When you walk downstairs, does it feel like you’re walking into a time warp back to 1975? Whether you desperately want to remodel your tired, outdated basement or are finishing a basement from scratch, there are many benefits to a basement renovation.
Here are 7 reasons why you should renovate the basement.
Increase your living space
Having a finished basement can nearly double your living space. The basement is perfect for additional bedrooms to accommodate a growing family, a home office, fitness room, family room, home theatre or playroom. When you work with a professional basement renovation company, they will help you create the perfect design for your basement that will best suit the needs of your family.
Boost your home’s resale value
A basement renovation will increase the value of your property. Not only are homes with finished, upgraded basements more marketable to home buyers they also have a good return on investment. In fact, a basement renovation can recoup over 70 per cent of it’s original cost, according to Remodeling Magazine’s Cost vs. Value Report. You will increase the personal enjoyment of your house while you’re living in it and know that you’ve made a smart investment for the future if you decide to sell.
You need more storage space
When you have your basement designed, your interior designer will help you create a floor plan that allocates room for easily accessible storage. Instead of storing those things you need better access to in the garage or attic, your basement can be used instead.
Earn income with a secondary suite
Building a legal secondary suite in your basement is a great investment. You can use the rental income to help pay down your mortgage and off-set other living expenses. A secondary suite will also increase the value of your home. Homes that have secondary suites in them are also sought after by savvy investors, which will be to your benefit if you sell your home.
Repair and restore after water damage
An unfortunate but not too uncommon reason homeowners renovate their basements is because of water damage. If you have had leaks or a flood in your basement, you might have to replace drywall, insulation and flooring. If left too long, this moisture will become a haven for mould and mildew growth which is a hazard to your health.