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My basement is just bare walls and rafters, is finishing your basement a sound investment?

Financial advisors will tell you your biggest asset is you, as you stand to generate the vast majority of your wealth and savings through the ability to work.  This is true, but many individuals look at their home as the biggest investment in their portfolio as it tends to be the most valuable, saleable asset.  No matter how you look at it, your home is a major investment and it is important to maximize the market value of it by maintaining and upgrading when possible.  One such upgrade is finishing your basement.  When houses hit the market in Toronto, inevitably the question is asked, “Is there a basement, and is it finished?”  This is an important question because livable square footage in major cities is at a premium and it can help sell your home at the price you set.  Finishing the basement creates opportunities for savvy homeowners such as:

  • Basement FinishingRental income
  • Guest quarters
  • A recreation room for children
  • Adult space for hobbies, workshops…etc.
  • A place for indoor pets
  • Storage

All of these uses can come in handy for different demographics, which is why a finished basement will expand your net of potential buyers.  Many times people are afraid of the cost to finish a basement, but that should not deter you from pursuing the project.  If you are worried about your budget, consider bringing in a professional company like The Reno Pros that can provide you with ideas and designs from other finished basements they’ve completed.  Professional finishers can work with you to find a style that adheres to your budget and brings the greatest return.

There is also group of folks that have no interest in selling their homes in the short term and are just looking to add a nice, cozy living space for watching television or relaxing.  In a case such as this, finishing the basement might only require some new carpet and furniture.  You can do as much or as little as you like with a basement finishing project.  If you are even the least bit mechanically inclined, you should be able to build a couple walls or lay some flooring as a weekend project, which can get you motivated to hire a contractor for some of the bigger jobs like electrical and plumbing work.

As far as large-scale basement renovations go, statistics show finishing a basement will allow you to recover over 77% of the cost, which ranks it among some of the highest remodeling jobs for the return on investment.  Those are figures you cannot argue with and in a balanced housing market like Toronto, homeowners should consider getting a leg-up on the neighbors whenever possible if looking to sell.

Overall, finishing a basement is a sound investment whether you plan to sell you home now or later.  In the meantime you and your family will enjoy the additional space and freedom to fully utilize a portion of your home that was otherwise relegated to laundry duty or seasonal decoration storage.  To maximize your enjoyment and value, it would be wise to consider hiring a basement finishing company like The Reno Pros that can help you avoid the pitfalls of novice DIYers and keep the project under the all-important budget as well.

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Hear What Our Customer Are Saying About Us

  • "After requesting a quote for finishing a basement and working within the constraints of my budget, I went with RenoPros. The team arrived on time and ran every idea by me, as well as recommended what materials are best to be used in what area. The job was complete in a professional manner and I am very happy I chose The RenoPros"

    John Charette from Toronto
    John Charette from Toronto
  • "I was hesitant at first to rely on a third-party service to re-do two bedrooms in my house but the guys at RenoPros assured me they would work closely with me to fit my needs. I chose two different designs, and now both bedrooms actually feel good to be in. Great job"

    Jane from North York
    Jane from North York
  • "Our husband and I needed to renovate our basement at an affordable price. We found RenoPros and their staff and crafting was spot on, they let us customize everything to our liking and were very friendly and accommodating. Would do business with again, thanks!"

    Andrew from Etobicoke
    Andrew from Etobicoke
  • "We are so happy with our new kitchen and main floor renovation. The upgraded wife flooring was an excellent suggestion and the apron sink make the house feel brand new. The project manager was helpful, organized and I would definitely call them for any future renovation needs."

    Faheed from Richmond Hill
    Faheed from Richmond Hill

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