4 BASEMENT RENOVATIONS TO BOOST YOUR ROI AND LIFESTYLE VALUE
Any home renovation is a guaranteed means of increasing the value of your home as well as increasing the square footage of your home. Whether you are renovating a finished or unfinished basement, the renovation in itself is a great investment with a lot of ROI. Remodeling’s latest cost vs value for 2019 shows that a basement renovation can recoup 70% of the cost.
Some basement renovations are great for this ROI investment alone, while others are done for a pure lifestyle value boost. However, there are some renovations that can work as a boost to both.
Beautiful Basements in Edmonton suggests four basement renovations designs that will boost the value of your ROI and lifestyle.
1. More bedrooms
Adding one or two bedrooms to your basement will not only automatically increase the value of your home, but it also increases the footprint of your home. Building a separate extension to add a new bedroom can be both costly and time consuming. However, finishing and adding a bedroom to the basement will be less expensive, because the space is readily there.
An additional bedroom can be kept ready for guests, relatives or saved for a growing family. It’s also a great addition that can benefit your lifestyle now or boost future ROI if you ever sell. If your basement is separate from the upstairs, it can also easily be transformed into a basement suite that you can rent. Do keep in mind the local building codes of your neighborhood and what they deem to be a legal bedroom. Typically, this must include a doorway, a closet, and a big window. Basement windows must be large enough that they can be used as an emergency escape, if necessary.
Having a bathroom in the basement is an immediate lifestyle boost, simply because it saves a trip upstairs each time you need to go. It is likewise a ROI boost to potential buyers, who will appreciate having plenty of bathrooms available throughout the home. If you’ve also chosen to add bedrooms to your basement, then adding a bathroom is a given. Plus, the cost vs value of an additional bathroom alone is 60%. Paired with the recoup of your basement renovation, it’s a great investment.
3. Entertainment/media room
Lack of natural lighting in your basement doesn’t have to be a downside or a sign you have to add windows. Instead, it means you have a naturally perfect space for a home theater or games room. For lifestyle, this creates a perfect space for your children to play or for weekly family movie nights. From a ROI perspective, creating a designated media room may not be the selling point, but the installed wiring will. Having audio, lighting, and cable connections already in the basement opens up even more possibilities for potential buyers to customize the space.
While not a specific room addition, renovating your basement into an open-floor plan takes full advantage of the wide space. In larger basements, an open-floor means you can do more with the space. Rather than turning the whole basement into a gym or TV room, why not do both? Designate half the space for one idea, and the rest to another. If you have a smaller basement, an open-floor still creates a sense of spaciousness even in a small space. And, for an ROI, an open-concept is a readily available space that potential buyers can do with as they will.
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