In modern times, the housing market is difficult (to say the least.) Thankfully, it is not impossible to increase the value of your home. One of the best ways to increase resale value? Finish your basement. It may sound too costly an endeavour to ever save you any costs, but basements are frequently underutilized –even though they are roughly more or less the same square footage as the main and second floor of your home. There is a ton of potential.
However, not every basement development project will “magically” boost the value of your home. If you keep a level head and make the place desirable enough, you may have created further room to negotiate the price of your home when it comes time to sell.
Here are some tips for maximizing your ROI with basement development.
Take location into account
Naturally, different locations may prioritize different development designs more than others. For example, Calgary basement development may be better tailored towards to transforming your basement space into an additional rental unit.On the other side of things, a city where retirees frequent may do better with having your finished basement include more entertainment amenities.
A real estate agent in your local area may be able to offer you some additional insight into what basement development ideas appeal most to nearby potential buyers.
Keep it simple
This sounds easier than it is buttry not to over complicate the process of developing your basement. Many people will want to create new rooms, add an extra bathroom (which means plumbing stacks will also need to be installed!) or even going too crazy with the light fixtures. People forget that basements are open for good reason, and they seldom look like the other floors of your home. You can keep your basement development process simpler by hanging drywall, incorporating storage shelves, and putting in a false subfloor. These are easy, cost-effective tasks that can increase the value of your home.
Turn it into a rental suite
If you aren’tlooking to sell in the next few years, turning your basement space into a rental space can be a great way to supplement your income. You can rent out to elderly parents, adult children who are not quite ready to move out, or to students looking for residence while pursuing a higher education. When it is time to sell, the additional room may even appeal to potential buyers.
Hire a professional
A professional may be able to offer some insight into what features, design ideas, and modifications will, in turn, increase the value of your home whenever you want to sell. They understand roughly what kind of costs you will be looking at,what labour hours may be required, and have a vague idea of what might appeal to buyers. They can offer you suggestions and recommendations on anything else that could be added to your development project, based on homebuyer desires and market trends.
Both a real estate agent and a basement development professional will come in handy when it comes to trying to maximize the ROI of your home when it comes time to sell. A basement development project is no small feat, but when done properly it can seriously boost the value of your home and serve as a great, functional space for you and your family during the time you are living in it.