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Turning your unused basement into a livable space is a popular way to improve the value of your home. It lets you create more living space without expanding and can even be a good way to generate a passive income if it is professionally done.
If you do not want to leave your home, you can’t expand out or you face other building or zoning restrictions, a basement development is a good option.
A basement renovation can include an in-law suite for an aging family member or a completely separate apartment that you can rent out for extra revenue. Fixing up that musty basement may seem like a no brainer it is important that it is done correctly. The lower level of your home is one that is the most susceptible to moisture so water and moisture management are vital when you are planning your basement finish. Professionals estimate basement renovations will fetch no less than 70% and as much as 120% on your money. A proper refit includes a mold-free, fire rated and waterproof basement system.
Starting Basement Renovations
Renovating your basement makes a lot of sense. Insulating with a high R-value material makes your home more energy efficient. All of the water piping, heating ducts and electrical conduit already exists. Plus, you don’t have to evacuate your home because of dust and construction as it is all on the lower level.
Major Basement Renovations May Require Professional Help
An experienced contractor in the industry decides whether the foundation needs reinforcement and how much time is realistic for the project if you decide to lower your basement. Do-it-yourself planners often underestimate how much time a lower level renovation will take or the extent of the work. Renovations that require excavation and an underpinning of the foundation require engineering plans. Clearly, mussing with the structure that supports your home is not a good idea unless you want to see cracks in plaster and door frames out of alignment. Read the fine print in your contract and be certain that you know what your homeowner’s insurance covers if there are problems.
Despite the inconvenience of any renovation, many homeowners find it is worth it. Once completed, you have a fresh, clean, bright usable space and a property worth more than when you began. If you are in a situation where every square inch counts, basement development is a good investment. You can use it for yourself and then use it for resale. That area with raw concrete floors and poor lighting that you never used is transformed into a nice space that is used a lot.
You should make a list of your “must-haves” and talk out your ideas before you ask for quotes. Be sure you use certified professional basement contractors with a long track record in the industry. Get multiple quotes, but don’t always look at the ones with the lowest price tag, especially if you will be making structural changes.
When it comes to renovations, paying a little more often means you are getting quality work. Ask for references and talk to others who have used the contractor’s services, check with the Better Business Bureau and search the internet for reviews. Home renovations can be stressful at the best of times. Reduce the chance of problems by using a professional who can get the job done quickly and correctly.
Have a question about renovating your basement in Toronto or the surrounding GTA? If you are looking for help with a basement lowering project (Underpinning) or fixing a damp or leaking basement, contact us here for a free in-home inspection and estimate.
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