27 Oct Finishing Your Basement to Add Value

Finishing Your Basement to Add Value

Finishing your basement has become one of the most popular renovation projects to maximize both space and value in your home.

The beauty of this type of renovation is how versatile it can be – you can go all in by adding a bathroom or kitchenette or stick to the basics like drywall and flooring. It’s important to know that the rising cost of building supplies can add up quickly.

Here are some key questions to consider before finishing your basement to get the most value out of your project:

• Why are you finishing your basement? Are you looking to add space for your family? If so, how long do you plan on staying in the home? If you’re planning to add a bathroom and/or kitchenette, book a consultation with us to see if you’ll recoup the investment when selling.
• Is your basement water tight? Check for staining on concrete floors and foundation walls to see if there have been any leaks or instances of flooding in the past. Check for cracks in foundation walls in the basement and also do a walk around of the outside of your home, to see if you see any cracks. We have contacts of professionals that can help you if you would like an opinion or if you think there may be an issue.
• What is the market value in your neighborhood? If you’re trying to boost the overall value of your home, is finishing your basement the renovation that will provide the largest gain. Check with us to see what other homes with finished basements are selling for or what are the other items in your home you should prioritize.

Some things to consider

Before you begin the process of finishing your basement there are some key factors to consider. Clearly understand the purpose of your finished basement and create a detailed floor plan that optimizes the use of space, whether you’re adding a bedroom, home office, bathroom, entertainment area and/or laundry room. Understanding the optimal layout and requirements for each space is paramount before you begin. This will save you time and money. Consider if you want to seek the advice and work of a professional to assist you.

See CMHC’s guide to “Renovating your Basement for Livability” and visit the City of Ottawa’s website, (click here) to learn more about the necessary permits and building codes applicable to your project, i.e. egress windows, electrical and plumbing. When it does come time to sell your home, having copies of the permits is helpful to put buyers at ease and also knowing that the work has been done correctly.

Also consider the level of insulation and does any of the heating, ventilation and air conditioning (HVAC) need to be added or adjusted to ensure a comfortable temperature on cold winter days and hot summer months. Good to check with a professional HVAC technician if you are adding significant finished square footage, so the heating/cooling system is appropriately sized.

Helping you prioritize the items that will have the biggest impact on potential buyers and dollars obtained is our specialty.  

• Ask us for our contacts of professionals, i.e. painters, handyman, flooring, renovators to assist you.
• We are available to answer your questions or discuss the Ottawa market with you.
• Use our established experience over many years in the Ottawa real estate market.