Should you finish your basement?
If you are planning on putting your home on the market soon, thinking a couple years down the road OR even you’re planning on being in the home a little while before selling, then it’s better to consider finishing your basement.
you have unlimited potential of what your unfinished basement space could become. From extra storage to additional rooms, maximizing the usable space in your basement is always a smart investment.
Advantages of Finishing Your Basement
INCREASE HOME VALUE
Any renovation to to your home is a good investment in your home. Finishing your basement is a great way to increase your home’s value and will also make it more appealing to potential buyers and you will sell it quickly and easily.
ADDITIONAL LIVING SPACE
A finished basement gives you the chance to create a variety of fun and functional spaces that will enhance the quality of life in your home.
You can transform your basement into a luxurious family room, hangout space, games room, theater room or home gym.
Basement renovations can produce additional income to you, by giving a beautiful living space to rent out to someone else. This additional income will help paying your mortgage off faster OR paying off your investment to finish your basement.
A Place for the kids
A finished basement can add a bedroom, bathroom, living room and perhaps even a study area that the older children especially will appreciate.
Teens and young adults can have a space to call their own as well as a place to entertain friends.
Additional StorageOn top of living space, a finished basement will increase your home storage by creating customized spaces including built-in shelving as well as added closet or cabinet space.
What Is Your Budget?
It’s required to outline how much money are you willing to invest on this project. Making sure it’s all within a budget is incredibly important. Talking to an expert builder or renovator will help you with determining what a good budget is, and will help determine with you what is doable within your price range in order to get the maximum return on your investment
Don’t Forget about the Rest of your home
Keep in mind, if you’re renovating your home for a sale, there are other areas you can consider too:
- Updating the Kitchen
- Remodel the Bathrooms (especially the ensuite)
- Updated Decor (light fixtures, flooring, stairs, etc)
- Fresh Paint.
- Update your home Exterior (driveway, patio, etc)
The above changes will resonate with prospective buyers most and for that reason, you will get the highest ROI.