In the 1970s and ‘80s, bungalows and split-level homes often contained basements used as an area for kids to hang out with their friends, or as recreation rooms for the family. Then, as more two-storey homes were built in subdivisions during the 2000s, basements were often left unfinished. In some cases, families were short of additional funds to invest in a renovation, and for others, the basement just wasn’t a priority. In the current economy, more families are choosing to renovate rather than upgrade their homes, and the basement is a great place to expand living space while increasing the home’s value.
DIY or hire a contractor? If you’re someone who loves a project and are handy around the house, a DIY approach may work for you. Before you start, be sure to have a plan and ensure you have the skills to tackle the entire job. Will you be installing a bathroom? Or are you merely finishing the walls and floors? Keep in mind that insulating, although it appears like a straightforward task, can require expert knowledge to avoid mould issues in the future. For jobs that require plumbing, wiring or erecting walls, you may be better off consulting with a licensed contractor. It may cost more than doing it yourself, but with that cost comes expertise, skill and a much shorter timeframe to finish the job. Look for recommendations in your area through a social network site or ask friends if they can recommend someone.
Set a budget. A basement reno can quickly go off the rails if you fail to plan out precisely what you want and need. A reasonable estimate to keep in mind is not to spend more than ten percent of your home’s value. Make a wish list and then begin costing it out. Consider what the basement will be used for and check out used items for sale online, like cabinets, furniture or appliances.
Do you need a permit? A permit is required for any renovation that involves structural fixes, installing or altering heating or plumbing systems, adding additional rooms, adding or removing walls or creating a separate entrance. Basement renovations that do not require structural changes, additional rooms or new plumbing installations do not typically require a permit. It’s always a good idea to check your local by-laws and requirements before starting a project, so you do not run into problems if you try to sell in the future.
The best lighting solutions. Most basements are not blessed with an abundance of windows, so the area can appear dark and dingy. There are a few ideal lighting options you can employ, depending on the style of the room you have created. Recessed lighting is popular since the bulb is recessed into the ceiling so as not to create a harsh glare. This also eliminates exposed fixtures which take up space. Track lighting is also a good option as they are easy to install, inexpensive and adjustable. If you have a bit more budget and want to give the effect of having windows, you can consider false windows. These are light fixtures that look like windows and are installed behind blinds to provide the illusion of natural light streaming in at different times of the day. Ask your contractor for the best false lighting options to suit your new space.
Should you rent your basement? Renovating your basement to create a rental unit is by far the most expensive option, but should yield the highest return on investment. Consult with a licensed contractor to set a timeline and budget. You can expect to pay between $30,000 and $60,000 for a fully-furnished living space with a bathroom and kitchen. In a market with a shortage of rental apartments, now is a great time to invest and this will certainly increase the value of your home should you choose to sell down the road. According to Remodeling magazine, the average basement renovation costs about $60,000 with a 70 percent payback. In the Toronto area specifically, having a finished basement will help sell your house almost twice as fast. If you’re planning to move in the future, consider a basement reno as an investment to boost your home’s value while bringing in additional income. As long as you’re ready to become a landlord, a rental unit is a lucrative option.
Written by Julie Achtermeier
