An unfinished basement is more susceptible to water damage, which can lead to the growth of mold and an unpleasant smell. Additionally, the unused space in an unfinished basement can quickly become a home for pests and rodents. Finishing your basement is an effective way to maintain your home in excellent condition and prevents these issues. Furthermore, it provides extra space and helps homeowners monetize their property. Basements have also been proved by real estate experts to increase your home’s value! Because of this, an increasing number of home buyers are interested in houses with functional basements.
Is it Worth to Finish Basement Renovation in Richmond Hill?
If you’re considering finishing your basement, the answer is most likely yes – it’s definitely worth it. Not only does it add extra livable space to your home, but it also increases its value. And in many cases, it’s a relatively easy and inexpensive way to do so. According to Remodeling Magazine’s 2019 Cost vs. Value Report, a typical basement finishing project will return nearly 70% of its cost when the home is sold. So, if you’re looking for a smart investment that will pay off in the long run, finishing your basement is a great option.
Given the number of basement renovation options available, it’s important to choose wisely so that you get the most return on investment (ROI). Depending on your selections, you’ll be able to improve your quality of living and recoup most of the costs when it’s time to resell.
Some factors to keep in mind that will affect your ROI include:
- The current state of your basement.
- The age and status of your home.
- The trends in your neighbourhood.
The finished basement influences the home value in these ways:
Provides Additional Space- By finishing your basement, you not only add more living space to your home but also increase its resale value. Some of the most popular ways to use this additional space include:
A home office: With more and more people working from home, a basement office is a great way to create a dedicated workspace that’s separate from the rest of the house.
A playroom for kids: A finished basement is the perfect place for kids to play and let off some energy, away from the rest of the house.
A family room- A family room is a great place to relax and unwind with your loved ones. It’s the perfect spot to watch TV, play games, or entertain guests. If you have a basement, consider transforming it into a cozy family room for everyone to enjoy.
Increase Storage Capacity- A finished basement is a great way to add extra living space and storage opportunities to your home. If your home is lacking in storage areas or your existing storage areas are full, a basement can be a great solution.
If you’re looking for ideas on how to best use your basement for storage, here are a few things to consider:
Adding shelves and cabinets: Adding shelves and cabinets to your basement is the perfect way to add extra storage space for things like holiday decorations and out-of-season clothing. By finishing your basement, you can create a functional and organized space that will make your life easier and help keep your home tidy.
Creating a storage room: If you have a lot of things to store, you might consider creating a dedicated storage room in your basement. This can be used for everything from sports equipment to holiday decorations.
Creating a storage area under the stairs: If your basement has stairs leading down from the main level of your home, you can use the space under the stairs for storage. This can be a great place to store things like cleaning supplies or non-perishable food items.
Adding a pantry: If your kitchen is lacking in storage, adding a pantry in your basement can be a great solution. This can be used for everything from canned goods to dry goods.
Adding bins and baskets: Another great way to make use of your basement storage is by adding bins and baskets. This can help you keep smaller items organized and makes it easy to grab what you need when you need it.
Better market value-
One of the benefits of finishing your basement is the increased resale value it can offer. A finished basement is a selling point for any potential buyer and can help you to sell your home more quickly and for a higher price.
According to the National Association of Realtors, homes with finished basements typically sell for 10% more than similar homes without finished basements. In some cases, the added value can be even greater. In certain cases, value added may even be higher.
Aid in saving money- A finished basement can help you save money on your utilities by providing additional living space that can be used to spread out and reduce the need for heating and cooling the entire house.
In addition to being a great place to store your holiday decorations and extra furniture, basements typically stay cooler in the summer and warmer in the winter than the rest of the house. This means you can often keep the temperature a few degrees lower (or higher) in your basement and still be comfortable.
A finished basement is a wonderful way to reduce noise from upstairs, which can be a lifesaver if you have young children or often entertain guests.
Installation of recessed lighting- When it comes to basement lighting, recessed lights are a great option. Not only will they brighten up your space, but they can also make it appear bigger. If you’re planning on installing a bathroom in your basement, make sure to choose recessed lights that are designed for wet areas.
Conclusion:
Finishing your basement has a lot of benefits that’ll be advantageous to you and your home. Some of these benefits include extra storage space, the potential to increase your home’s resale value, and being able to personalize the space to however you’d like. If you’re thinking about taking on this project, be sure to reach out to Vision Basements Inc – we’re experts in basement renovations and will be more than happy to help you out!
Our team of expert contractors have been crafting custom basement solutions for clients across the Richmond Hill and Greater Toronto Area for many years. With quality materials and industry-leading pricing, we’re confident that we can help craft the basement of your dreams. Contact us today to learn more about our basement renovation services or to inquire about starting a project of your own!
