For many homeowners, a basement is an afterthought. It is typically forgotten, neglected, and purposely avoided when giving guests a house tour. Eventually, it turns into a dirty, derelict space that may very well be the stuff of horror films.

Are you thinking of going against the norm and providing your basement with the TLC it deserves? Here’s some good news: finishing your basement does not only offer aesthetic value. It also brings in a wide range of benefits and value to your home, ensuring that every cent spent is worth it in the long run.

REASONS WHY YOU SHOULD FINISH YOUR BASEMENT

Many homes come with unfinished basements. That is, they don’t have lighting, flooring, waterproofing, insulation, and ventilation, among others. In this case, the basement is either ignored or simply used as a storage area where odd knickknacks and household items are kept, often in a disorderly manner. Some basements even have ceilings with exposed beams, poles, and other building materials, posing safety hazards.

Besides being risky and unpleasant to look at, an unfinished basement is also wasted potential for your home – and your family. Below, we explore why you should put all that precious space to good use.

1. EXTRA LIVING SPACE

In the movies, basements are often depicted as dark, dusty, and downright creepy. But with expert hands and the right materials, even the dingiest basement can be transformed into an entire floor of ultra-cozy living space. This makes it incredibly useful if you have a large family. Perhaps your parents or in-laws are living with you or your children are not quite ready to move out yet. Quite possibly, your kids are no longer so little and already need a space where they can play or hang out with friends.

As an alternative, you can also turn your basement into a private suite for your beloved guests, guaranteeing that they will remain comfy while home away from home. Thanks to this, you won’t have to worry about looking for an available sleeping space next time an unexpected slumber party comes around.

Keep in mind that a finished basement doesn’t necessarily have to be a sleeping quarter. Instead, you can use that available space for practically anything you want, be it a home theater, game room, gym, or even an office. It is all up to you. In the end, whatever you choose, the result is the same: you will gain an extra living space that can dramatically improve the quality of life within the home.

 

Related Article: Top Basement Renovations Ideas 2020

THE BEST WAYS TO FINISH A BASEMENT

There are a plethora of ways to renovate your basement. One is not better than the other, and it all comes down to your needs, preferences, and even budget. Make sure to assess your situation before deciding on which one to go for. Here’s a quick rundown of our top picks to help you get started.

• In-Law Suite. If your immediate family members or other relatives are living with you, give them their much-deserved privacy and freedom by doing a basement renovation, turning it into a comfortable bedroom. This is furnished with everything they need to live the best possible way, including a kitchen, bathroom, and more – as long as there is space.
• Home Theater Room. Do you regularly organize movie nights with the family or your friends? Perhaps you want to be constantly up-to-date on the latest films or TV series? In this case, a theater room is an excellent choice. With the right sound and lighting systems, you can even replicate the movie-viewing experience without leaving the comforts of your home.
• Office. If you plan on working from home, having a dedicated workspace is paramount. For some, an uncluttered desk and a comfortable chair are more than enough. But if you want to take things to another level, consider transforming the entire basement into your private office. Now, you can finally work uninterrupted and achieve that coveted work-life balance.
• Workout Room. If you’re a fitness enthusiast or simply want to get into the habit of exercising, you might want to a home improvement project converting your basement into a fully functional workout room. This allows you to attain your fitness goals despite your hectic schedule – and without having to go to the gym.
• Family Room. Is your household growing quickly, causing your home to feel cramped and stuffy? Or, maybe you just want a place where everyone can bond and unwind? If so, a finished basement for your loved ones is precisely what you need. You can easily customize it to fit your needs and preferences, so it is ideal whether you want a simple room to lounge in or a fully furnished space complete with a kitchenette or a bathroom.

2. POTENTIAL SOURCE OF INCOME

Another fantastic reason to renovate your basement is that it can provide you with a steady stream of income. Once fully furnished, a basement could serve as an apartment that you can rent out to tenants. Of course, make sure that it is functional, efficient, and equipped with all the essentials, including a bathroom and a kitchen area. Furthermore, don’t forget to check the laws governing your area to avoid any legal ramifications.

