Adding more livable space to your home is always a smart investment. Next to your kitchen and bathroom, finishing your basement is one of the best renovations you can do to your home to increase its value and earn a high return on investment. In fact, with the right renovations, you can easily see a return of about 70%. The best types of projects to focus on are the ones that will ensure your basement stays dry and usable. Read on to learn the best basement renovation projects for ROI.
Before you start thinking about adding a home gym or wine cellar to your basement, you have to ensure your space is waterproofed. There’s no sense in spending time and money creating the perfect basement if one flood will end up washing it all away. This is why taking the time to properly waterproof your basement is one of the smartest and best renovations you can do to your basement.
Being below ground, basements are notoriously damp and prone to moisture issues. Not only is it unpleasant spending time in a damp basement, but it will do nothing to increase your home’s value. Failing to waterproof can also cause issues like mold which can spread throughout your basement and make you feel ill. To avoid any moisture-related issues, be sure to have your basement waterproofed before you plan for any other major basement renos.
The cost of waterproofing will vary depending on the size of your basement and how much work is required. On average, homeowners can expect to pay between $3,000 and $5,000 for this project.
2. New Floors
Once your basement is properly waterproofed, you can move on to your next project: new floors. Choosing flooring for your basement is different than choosing it for the rest of your home. Not all flooring is suitable for basements due to the moisture levels. For example, never install solid-wood flooring as even slight fluctuations in moisture levels will cause the floor to split and buckle. Still, there are countless options when it comes to basement flooring.
Ideally, you want to choose something that is durable and can withstand fluctuations in moisture. From there, it’s all about finding the right style to match your basement and what it will be used for. Design tip: make your basement seem brighter but installing light-coloured and shiny flooring that will help bounce light around.
3. Basement Bathroom
While you may not be entirely sure what you’re going to use your basement for, you can’t go wrong with adding an additional bathroom. Whether you end up using your space as a private movie theatre or a suite for your in-laws, you and your guests will appreciate not having to go upstairs every time they need to use the bathroom. A basement bathroom will increase your overall enjoyment of the space and add value to your home overall.
One thing to consider is the kind of bathroom you want to add. Is a simple powder room good enough, or are you dreaming of a basement spa? Basements tend to be cold and damp, so if you do want that spa-like experience, you will have to pay for it. Adding a simple 3 piece with a shower may be a better investment in the long run. On average, homeowners spend anywhere between $3,000 to $15,000 adding a new bathroom to their basement. While this may seem expensive, remember that you will recoup the majority of these costs if and when you sell.
Keep in mind that there will also likely be significant plumbing work required to make your basement bathroom function properly. Being aware of these additional costs will help you stay on budget. You can always consult with your basement renovation pro to find the ideal spot and layout for your new basement bathroom.
4. Basement Kitchen
A full basement kitchen, kitchenette or wet bar is another great addition to your basement. This way you can easily entertain without having to go upstairs. One thing to note is that every basement is different and not all allow for a full kitchen. Before you start planning your second kitchen, check with your municipality to be sure it’s allowed. Building restrictions are one of the many reasons kitchenettes are so popular in basements. They’re also great to keep stocked full of drinks and snacks for a movie or board game night.
Costs will vary depending on what fixtures you want in your kitchen. On average for a wet bar or kitchenette, you can expect to pay between $2,000 and $12,000. The cost of a full second kitchen will be much higher as more work will need to be done and permits will likely have to be obtained. With so many possibilities, you’ll want to speak with your basement pro about adding some form of a kitchen to your basement.
A basement renovation is a great project to undertake because it increases the usable living space within your home as well as adding its market value. Whether you’re planning on selling now or 20 years from now, having the additional space is priceless. When it finally does come time to sell, you’ll be happy you made the investment (especially once you see that 70% return!). What’s not to love about a renovation that will help you enjoy your home more now and make you money in the future?
When you’re ready to start speaking to basement experts, you can easily find and connect with pros on HomeStars. Simply click on the banner below and enter your project details. We’ll send your request out to companies in your area who will get back to you with a quote. You’ll be enjoying your newly renovated basement in no time!
Cover image courtesy of Hart & Lock Design.