Basement renovations are easily the most expensive aspect of house renovations. Like the bathroom and kitchen, the basement requires a significant amount of material and labour. The more intricate the basement renovation project, the more expensive it will be in the end. Additionally, because most basements are prone to leakage and other damage, it is critical to address existing conditions before beginning to renovate the downstairs space.
Basements can range from dark, dank spaces ideal for doing laundry and storing holiday decorations to fully-equipped spaces complete with a home theatre, basement bar, and other amenities that transform the space into a full-fledged floor perfect for entertaining family and friends.
Many home buyers will appreciate having a finished basement that falls between those two extremes. While a well-lit space with finished floors may not make for the most interesting decor, it does provide homeowners with a clean, blank canvas to work with. While luxurious basement amenities may be expected in the luxury market, the majority of homeowners will appreciate the fact that the bare necessities are already covered on the lowest level of their home. Additionally, suppose comparable properties in the area have finished basements. In that case, you’ll need to transform the space in your property from something straight out of a horror film into something more appropriate.
A finished basement can increase the value of your home by 70%. While a basement does not increase the total square footage, this is usually irrelevant to homeowners. Basements that have been finished frequently serve as an informal living room/family room, an office, a home classroom, and guest rooms. Many homeowners renovate the space to create an in-law suite if the basement contains a bathroom.
Even if the buyer does not intend to use the basement to extend the main living space, having a clean space to do laundry is a plus. If you’re working with a limited budget, installing basic electrical, plumbing, flooring, drywall, and waterproofing is beneficial. This will provide the new owners with a solid foundation to build their own furnishings.
Basements with their own separate entrance increase the home’s value even more. While you will not be able to call it a basement apartment legally – permits are required – having a separate entrance to a home is always a good idea.
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- It’s a way to increase living space if zoning laws prohibit additions. Depending on where you live, you may be unable to add to your structure if you decide you require additional space. However, your basement violates no laws or neighbouring properties. It’s the ideal solution for those in need of space but without a place to stay.
- It improves safety, eliminates offensive odours, and prevents the spread of invasive pests. A partially finished basement is a haven for various unwanted and dangerous intruders. Radon gas is a significant concern because it can seep through the walls and floor of an unfinished basement, affecting your health and possibly causing cancer. Additionally, an unfinished basement is prone to bad odours, such as earth, dampness, and mould, difficult to mask. Additionally, they are more accessible to insects, rodents, and other pests that may enter your home. Basement renovations significantly reduce or eliminate all of these risks.
- Complete freedom in terms of the type of living space you create. Your options for basement ideas are nearly limitless. You can add a living room, a children’s romper room, an additional guest bedroom, a large bathroom, or a customized man cave complete with a bar and pool table. You can add a private entrance and rent or Airbnb the space or use it as a mother-in-law residence. Whatever type of basement renovations you desire, they are all possible.
- Adding a spacious room to your home’s living area will increase its appeal and value. As mentioned previously, basements are becoming less common in new homes, and those existing will command a premium price. Bear in mind that even a finished basement can be used for storage, ensuring that it retains its original function.