Once everything is out of the way, it is just a matter of maintaining the space to keep it in tip-top shape, and watching the cash roll in every month. So, although transforming your basement into an apartment can be pricey, you will likely make more than enough money to make up for the basement renovation expenses. Even better, you can also have some extra bucks to pay off your mortgage or build your savings for a brighter future.

3. BOOSTS THE VALUE OF YOUR HOME

Another notable benefit of finishing a basement is that it could skyrocket your home’s resale value. Even if you’re not thinking of selling your home anytime soon, it is still an important point to consider. You never know when you might need to sell your property, after all. And once you do, your future self will certainly thank you for your foresight and wise judgment.

If you live in an area where a finished basement is relatively rare, then you’ll be able to ask for a much higher price. Finishing a basement essentially makes your property stand out from the rest, making it more appealing to prospective buyers.

4. OFFERS A HUGE RETURN ON INVESTMENT

Although finishing a basement does require you to shell out some money, it is exceedingly cost-effective in the long run. According to the Appraisal Institute of Canada, basement finishing has the highest enjoyable value in home renovations. When it is time to sell off your property, you can expect a return on investment (ROI) of anywhere between 50% and 75%. Keep in mind that this is just an estimate, and the value will vary from house to house. Still, it is not a bad amount for an additional space that the rest of the family can enjoy.

There are other ways to earn paybacks, too. As mentioned, you have the option of taking in a tenant and collecting some decent rental income every month. Meanwhile, setting up a workout room means that you won’t have to pay for costly gym memberships. Likewise, a home theatre could spare you from your monthly – or even weekly – visits to movie theatres. As a bonus, staying at home also means that you’ll be able to save up on gas.

5. AVOID ZONING ISSUES

Zoning refers to municipal or local regulations that dictate how lands can be used and developed in certain geographical areas. More often than not, zoning codes may prevent you from building an extension on your home. Fortunately, finishing your basement allows you to sidestep these laws – all while reaping the benefits of that added space.

Also, take note that basement renovation is generally much more economical than constructing a new space for your home. So, even if you won’t clash with zoning regulations, consider just finishing your basement instead of starting from scratch. This way, you can get the most bang for your buck while saving time and effort.

6. INCREASED SAFETY AND COMFORT

Another notable – yet often overlooked – benefit of a finished basement is that it can take your home’s safety and comfort to greater heights. For one, just installing a basement ceiling can already significantly improve your house’s fire safety.

Once supplied with waterproofing, ventilation, insulation, and other necessities, the cold and musty basement can finally be a safe, comfy place for your family. It will stay cool in the hot summer months and remain warm and snug during winter. Plus, a finished basement will benefit from superior air quality. It will also be less likely to attract pests, moulds, and other moisture-related issues.

FINISHING YOUR BASEMENT IS ABSOLUTELY WORTH IT

There is no question about it: You can make the most out of your home when you finish your basement. By providing additional living space, you can significantly increase the quality of life in your home. Plus, it is versatile and you can renovate it into whatever type of space you desire. At the most basic level, a finished basement also elevates your home’s safety and comfort, ensuring that your family – or guests – could live pleasantly and without worries.

Like any other home improvement project, there are some initial startup costs when you finish a basement. However, there are several ways to reclaim your money, including renting out your space or reselling your property at a higher price. Depending on what type of basement you have, you’ll also be able to save some precious bucks through more indirect means. With your newly refurbished basement, for example, you may no longer need to go to a gym or a movie theatre.

But at the end of the day, we can all agree that your basement’s renovation expenses are a small price to pay for the added comfort and improved well-being you and your family will experience. And if you’re on a tight budget, don’t worry. Basement Renovations Now offers more affordable – but still safe, durable, and high-quality – options that won’t hurt your wallet.