Return on Investment
After an evening of watching the Property Brothers or Leave it to Bryan, you may conclude you have a gold mine in your basement. But how much value does a finished basement add to your home? You may double your livable floor space, but that won’t mean doubling your homes monetary value. In fact, you’d do well to recoup 70% of what you spend in resale value, and that assumes you included five important features. 1) Insulated Exterior Walls. 2) Painted Drywall on Ceilings and Walls. 3) Propper Flooring. 4) Professionally Installed Trim. And 5) a Finished Bathroom. The blank slate that an unfinished basement provides could mean a spa, a man cave, a playroom, a gym, a theater, or a museum filled with priceless collectables. What should you do to get the best return on investment?
The Appraisal
An appraiser of your homes value will consider literally hundreds of factors. For example, a finished basement in a city might be worth more than one in a rural community, simply because square footage may be less available in cities. They will also compare your basement finishes to others in the same area and make assumptions based on what similar properties sold for. A basement with better access to the outside like a walk out would be more valuable than one with limited access. Availability of natural light via larger windows is an important luxury that adds value as well as the quality of finishes you use.
No High-end Finishes
If you’re looking to sell, and would like a decent return on your investment, most experts will advise not using high-end finishes, at least not the best of the best. You still need to use dependable fixtures and materials. Use brands that people recognise, like Moen (plumbing fixtures) for example. Another contributing factor is the current real estate market. During a hot selling period, finished basements can earn more money than when times are slow. Timing can make a huge difference when determining the value of your finished basement. Also, a design with more open spaces will be more valued than a closed off, pre-determined floor space. A basement that could be easily transformed into a buyer’s idea of useful is essential, therefore finish it with adaptability in mind.
Who to Get?
The most important decision you will make is deciding who will do the renovation. Everyone likes to get value for their money. Making sure the basement renovation is done right, is the best way to ensure its value. “Weekend Warriors” and Jack’s of all trades, masters of none” just don’t cut it in todays world. Hire qualified licensed people who guarantee their work. LCM General Contractor is compliant with building standards & authorities such as The Electrical Safety Authority, The TSSA, and Ontario Building Codes.
True Value
When considering return on investment, sometimes how much money your finished basement is worth isn’t the priority. Value could mean getting the basement you want and using it yourself. Finishing your basement for a specific use like a theater, or a spa can be much more fun. Your return on investment could be a happy family that spends more time together because of the fun floor space you create. LCM General Contractors have built beautiful and functional basements of all kinds. You dream it, they can build it.
A Capable Contractor
The benefits to hiring LCM for renovating includes a workforce of more than 100 people who are all very good at what they do. LCM is organized and versatile having the ability to finish large projects quickly with quality checks in place throughout the different stages of construction. So, whether you’re finishing your basement to sell it or to enjoy it call the experts at LCM. Get a free, no obligation quote.
