Creating a lifestyle property
As the effects of COVID-19 continue to be felt, luxury homes are increasingly being adapted to accommodate our new lives but the need for relevant planning permissions must not be overlooked.
The luxury home has always needed to cater for its residents’ lifestyles but with the pandemic in mind this has never been so relevant. It is clear to see that the ongoing effects of COVID-19 are turning people’s thoughts as to how best to maximise their living space. The ability to live and work is at the forefront of everyone’s minds and how space is utilised is key. As a result, we are not only seeing a shift in where people want to live but also in how they are configuring their current living space to fit in with the ideals of “good living”.
Whilst the old style loft conversions are commonplace, we are now seeing innovative uses for sheds, storage units, garages, boathouses, roof terraces and basements, with these spaces being kitted out as luxury home offices with kitchenettes and gym/sauna facilities, additional bedrooms for household members, and swimming pools.
Although it is clear that there is a trend for luxury homes to maximise their living potential, it is equally important to ensure that the correct approvals (planning and otherwise) are put in place to ensure that these new areas are safe, habitable and cause no issues for lenders or potential buyers in the future. In the excitement of creating the conversion, this can sometimes be overlooked and we would always suggest that professional advice is sought at the outset.
It can be concluded that, although the shift in people’s working patterns is due to the current crisis, the desire for more living and working space at home is likely to be the main driving force in peoples’ decisions to buy for a long time.
Poornima Andrews is a Senior Associate in the Residential Property team.
To successfully buy and sell a property, it is important to understand how the market is evolving and changing. Our real estate specialists share their knowledge on the key residential topics and market trends, from SDLT and Capital Gains Tax to creating a lifestyle property or buying a second home abroad.