Your home is most likely the biggest single investment you’ll make in your lifetime. Your home is your sanctuary, the place where you relax on the weekend and where the kids can always call home.
Investing money to renovate your home is a great way to further invest in your biggest asset Not only does it allow you to improve and customize your home the way you want, it also increases the value of this asset when the time comes to sell one day.
Since we’re basement contractors, of course we believe that renovating your basement is a great investment for a number of reasons. First, it can create additional living space in your home without the need to add an extension and go through red tape permit hell. Second, it gives you a number of options like creating a rental space or an in-law suite for aging parents. You can also make it the perfect family room, complete with fireplace, large screen tv and sectional sofa for the perfect movie night.
There are hundreds of different types of renovations in and around the home, the graphic below has a good list of the different types of renovations you can consider.
As you can see, there are lots of different renovations you can do in your home. Some improve the livability of the home, others are structural repairs and others are more cosmetic in nature. Some improvements, like a new bathroom, kitchen or basement, tend to recoup most of the investment when it comes time to sell. Even something simple like spending a few hundred on landscaping improvements can add thousands to the value of your home. Getting a home equity loan or home equity line of credit (HELOC) to pay for these renovations can be a great way to fund these renovations.
While can’t answer questions about every type of renovation, if you live in Toronto or the GTA and have a basement renovation questions, you can contact us here. Thanks!
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