Finishing the basement can increase your livable space, increase the value of your home or give you additional income. If your investment is low, then finishing the basement may be a good idea.

As homeowners, most people tend to focus on renovating the upper levels of the home. But, did you know that basement renovation can add value to your property and increase the return on investment? The cost to finish up the basement can vary depending on the scope of your work and the amount of liveable space you’d like to convert. There is not a single plan that will fit all homeowners.

In this blog, we are going to help you understand the benefits of renovating the basement and find out if it is a worthwhile investment to make.

Primarily, there are three different types of basements – Walk-out basement, Standard lot basement, and Garden-level lot basement. Before you decide to seek permissions, be sure to have a plan and a blueprint in place. Select the layout, understand how to utilize the space effectively and consider the building codes of your province. It’s best to consult with a civil engineer and contractor before you get started.

Benefits of renovating your basement

A basement renovation project is not just about adding drywall and flooring. It is one of the most complex projects and can be time-consuming too. You’ll also have to be mindful of the materials you choose and the kind of lighting. That said, basement renovation is a project worthwhile and a great investment. We have got some benefits for you to evaluate.

1. Increase the liveable space of your home

Finishing up a basement would mean that you have the scope to increase the liveable space in your home. You can have an additional bedroom, bathrooms and maybe even an entertainment room.

2. Increase the value of your home

Basement renovation is a great way to increase the return on investment of your home. It not only increases the liveable square footage but also adds value to your property.

3. Convert it into an income opportunity

Once you have got the permit to renovate your basement and make it functional by the city, you also have the opportunity to convert it into rentable space. If you have met the fire code and are approved by the zoning department, you have the potential to make additional cash flow from your home itself.

Whether you are planning to add a guest room or an entertaining area, basement renovation can give you upto 70% of return on investment. Apart from getting the permits, you’ll have to make sure your basement is well lit and meets all safety codes.

A finished basement can be a good investment. It not only increases the resale value of your home but also helps you create a versatile space that can be used at your convenience. Although it may seem like an expensive project, it could be worthwhile the cost.