A finished basement not only increases the amount of usable living space in your home but it adds value to your property overall. If you’re lucky enough to have a home with a basement, you have unlimited potential of what that space could become. From extra storage to a rental income, maximizing the usable space in your basement is always a smart investment.
1. Extra Bathroom
If your home has only one bathroom, adding an extra bathroom in the basement is a great idea. A basement bathroom will increase your overall enjoyment of the space and add value to your home overall. Depending on what you will be using the space for, you can go for a simple powder room or a full-blown spa. The choice is up to you and your budget. On average, homeowners spend anywhere between $3,000 to $15,000 adding a new bathroom to their basement.
Below are the average costs of Bathroom Renovation services across different cities in Canada:
*Costs based on 5095 verified Canadian homeowner reviews as of March 2022
Whether you’re thinking about selling now or some time far in the future, an additional bathroom will catch buyers’ eyes. An extra bathroom is also great for any house guests who may be staying over, especially if you end up adding a guest room. Last but not least, think of the fact that you’ll never have to go up 2 flights of stairs again to use the bathroom when enjoying a movie marathon in the basement.
2. Guest Bedroom
Some guests stay for a night, others overstay their welcome. For however long your guests end up staying, they will be much more comfortable in a basement guest suite of their own. Adding an extra bedroom will free up space upstairs so everyone feels like they have their own space. As an added bonus, potential buyers will love the addition of an extra bedroom as it’s even more livable space in the home they do not have to create.
Keep in mind that for a basement room to be considered a bedroom, it must have two things. The first is an egress window that can be used as an exit in an emergency. Adding an egress window will cost between two thousand and five thousand dollars, and requires the help of a windows and doors specialist. The second thing your bedroom must have is a closet which is an easy project for a closet builder to take care of.
While adding these items to your guest suite might be costly upfront, remember that an extra bedroom increases the value of your home by around 100 dollars per square foot.
3. Income Property
If you’re looking to go all-in with your basement renovation, turning it into an income property will add value to your property and give you extra income monthly. Many homeowners add an income property to their home to help offset the costs of their mortgage. By having tenants that will pay you monthly, an income property is like the investment that keeps on returning.
Turning your basement into an income property is a major renovation and you will have to check with your local codes about what is required. For example, to meet fire code, your income property must have one form of entrance and two forms of egress. A basement renovation pro will be able to help you figure out the best layout so you can maximize your space while still meeting legal requirements.
One of the best things about a finished basement is the potential for storage. Finally, you will have a place for everything, especially larger unsightly items that take up space. From holiday decorations to sporting equipment, there’s no limit to what you can store down there. To help take advantage of your storage space, you may want to hire a professional organizer. They know the best basement storage solutions and can create a plan that is both functional and stylish.
5. High Return on Investment (ROI)
Any renovation to help finish your basement and make it a more usable space is a good investment in your home. In fact, with the right renovations, you can easily see a return of about 70%. This means that if you spent $1000 on your basement, your property value would increase by $700. With every basement project, you’re investing not only in your home but in your enjoyment of it.
The hardest part of your basement renovation will be deciding which of these projects to carry out first. Think about your lifestyle and what makes the most sense for your home and family. When you’re ready to move ahead and start getting quotes, HomeStars makes it easy to connect with verified basement pros in your area. Simply click on the banner below, enter your project details and we’ll take care of the rest. You’ll be enjoying your new basement in no time.
Article updated June 2022.