Should I Renovate My Basement?

Over time you will be your own greatest investment given your ability to build wealth through your daily working life, but there are other ways to create income generating assets in your portfolio and one of them is through your home. Basement renovations are an excellent way to add value to your home and in the Toronto area it is widely known that a finished basement will help sell a house almost twice as fast as one that has an unfinished one. There are a lot of different ways to go about the renovation depending on how you plan to use the space. Sometimes the homeowner has a general idea of what they want to do, but putting the plan on paper and making it happen can be a difficult hurdle to overcome. This is why it is a great idea to hire a professional contractor like The Reno Pros to come in and show you a portfolio of work along with some visual aids to stimulate the planning and blueprint stage of your basement renovation. Homeowners have many different options when it comes to basement renovations that add value to the home. These would include things like:
  • Additional storage
  • Recreation rooms for children (or adults)
  • Man caves
  • Guest quarters
  • Place for indoor pets
  • Workshops
  • Rental income apartments

These basement uses cover a variety of demographics, so at some point you will find a buyer eager to share your vision of what the space was designed to be used for. Storage and roughed-in spaces for pets would probably fall into the least expensive basement renovations, which may only require some rugs or a bit of carpet and possibly an additional light fixture or two. This would also hold true for a workshop where mechanical and woodworking projects might be done. Workshops will generally not have carpet at all, and may only have industrial racks attached to the foundation walls for hanging tools, so other than good light, possible access to a sink would be the only real upgrades. Rec rooms, man caves and bars can begin to get a little more expensive when it comes to the renovation, but they will add value to your home if you intend to sell the home at a later date. A children’s recreation room will require lots of light, probably a television and soft but durable carpet and furniture. It would be best to insulate the space with some new walls over the foundation as well if kids will be spending much time in the basement. Man caves require the same, with possibly some appliances (like a refrigerator) and a restroom, which would be your largest expense. Roughing-in a bathroom requires plumbing and electrical work, which can set you back somewhere between $3,000-5,000 for an average job. This space will pay for itself over a longer duration of time. As with most things in life, you get what you pay for, so the last category of basement renovation would be the most expensive, but should yield the greatest return on your investment. These would include building a guest suite or a rental income property. These basement renovations in the Toronto area can run the homeowner between $30,000-60,000 but a fully furnished living space that can be used for rental income will pay for itself relatively quickly. Also a rental apartment stands to make the home a hot commodity on the market if you’re planning to sell. Overall you can spend a little or a lot on your basement renovation in Toronto, but if you want to add value, it is encouraged to “go big” and finish the basement for the greatest return on your investment. Hiring a professional like The Reno Pros is a good idea because they can help you realize your goals and maintain the budget you have planned.