While homeowners are still involved with intense recovery after the worst housing crisis in recent history, questions resonate about what to do with current property.

If a home is big enough, it could be renovated and part of it turned into rentable space.

A remortgage is a way to accomplish this. If a homeowner qualifies, this is great use of a remortgage and could easily be recouped through acquiring tenants for the new space.

A basement in a four story townhouse, for example is a great place to start thinking about renovating space. David Smith, a senior partner at London based estate agent Carter Jonas said, "Historically, basements were servants quarters anyway so they have their own access, meaning the renovation required could be minimal."

Anyone trying this will need planning consent from their local authority. Whether its agreed upon depends on a few factors. "The property will obviously need to be big enough as well as meet building regulations in terms of access; for example where new doorways and staircases are situated," says Paul Marsh, the past president of the Law Society.

Also, the style of the house must maintain the same style as houses surrounding it.

In most cases, properties will need major renovations in term of adding kitchens, bathrooms, and separate access. These being the most basic of any living quarters.

Additionally, each separate residence will need to be recorded with the Land Registry. Unfortunately upon the rental or sale of this newly created space, capital gains tax would be increased. The newly created space would constitute a second home.

A specialist of a financial company said, "In what is still a difficult property market, people are finding ways to make the most of what they have." He adds, "While planning permission is difficult to get, the biggest problem is securing funding for the work."