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 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. Doing
high-quality work yourself, of course, can boost your return – but poor-quality
work 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 your basement is unfinished, or if it is
very dated or in shabby condition, then you should expect a nice return on your
renovation investment!