Planning to finish your basement? Whether you are looking to finish your basement because you are planning to sell soon or simply because you want to make use of the unfurnished space, a basement finishing job is a huge task. It can be expensive, it takes a lot of time to do, and there is a lot of planning involved. But all in all, a finished basement can boost the value of your home – and it can become a great, useful space for you and your family. Here is what you need to know before you finally finish your basement.
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It Won’t Be Cheap.
Initially, finishing a basement is seldom cheap. It is a huge investment to finish a basement, but it can offer a massive return on investment when you plan to sell. Moreover, you can rent out your finished space, if you so choose (and if your basement is equipped to house guests and/or tenants) and supplement your income that way. You may expect to spend around $30,000 on average for a complete basement finish – i.e, a finishing job that includes walls, floors, ceiling, and the fixings.
You can get an estimate on cost by asking for a quote from a basement development professional. If you are going the route where you hire someone to do the job for you, you will want to be picky. Finishing your basement is an expensive, important task! When it comes to hiring professionals, location matters too. Calgary basement development rates may be different than rates in Victoria, as an example – and then you will also need to factor in conditions such as the availability of certain materials, the time of year when you want to undergo a development project, etc.
It Will Add Value.
If you are looking to sell in the next couple of years, or perhaps searching for an alternative way to supplement your income, you might want to investigate the pros of finishing your basement for added ROI. A finished basement can add some serious appeal for potential buyers, depending on the intrigue of future homeowners in your area. You can also turn your basement space into a guest suite for future tenants and supplement your income via rent.
Did you know that finishing your basement may offer over 50% in the rate of return? While finishing your basement is a huge, daunting task, it can add some appeal for buyers and possibly even serve as an additional means of income.
It Takes Time.
Depending on the scale of your project and what you are looking to add, it makes take between 4 and 8 weeks to finish a basement. That can be huge, depending on what your plans look like! Nonetheless, your basement development plans may be extensive and important – so it is important to plan for the time to do the job right. You will never want to rush basement development!
It Opens Up a Realm of Possibilities.
Once your basement is finished, you can do anything with it. From using your new space as a home gym to making it into your new office, the increased living space can allow you to feel much more comfortable in your home than you ever dreamed of. Want to have guests over? Install a wet bar. Has the idea of having a home theatre ever appealed to you? Set up your basement space to include a projector and chairs. All in all, your finished basement space can do more for you in the future, and more for you now.
