An increasing number of homeowners are choosing to renovate their homes rather than move. Home renovations are a great way to build the home of your dreams and add value to the market cost, should you choose to sell down the road. By choosing to renovate, you can customize the home to suit your needs, make smart decisions to increase efficiency and value, and further your investment.
One of the most popular spaces in the home to renovate is the basement. Unfinished basements make a great storage area, but why not utilize that space to make your home feel bigger? Here are some things you should consider when renovating your basement.
Table of Contents
The Possibilities
1. Family Room
A finished basement leaves room for a variety of spaces. One of the most popular uses for a basement is to turn it into a family room. With some simple renovations to the drywall and floors, throw a couch and a TV down there and you’ve got yourself a private lounge. Oftentimes, living rooms can grow to feel cramped. With the addition of this downstairs family room, you can find the space to store those extra knick-knacks that you can’t quite part with.
2. Bedroom
Turning your basement into an additional bedroom increases the home’s capacity and value. This can be used for kids, visiting friends and family, or could even be rented out and used as an additional source of income, as a legal basement suite.
3. Legal Basement Suites
Space is valuable in Vancouver; therefore, basement suites are becoming a popular living option for many renters. In order to host paying tenants, the basement would need to meet the legal standards of a livable suite. A legal basement (or secondary) suite is an approved dwelling unit within a larger one or two-family dwelling. They must have their own kitchen and living area, sometimes sharing access to the main dwelling of the house but must have access through a separate external door. Should you decide to renovate the space into a legal basement suite, this could boost the real estate market value, resulting in an easier and more profitable sell.
4. Bathroom
You can never have too many bathrooms. Consider including one when renovating the downstairs space, to add more draw to your home. An additional bathroom does require the proper plumbing and fixtures; however, the initial cost will pay off in both functionality and resell value over time.
5. Home Gym
Tired of commuting to the gym? Basements are the perfect space for a home fitness area. With an excess amount of space, basements can accommodate various types of workout equipment and grant great privacy from those nosy neighbors. You can customize the flooring to suit your fitness needs. From rubber for heavy equipment to luxury vinyl for yoga, there are an array of easy and cost-effective options to build the gym of your dreams.
Basement Suites Increased Value?
A finished basement allows the opportunity to buyers, making it a profitable investment for homeowners. A lower-level remodel can be transformative to the overall layout of your home and adds functionality and intrigue to houses on the market. When choosing to renovate your basement, it’s important to consider what homeowners are looking for to make smart and valuable decisions when it comes to your investment.
The Payback
Basement remodels are often much less expensive than above-ground additions. Renovating a basement can have a good turnaround for overall value. Homeowners can expect to make around 75 cents on the dollar as a return investment for a finished basement. If you’re renovating with the plan to sell, there are a few variables that should be considered to maximize profits.
Minimalism
If renovating to sell, there’s no need to go overboard with the flash. Cut down the costs of the renovation by choosing modest materials. Skip the splurge on top-of-the-line furnishings and focus on creating an open space with a lot of potentials.
Flooring
When it comes to floors, remember that basements can flood. Opt for practicality over luxury to minimize the remodel cost and keep moisture at bay. Materials such as ceramic, porcelain, and stone tile over cement boards are preferable over hardwood and carpeting.
In Summary
Renovating your basement can add value to your home, both while you’re living there and for when it’s time to sell. There’s a significant amount of time, materials, and planning that goes into creating a finished basement. As such, it’s important to choose the right contractors for the job. Renovations can be stressful, therefore choosing a company that has your best interest at heart is crucial. With Craftsman Contracting, their years of experience and wealth of knowledge can help plan and execute the renovations best suited to your needs.
