Thanks to COVID, Basement Renovations Hamilton are fast picking trend owing to an immensely redefined work-life structure and an increased need for personal space. From an enhanced resale value to an added functional space, basement renovation can trigger a plethora of benefits. This article discusses a few key points that make basement renovations a lucrative option for homeowners.
Another vital point is the insurance provisions associated with the basement renovations. Review some essential information regarding the insurance coverage involved in the renovation, remodelling, and replacements.
Six reasons why basement renovations are lucrative
An added functional space, increased resale value, recreational space options, and additional income makes basement renovations a great decision. Here are the top six reasons why you should contemplate renovating your basement.
Stellar resale value
According to the Appraisal Institute of Canada, homes with a completed and furnished basement are expected to draw a whopping ROI of 50 to 75%. The value is double if space is added with bedroom and bathroom provisions. It is found that an increased number of buyers today prefer buying houses with furnished basements.
A renovated basement space is also known to increase the enjoyment value. Basement renovation indeed makes the best option if you are contemplating a resale.
An efficient storehouse
If resale is nowhere in your thoughts, consider expanding your home area by introducing a fully functional storage space underground. Renovate the basement with built-in shelves and closets to organize and store items efficiently.
Some even prefer allocating basement rooms for additional pantry or laundry needs. Space can also be utilized as playrooms or craft rooms. This can effectively hide away those loosely strewn toys and crafts.
The basement suites are becoming popular as secondary suites that can help to pay your loans off quickly. This is a perfect way to increase your income.
Along with a stellar resale value, a basement suite is also eligible for tax breaks. No wonder basement renovations are becoming a sought-after choice of investment.
If your home is devoid of active fun space, you can utilize the furnished basements for this purpose. Make use of the renovated basements to create a fun arena where the family can hang out, play games or even build a theatre or gym. A renovated space can be the perfect place for camaraderie.
Is your child craving for a space of their own? Kids tend to grow fast, and in no time, they may require a private space of their own. Build a kid’s room in the basement with a bedroom, living room, study space and restrooms. Young adults will greatly appreciate having a full-fledged space of their own
The area could also serve a great purpose if you plan to lease out the space for rent for students or working professionals. Ensure that the space is adequately furnished with a living room, bedrooms, kitchen and bathrooms. An additional income is assured if the basement is properly renovated.
Before renovating your basement, ensure that you obtain and check the necessary basement permits, moisture tests, waterproofing & insulations, and the electrical system. Basement renovations tend to be expensive. Hence, ensure that you plan your budgets more than you intended.