Finished basements dramatically increase your home’s usable square footage, and provide an excellent recreation space that you will enjoy with your family for years to come. A finished basement is also a major selling point, and will increase your home’s value and appeal to potential buyers.
However, basement finishing is a big job, and isn’t a decision to be taken lightly. Prior to moving forward, consider the benefits, and identify whether they are worth the time, effort and expense.
Benefits of Basement Finishing
If you’re working with limited square footage, as many Toronto homeowners are, a finished basement is an excellent way to increase your livable space, and is also cheaper than moving or adding on to your house. Basement finishing runs from about $30 to $55 per square foot, while moving or additions can cost $150 to $200 per square foot.
A fully finished basement provides an excellent recreational space, and is also great for entertaining. Further, a finished basement increases your home’s value, and makes your home markedly easier to sell when the time comes.
Basement Finishing Cost
Any reputable contractor will tell you that basement finishing is costly. You can generally expect a finished basement to cost from 10-20% of your home’s total value depending upon the basement size and extent of the remodel. Any contractor that quotes much less than this amount is likely cutting corners and using subpar materials, so be leery of the lowest bidder.
Consider your personal finances, and also how long you anticipate staying in your current residence. If you’re not in a great place financially or are planning to move in the near future, it may be best to hold off for a while. You want to make sure that you’ll be able to enjoy your finished basement for a good long while, and to do so without going bankrupt.
Chances are that you will move eventually, and you should always consider the effects that any major renovation will have upon your home’s value and appeal to buyers. The two main points to consider here are quality and usability.
A well-finished basement makes your home stand out from the rest, and is a huge selling point. However, visibly shoddy work may be unappealing, as the buyer will be concerned about potential repair costs. Additionally, be aware that specialty finished basements, such as a photography dark room or microbrewery, for example, may not have a broad appeal to potential buyers.
Over to You
If you’re the proud owner of a finished basement or are currently considering a basement renovation, we’d love to hear your own thoughts on the subject. Tell us what pros and cons influenced your decision and offer up your own advice by leaving a comment.