If you want to improve your property or renovate an investment property, finishing the basement will yield a great return on investment. Remodeling this space can effectively increase the value of your home. There are three ways that renovations to your basement could add value to your property and some things to think about before starting:

1: More Living Space

An unfinished basement is a blank canvas, ready to accommodate family and friends with just a little bit of elbow grease. Imagine taking a dark and unattractive space and making it an inviting, bright home for guests, a game room complete with everything you need, or even a private movie theater if your family members would love the possibility of spending more time in your basement the chances that it will be so for the buyer or tenant. They will also be willing to pay more for it.

Remember that in most locations, there must be two points of escape and at least one closet to satisfy safety laws and criteria for a bedroom if you’re considering turning your basement into a spa-like guest retreat.

It is important to note that while closets are usually simple to construct, egresses may be more complex and typically require breaking foundation walls to make or widen existing openings. These are excellent reasons to speak with an architect before remodeling.

2: Additional Bathrooms

In general, bathrooms with more get associated with higher property values. The value difference for a home that has the bathroom of one or two bathrooms, for instance, is massive. When you decide to put your home on the market, your family will benefit from increased functionality and a clever strategy to guarantee that it sells quickly.

You’ll need to hire a plumber if you’re not an expert. Pay attention to budgeting for this expense. Remember that constructing a bathroom is an investment in your home’s potential appraisal value. Suppose you take that path and budget money for fittings and tiling.

3: Your Cash Flow Could Significantly Increase with a Finished Basement

A basement can transform an individual family home into an apartment rental for multiple families. That will not only ease the burden of your mortgage but also attract potential buyers interested in doing the same. While rental rates for basement units typically do not cost the same amount as above-grade ones, a completed basement can still generate substantial revenue from an area that would otherwise be empty.

Before starting a renovation, make sure you check the local zoning regulations. As you plan and allocate funds for your area, it’s crucial to consider fire codes, access, egress, and parking space requirements. A helpful partner in navigating and meeting these standards can be a contractor.

It doesn’t matter if you intend to live in your home for a long time or plan to sell it in some time; basement remodeling is an excellent method to increase the functionality and value of your house. If you choose not to go with the DIY option, ensure you search for an expert, highly recommended contractor.

Are you ready to enjoy a finished basement in your Ottawa home? Ottawa Home Pros is prepared to help. Contact us today at (613) 288-9145 or email us at info@ottawahomepros.com for consultation and a quote.