If you have ever wondered what they mean by spending money to make money. Well here is a great example.
Basement renovations are on the "most wanted" list of home improvements for many families as they look to expand quality living space in their homes. An unfinished basement is just an opportunity waiting to be exploited and a great way to increase the finished square footage of your home!
Keep in mind that these can be expensive renovations, but expect your improvements to return from 50% to 75% of the money you invest according to the Appraisal Institute of Canada. If you are capable of doing high-quality work yourself, even better as it can boost your return – but poor-quality work, poorly finished drywall or wonkie laminate, can cost you if buyers see a project that has to be redone.
In general, a basement renovation that involves finishing or refinishing ceilings and walls – and installing attractive and durable flooring – will show buyers the living potential of the space. As ever, if you're planning to sell your home in the near future, it's a good idea to consider that the next owner may not share your decorating tastes. Painting your basement in your favourite shade of purple is unlikely to be as attractive to a buyer as it is to you!
If the house you own has a an unfinished basement, or if it reminds you of "That '70s show or in poor condition, then you should consider this project as you can expect a nice return on your renovation investment!