Basement Renovations Pay Off
Basement development in progress. Photo credit: BPI Inc.
If you are considering finally finishing your basement or if your basement is in desperate need of an upgrade, you can expect a great return on investment for your basement development in Edmonton. For far less money than other major home addition projects, you can add substantial square footage to your living space. If you own a bungalow, your livable space will nearly double.
Basement renovations in Edmonton have a good return on investment too. According to Remodeling Magazine’s Cost vs. Value report for 2016, the average basement remodel can recoup about 70.4% of your renovation costs. It also reports that if you spend $68,490 on a basement development, you can add $48,194 onto your home’s resale value. Not looking to spend that much? A $25,000 renovation will add $17,600 to your home’s value. Plus, a finished and/or upgraded basement is more attractive to potential home buyers which can result in a quicker sale and better offers.
Want to make even more money with your basement renovation? If you can spare the space, Edmonton basement renovation contractors can help you convert your basement into a secondary rental suite. An income property will increase your home’s worth and provide you with a steady revenue stream each month, often enough to cover your mortgage payment or other expenses. Not only are basement suites attractive to real estate investors at time of resale, they also result in your home being positive cash flow, which is never a bad thing! Learn how a basement suite can help pay the bills.
Need to keep the space for your family? The possibilities for basement renovations in Edmonton are endless! You can add more bedrooms for your growing family, install a home theatre, a rec room, play room for the kids, a home gym, home office plus additional spaces for storage.
Photo credit: Parabola Developments
If you’re considering a major basement renovation, you should contact a professional contractor to do the job. If you live in an older home that already has a finished basement, you could find some serious issues lurking behind your walls and ceiling. Terrible framing jobs, faulty electrical work, leaky pipes and hidden mould are all things that are best left for the pros. Not only will a certified contractor know how to deal with these issues in a safe and efficient matter, they will also coordinate things like necessary building permits and licensed trades people required to do the job right.
Edmonton basement renovation contractors also have specific experience with basement developments. They’ll know the most efficient and cost-effective place to install things like plumbing and electrical. They’ll also know the safest place to have new walls and windows, ensuring your renovation can take on the structural load of your home.
Whether you want an income property or to enhance the livable space in your home, a basement renovation will increase your home’s property value and make for a quicker sale if you ever put your home on the market. Here are more tips on how to finish your basement.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.