Is It Time to Renovate Your Basement? How Do You Want to Use the Basement?
When you walk downstairs to your basement, do you look around and think we could turn this into a much more comfortable living space? Does watching the home renovations shows on TV give you some exciting ideas helping you visualize what your basement would look like? A renovated basement will increase the value of your home. This will be extremely important should you ever decide to sell, especially in the current market environment.
There are many reasons to renovate your basement:
What is Behind the Walls?
Before starting any personal or builder renovation ensure to have a professional contractors inspect:
After discussing the possible renovation with several trusted contractors and before applying for a building permit, always ask for a 3D Visual of the project. It is much easier for you and your family to visualize the new space when you can see what it will look like ahead of time.
Some of us are capable of completing home renovations without a contractor. If you can complete the work yourself, you must ensure that all the permits and inspections are completed correctly. Not following the required steps can negatively impact the ability to get house insurance and may delay your home’s sale.
It is your responsibility to ensure that a building permit is obtained. You may authorize your contractor to apply for the permit, but you should ensure that they have the permit prior to starting any work. Many owners prefer to apply themselves to ensure the City receives the permit application. Both the owner and the contractor are responsible for the process and are equally liable under the Ontario Building Code Act.
What Will it Cost?
As you are working with your contractors, make sure you are given options to manage the cost. The final plan should meet your requirements and hopes while respecting your budget. One of the current challenges is that the cost of building materials, in particular wood, has skyrocketed in the last year. This trend is expected to continue, so moving quickly may be advised.
The cost of any renovation depends on many factors:
Keep A Contingency Fund
The cost of basement renovations is generally less than for the rest of the house. There are usually fewer high-end finishings. Depending on the basement renovation, the building materials are more durable, like the floors, and therefore less expensive. In addition to the building material costs, you should keep at least 10% to 15% of your budget in reserve because of potential hidden issues that may arise.
Is This the Time to Start?
Today many homeowners are very interested in finishing or renovating their basements. This is because a finished basement provides extra living space and increases the home’s value. Are you planning to remodel your basement? This may be an excellent time to turn the unused area of the basement into a new and exciting space for your family.
Lisa Fitzpatrick ABR, SRS
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