Can you recognize a strategic opportunity when you see it? If so, a finished basement may be something you want to consider. “Whether you’re looking to increase the value of your home or save on energy bills, completing your unfinished basement can be a rewarding experience,” says Steve Gray, a broker with Royal LePage. Gray offers the following benefits to finishing your basement:
1. Energy savings. Without full insulation, unfinished basements can be cold air culprits.In addition to energy savings, a benefit of a finished basement is the homeowner has an opportunity to bolster insulation as the work begins.By properly insulating, you create a warmer, drier environment, eliminating the need to turn up the thermostat.
2. Resale value. If you’re thinking about selling, a finished basement is a good feature and may increase your home’s marketability. This is especially true for buyers looking to make the most of a home’s square footage. Finished basements provide a myriad of possibilities, from guest rooms to play rooms to home theatres.
3. Additional income. You may want to consider turning your extra space into a legal basement apartment with a separate entrance and fire escape. While this initiative requires thorough research and a potentially significant investment, the monthly income will help you pay down your mortgage and offset much of the initial costs of renovations. Before embarking on an income suite venture, be sure to research all applicable permit and zoning laws for your area.
If your basement is unused or increasing your energy bills it makes sense to finish it and take advantage of the extra living space. Do your research, invest wisely and you may end up reaping the rewards that a finished basement has to offer. Find more information at www.royallepage.ca.