ALL ABOUT THAT BASEMENT: Adding Value with Basement Renovations
Posted on: 2016-03-01
Many property owners have considered basement renovation, but are the returns on investment always there? We here at Parabola Developments took a look at some common basement reno issues and settled the score. Consult our guide below and find out what basement features add real value to your space.
AVERAGE COSTS
Depending on materials, labour and economic factors, the cost of finishing a basement is generally tied to the value of the house. The following is a very basic estimation chart:
House value Expected renovation budget
$350,000 $30,000-45,000
$500,000 $50,000-75,000
$750,000+ $80,000+
TYPICAL RETURN
While the type of renovations and overall design greatly impact the market price, property owners can likely count on regaining 50-60% of the funds they invested in a basement renovation. Property value can increase depending on the appraisals and styles of properties in the surrounding area. On average, renovations always recoup more cost than additions.
MUST-HAVES
Each basement is different so there are only a few features that are universal in most modern renovations. Classic, stylish lighting is perhaps the only aspect of your basement reno that you can’t spend enough on– great lighting can elevate an entire room! Resilient and attractive flooring should also be very high on your priority list. Beyond that, insulation, waterproofing and moisture mitigation should all be in place before your first design and décor brainstorm!
OVERRATED
While still popular, many basement features have become a thing of the past in many design circles. More than that, maintenance and utility costs can be astronomical once you factor in the limited usage. Wet bars, intricate paneling and other luxury items are all more expensive than they are valuable. Modern families and buyers prefer friendlier, more “live-able” basements.
A renovated basement adds a new living space for the occupants of the property, but it also adds value!
Contact Parabola today and our experienced staff can guide you through a basement renovation from initial design to finishing touches.
Photo by Alturas Homes from Pexels
