Having a basement for your home can serve multiple purposes, whether it is for an extra bedroom, a game room or a storage space. Moreover, you can also resort to renting the basement to other takers. While a basement adds value to the residence, it also comes with a significant cost in its development or revamping. Now, it comes down to determining whether the basement value exceeds its cost. We explore this through a brief discussion.
If you are determining whether you should invest in basement development, you should define a budget around several factors.
When renovating your basement, HVAC and other electrical outlets are considered before working on the project. Several outlets must be installed and wired if you want to turn your basement into a living space with a kitchen. If the basement is supposed to be a partition with two rooms, several ducts will be installed to let the heat flow in those rooms. This process is intricate and ends up taking a significant chunk of time and money.
Plumbing Systems and Water Damage
Similar to electrical systems, plumbing systems are inspected and installed to prevent any leakage and provide a proper outlet if a bathroom is considered for the basement. Moreover, basement flooding is quite possible when it rains all year round in Canada. So, insulating walls, treating cracks and making the walls less permeable are substantial tasks and require significant investment.
Cost of Labour
The cost of labour covers a large portion of your costs, if not the largest, and for good reasons. Renovators will assume the work of project managers to overlook the project throughout every phase, so you pay for good expertise and skills to see your project through.
Factors Affecting the Value of Your Basement
Several factors affect the value of your basement, such as:
Size of Your Basement
The return on investment for the basement prominently depends upon its size, and this can be tested by square feet. The basement with 1,000 sq ft easily has the edge over a 500 sq ft basement due to the space advantage.
Durability of the Structure
When looking for houses, home buyers incline toward durable homes that exhibit longevity. So, the quality of materials is crucial to ensure the same.
Real estate Market
The value of the basement also depends upon the real estate prices. Different regions have different market values. Some attract high real estate prices as compared to other provinces.
According to the data from Remodeling Magazine, the return on the value of a basement remodelling project is 70%. This means that if you invest $10,000 in basement renovation, the value of your home is likely to be increased by $7,000. This entails the value being higher than the investment and also concludes that investing in your basement would be a good choice.
For a high return value, your basement needs to be immaculate with high durability and rich in functionality. ACI Homes designs a basement that captures functionality, comfort and durability of the highest order to yield more value in the future. Reach out to us for a quote today.