Have you considered a basement finishing Toronto project and wondering if it adds any value to your home? Further, you wonder if you will be able to get your money’s worth when selling your house. One thing is sure it is a cheaper way to add living space compared to above-ground renovations. Another thing is there are things to keep in mind before you start remodeling the basement.
Living Spaces Are Not Created Equal
Finishing your basement as a usable space is a great option, but not all spaces are the same. For example, for home value, the square footage above is more valuable than the one below. In addition, for many residents living in a basement is not that desirable. It has loads of limitations from windows, space, light, cold, and yes, it is small. So a home with duplicate square footage might sell at different prices if the one’s living space is above the grade. Then again, two-valued homes can also differ depending on the amount of living space below and above.
How Much Value is Added with a Finished Basement?
Great you are planning a basement remodeling Toronto project, but how should you approach it to add value. Well, usually, the value per square footage is much lower than the above-grade measurements. Further, it is based on the quality of the finish and the number of windows and doors present. So it can vary between 50% to 70% per square foot.
While others base the figure without the basement space included, only considering the gross living area. So the best is to discuss this with the appraiser before the time. As you will spend loads of costs on materials for exterior wall insulation, flooring, painting, and more, it is essential. You also need to consider the renovator’s charges in consideration so you can expect an average ROI of a 70% return as added value on your sale.
Will a Finished Basement Help When Selling Your Home?
The answer is complicated as the value-added to complete the basement varies on renovating and might turn buyers off. You may find that new homeowners might prefer the unfinished basement. Yet, it does not mean that some kinds of basement remodeling will not add value. Here are some of them:
- A desirable design for many people is the walk-out basement. The area has a full-size door leading outside making it more of a ground floor. Further, it has huge windows for natural light. Another thing is that it allows using a patio for seating outside, adding appeal to the home’s exterior.
- Another basement idea is the garden-level lot space that is a mix of a walk-out and basement. The living space has huge windows with a view of the garden and the benefits of a walk-out door.
- The last idea is your run-of-the-mill enclosed basement with little natural light allowing new homeowners to renovate according to their needs.
Adding Worth to Your Home with a Completed Basement
Increasing your property value helps to have a basement or home remodeling Toronto project adding a bit more to the selling price. So an everyday use is to create a guest bedroom for friends or make an accessible laundry room with storage. Another highlight is creating a recreational space to keep the noise away from the entertainment above. Or you can turn it into a gym to save on the membership fees. Another eye-catcher is a home theatre with seating, a projector, and a screen. Lastly, you can make it in a home office, rented apartment, in-law suite, or an entertainment spot with a bar.
As you can see, having a basement finish done can positively affect your resale price. Still, it all depends on the type of renovations you do. With some minor configurations, you can turn it into a rental space with huge windows and a door to add some income to your budget to pay your mortgage off. The use of a basement is endless.