If you currently have an unfinished basement in your home, you may literally be sitting on a gold mine! You can build equity by turning your basement into livable space. Here are some tips to maximize the potential of your basement and increase your property value.
INCREASED SQUARE FOOTAGE If your home is more on the cozy side, a family room that can be enjoyed by all and the addition of extra bedrooms and bathrooms are definitely the way to go.
LEGAL BASEMENT SUITE If local bylaws permit, the best use for your basement is putting in a rental suite. Basement suites provide affordable housing and can help pay for your mortgage. They create an immediate revenue stream for you and future buyers which will translate into a boost in your home equity.
IN-LAW SUITE Many millennials are opting to skip the starter home and are living in their parents’ basement until they can afford the down payment on a more permanent home with greater value. The aging population is also increasing and an in-law suite is a great way to allow our elders to age in place and to mitigate some of the costs.
ENTERTAINMENT SPACE If your neighbourhood includes more luxurious homes, consider making entertainment the focus of your newly renovated space! Recreation rooms, media rooms, home gyms, wet bars, and even wine cellars are found in many high-end new construction. You may also want to consider a smaller suite for guests or a nanny.
Touring open houses in your neighbourhood, watching design shows and reading magazines will help inspire and educate you. Of course, working with the right real estate, renovation, and design partners will ensure the seamless transition of your basement from dungeon to dream space.