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Does finishing your basement add value?

finishing your basementFinishing 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 thanks to the rising cost of building supplies, even the most basic basement renovations can add up quickly these days.

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 or the foundation to see if there have been any leaks or instances of flooding in the past. 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.

 

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