Renovating your basement can be a great option, whether you are looking to make your home more comfortable, increase the value of your home or create additional living space. However, a renovation project can be a long one, and if you want to completely revamp your entire basement, you need to think about these three crucial factors.
It is highly recommended that homeowners have a detailed understanding of the basement’s intended layout and budget before beginning any work. Having clear cut goals and planning your budget accordingly can help you avoid unexpected expenses during renovation.
Every family should consider their budget when renovating a basement. This includes the budget they have available and what they can afford. Even though it is time-consuming, preparing a budget is essential to ensure that you do not get into debt. First of all, determine how much your family can afford to spend on renovations. Once you have calculated your budget, perform market research on renovation costs within your price range.
Renovation time frame
It is important to have a time frame set for your renovation works. You must also consider factors like vacations and other commitments that keep you away from home when deciding on a time frame.
Typically, basement projects take between 4-6 weeks to complete. Hence, if you plan to spend time away from home, include that in your timeframe calculations. A rough estimate of the renovation time will allow you to keep your expenses in check.
Permits and other legal liabilities
It is arguably the most important requirement of any renovation or construction projects that people often tend to overlook. It is crucial to make everything legal. Inspection of work happening would lead to approved permits which ensure the work is within legal bounds and flows smooth.
The permits are imperative to prevent building anything potentially dangerous that could collapse and potentially damage your house or its surroundings. For instance, consider the potential consequences of a fire or a structural collapse.
It is a measure of precaution to prevent the construction of anything hazardous that has the capacity of bringing down and ruining a house (and possibly the surrounding areas). Think fire and structural collapse.
Would basement renovations be worth the investment?
Many people ask how much a finished basement can add to the value of their home. Recent research shows that a basement completed is a worthwhile investment. According to Remodelling Magazine, a basement renovation will yield a 70% return on your investment. This is a remarkable return on investment for a finished basement!
If your basement renovation includes external wall insulation, painting walls, ceilings, trim, and flooring, you may expect a high return on investment. Renovations to your basement are therefore a worthwhile investment you should make.
As a homeowner, you should utilize every square inch of your house. Review your basement space to add more value to your home. While you cannot use your basement to increase the square footage of your home, with a suitably designed basement you can definitely add value to the entire property.
Your basement can be used as a family hangout, home gym, apartment, or home office that offers innumerable creativity and flexibility. You have the freedom to create your own style and design choices. Whatever you do with your basement, it is sure to bring many benefits.