Basement renovations are the often overlooked home improvement project that is actually one of the most financially responsible investments you can make. They’re the home addition you create without having to knock out walls or chew up big chunks of the yard. They typically produce one of the most generous ROI’s of any remodeling project and, if done with taste using quality materials, will ramp up your home’s market value both short and long term. A basement renovation then is the smart way to add copious amounts of liveable space to your Richmond Hill or Aurora home while also reaping financial benefits.
Basement Renovations the Value-Added Proposition You Get to Keep
“Value-added” means a product has been enhanced before being offered for sale in order to increase its marketability. The term can certainly be applied to a basement renovation as it will help your home stand out from others when it’s time to sell. But a basement renovation also provides lifestyle value you and your entire family can enjoy for many years to come. Here are a few other reasons basement renovations make financial sense whether you plan to sell or hold onto your home.
- ROI: Many people mistakenly think that pouring money into the basement is like pouring money down the drain. But nothing could be further from the truth. We mentioned it earlier but it’s worth repeating. Basement renovations typically provide one of the best returns on investment of any remodeling project. Better than garage door replacement and comparable to new windows or a new backyard deck.
- Increased marketability: The value of the home renovation extends beyond the easily quantifiable realm of the bottom line and includes an intangible element that many overlook. Because it’s often the case that the newly renovated basement makes the difference between a home selling and a home lingering on the market. How do you put a price on that?
- Providing for an elderly relative: If you have an elderly parent or close relative that is no longer able to do the heavy lifting required to maintain their own home turning the basement into an apartment for them is a great way keep them close without having to buy or rent them a place close to you. You benefit from the increased home value the new basement provides and you can rest easy knowing your loved one is in good hands.
- Keeping the kids close: One of the first things many people who undertake basement renovations notice is that the kids are staying home more. In that sense money put into a basement is very well spent indeed. Even older kids home from university for the summer will opt to stay with mom and dad because they’re attracted to the basement both for entertainment potential and as a kind of private space where they can just chill.
- Providing supplemental income: Even if you don’t have an elderly relative who needs an apartment you can create one in your basement and rent it out to earn supplemental income. In this way you’ll increase your home’s value and generate income that will more than offset the cost of construction. Win-win.
Snider Homes has been serving the needs of Toronto homeowners for close to a century. Our design and construction teams are some of the most talented and experienced in Richmond Hill, Aurora or anywhere else in the Greater Toronto Area. We have a rock solid reputation for top-quality renovation work and can help turn your moribund basement into one of the smartest financial decisions you’ve ever made. Give us a call on 905-731-2031 to find out more.