Basement Renovations- Home improvements increase you home enjoyment, but they also affect your home's value - finishing your basement can yield a 50-75% return on investment at resale*. These tips will help you plan for your basement renovation needs with a focus on resale value:
Space - Finish your basement as a cost-effective way to get more usable square footage without having to build up or out. A finished basement can give purpose to a large space in your home.
Function - Determine how your finished basement can address your needs. A basement is a great location to add more bedrooms, bathrooms, supplemental storage, a home theatre, or an apartment for rental income.
Prepare - Get qualified professional opinions to help you understand what is physically possible within your desired budget - an architect to design, a contractor to execute, and an interior designer to beautify.
Structure - Fix foundation problems to preserve the durability of your renovation and the structure of your home. Professional help is required for accessing load capacity, reparing cracks, excavating, underpinning, reinforcing and waterproofing.
Comfort - For even heating and cooling distribution, consider installing or relocating registers and adding a cold air return. Address any potential moisture problems before your renovation stars. A dehumidifier may be required in summer months.
Insulation - Contral moisture before you begin as even small amounts will reduce the thermal performance of your insulation. Apply waterproof paint to masonary walls and investigate insulation options that tolerate moisture and serve as a vapour barrier.
Light - Add extra lighting or increase the natural light in your basement by adding or enlarging windows. A professional should ensure the surrounding walls can support the increased structural load.
Floors - Choose appropriate materials. Carpeting, hardwood and some laminates are generally not recommended due to poor moisture resistance. Consider installing a vapour barrier and extra insulation.
Ceilings - Consider a supsended ceiling to allow for easy access to plumbing, electricity and ductwork. Drywall doesn't offer this benefit, but is often chosen for its more polished appearance.
Design - Draw up the final blueprint to marry your vision with the possibilities, and to determine required costs and timelines. Complete applications for required permits, variances and inspections.
Interview at least three contractors, ensuring they are licensed, insured and agreeable to obtaining any required permits. Your completed basement renovation adds new, useable space to your home and when properly constructed, will provide you with ongoing home enjoyment.
*Appraisal Institute of Canada, Home Renovation Survey