With the economy gaining speed, many people are finding a little more disposable income than they have in the past several years. This is making homeowners consider the potential of renovating their spaces to increase the value of their home.
If you are looking to upgrade your home, it is important to know whether or not you will get the money back should you ever sell your home. Renovating a basement is a great way to gain some additional space in your home. And, if you do it correctly, it can also increase the value of your home.
These are five ideas for basement renovations in toronto Winnipeg. Renovating a basement will increase the equity of your home and, in addition, add more room for you.
Table of Contents
Adding a bedroom
If you have a dry and open area in the basement, it is a good idea to add a bedroom. If you have enough space, you can make the basement an in-law suite or a guest quarters in your home. To be considered a bedroom, it has to have to have a closet, and in most cases, building a closet is not a big deal. The other requirement is something called an egress. That means that you have to have two ways to get out of the room to the outside. That might require a bit more work since sometimes you have to cut into the foundation.
If you do add a bedroom, then you might be opening your home up to a bigger market for homebuyers if you choose to sell. That means you will likely increase the value of your home and make it more competitive in the real estate market.
Adding a bathroom
If you add a bathroom to the basement, it increases the attractiveness of the space. If you renovate the basement, then not having to go up and down the stairs to use the bathroom is an additional plus that not only will you appreciate, but so to will any homebuyers if you choose to put the house on the market.
The cost of the bathroom might be a bit higher than the cost of a bedroom because it involves plumbing and other materials, but the price you pay to put in a bathroom will increase the equity of your home substantially.
Adding additional space
If you aren’t allowed to add additional space to your home due to local ordinances and building codes, then making living space in your basement is an ideal solution. Although you can’t always add a basement into the total square footage of your home, that doesn’t mean that you aren’t making your home more attractive. Even if it isn’t considered living space, homebuyers will add it to their calculation when they are looking for a home.
Adding a rental space
If you are looking to make some additional money and you can create an exterior entry to your basement, then renovating it by adding a bathroom and a bedroom can transform dead space to rental income. If the basement is expansive enough, it can be an apartment that you can rent out.
The cost that it takes to renovate your basement into a rental property might get you enough rental income not only to pay for the renovations that you do, but in time, pay your mortgage every month. That is positive cash flow if you plan it right and ensure that there is a market for rentals in your area.
Using inexpensive materials
The best part about renovating your basement is that you don’t have to be concerned with high-end materials. That makes a basement renovation one of the least inexpensive renovations that you can do.
If you make it a place for the kids to play and hang out, then you can skimp on the cost of materials. As long as you choose things that are durable, your children aren’t going to be concerned about the price of the floors.
Renovating a basement can be a great equity builder if you plan correctly. Instead of paying the cost to put on an addition, consider the potential to add existing space to your home by making dead space useful for a fraction of the cost.