Tuesday, February 5, 2013

You will get a 67% return on your basement renovation

67% is the cost that realtors estimate you’ll recoup from finishing your basement.

Finishing your basement doesn’t just add more liveable square feet to your home it also increases the value of it. Getting a 67% return on your renovation in your basement means that you are not wasting your money when you decide to have it finished.

In today’s real estate market people are always looking for more liveable space, with modern technology you can make a basement warm and dry. Basements aren’t thought of as dark and damp places that are just there to store ski equipment and grandma’s couch.

A lot of realtors today list a house by the “liveable” square footage instead of just square footage. When you list a house and you say it is a 2000 sq ft home that sounds like an average Canadian home, if you were to list the home as having 3000 sq ft of liveable space then people become interested because they think that it is a larger home. These two listings would be priced the same but the one with the larger "liveable" square footage is going to get more interest and will probably sell faster.

Renovators today have the ability with new specific products to fix water problems, reduce dampness and circulate the stale air. With modern lighting, your choice of paint colors and things like gas fireplaces can turn a basement into a wonderful liveable space where your children would love to play.

With modern home theatre systems becoming popular, people are also opting to turn part of their basement into a movie theatre and in a basement it is easy to limit the amount of artificial light allowing you the ability to recreate that dark movie theatre atmosphere.

Doing a basement renovation is one of the easiest ways to raise the value of your home and as long as you don’t make the space too elaborate then you will be able to keep the cost at the lower end. The resale of your home will be greatly improved.

Make sure that when you want the renovation done you hire the proper contractor so that you do not end up wasting money on a job that is not done properly or to the finish level that you were expecting.

Rob Abbott
Operations Manager
Village Builders Inc.

Statistics for this post were found in the 2013 February issue of Canadian House and Home.  

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