The point here is to consider the cost of the whole process to figure out if the business profits are going to be worth the effort and expenses. 

Planning Permission

Normally, the client you are dealing with doesn’t know anything about the building regulations or the planning permission of construction. Usually, creating a new basement and changing the appearance of the house externally or adding an extension is going to require planning permissions. In this case, you need to employ a lead designer who would be the one to consult with the local planning authority. 

Along with the lead designer, you need to hire a construction manager to handle the paperwork process and oversee the construction projects. This will include looking into the planning conditions of a cellar conversion and responding to planning obligations. As a business owner,  you should be on top of the budgeting and notify the client of any abnormal costs that might arise from the draft planning application. Leaving all the important decisions to the client, your business should still have experienced contractors that can involve the client in their planning process and take care of the legal work on their behalf. 

Making Use of the Space

As a basement conversion business, you should have plenty of creative ideas to turn extra space into valuable and functional areas that will benefit the people you deal with. Such areas will be great for storage rooms, utility rooms, and guest spaces. 

This depends on the natural light entering the place, for example, if the room gets less natural lighting, then it’s perfect for a guest bedroom or an extra bathroom with a spa. If you want to help your client add more lighting to such a place, you can opt for wall lights and track lighting instead of low-hanging pendants because the ceilings are usually lower in basements and cellars. Having the right solutions to cope with every area of the house will give you a competitive edge with your clients.

Consider the Time This Work Takes

This also depends on the place you are dealing with, if it’s just a basement conversion, then typically it would take from three to four weeks to finish all the work. If you are starting from scratch and installing a full new basement, the process might take a few months and will require more than double the work. Make sure you agree with your client on the time you will need to finish their basement conversion, to be on the same page with them in terms of progress and cost. Solid timelines and meeting your deadlines will help you stand apart as a trusted business. 

A finished basement level will increase the value of any living space. If constructed right, the place uses natural and artificial light to create a comfortable multifunctional room. Turning a basement into a utility room or renovating it to make more space surely is a little expensive but a lot of homeowners are becoming fans of the idea, nowadays. To ensure that you gain the clients you need, come up with creative solutions, agree on the correct quotation, and handle the paperwork on behalf of your clients for a stress-free basement conversion. With enough effort and planning, you can help bring their dreams to reality and run a good business from only converting old basements to amazing home extensions. 

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