If you purchased a home with an unfinished basement, you may be wondering if it’s a good idea to finish the space. Most homeowners tend to leave unfinished basements unfinished since the main focus is on the upper levels. However, choosing to complete your basement can be of great benefit. From giving you more space to creating better storage solutions, a finished basement can be extremely helpful. Despite the numerous benefits, there are some factors that you will need to consider before making the choice to fix up the basement. In this article, our team is going to go over everything you need to know about finishing the basement in your house in Ontario. Follow along below to learn more
Benefits of Finishing Your Basement
Finishing your basement comes with an assortment of benefits. For instance, if you are zoned correctly, a finished basement could mean a rental opportunity. This would in turn be a great secondary source of income. Even if you don’t have plans of renting out your basement, finishing it could provide an additional bedroom or office space. You could also make room for a home gym. Furthermore, a finished basement can be a great place for a rec room for children to play. Above all, finishing your basement can enhance the value of your home since you will be creating more livable space!
While finishing your basement comes with many benefits, it is important that you consider a few key factors.
Items to Consider Before You Finish Your Basement
- Your Budget
Before you make the choice to finish your basement, it is essential that you consider your budget. Having a good understanding of your budget will help you determine what can be achieved with your space without stretching yourself too thin. Assess your current financial situation and be honest with yourself about what you can afford to spend. This will help you set realistic expectations, understand the level of finishes that can be done, and determine what you are willing to put into the project. During this step, it is a good idea to obtain quotes from contractors, suppliers, and other tradespeople.
- Is Your Basement Watertight?
Determining if your basement is watertight is a necessary step before you can finish the space. You will need to walk through your basement and check to see if there is any water damage. If your space is not watertight, you may notice stains on the concrete/foundation. It is best to fix water problems from the exterior. However, there are some interior solutions. Making your basement watertight can be costly, but it is crucial when starting any basement renovation.
- Head Space
Several of Ontario’s older properties lack headspace in the basement. This can result in you being unable to meet city codes. If you think your basement lacks the appropriate ceiling height, call a professional to assess the space. This will help you get an idea of how much it will cost to get the space to code. Completing the basement without meeting code requirements can hurt the value of your home and cause further issues down the road.
More Factors to Note
- Current State of Your Basement
While you determine if it is a good idea to finish your basement, you should evaluate the current state of your basement. You can begin by inspecting the space for water damage, checking for cracks in the foundation, and noting where plumbing and electrical are. This will help you to see if there are going to be any unforeseen problems or inconveniences in the finishing process. If you’re not sure what to look for, consider hiring a professional to examine your space prior to starting construction.
- Have you Done the Research?
Another thing you’ll want to do before starting your project is research. However, if you’re reading this article, then you’re already one step ahead of us! Doing your due diligence is essential in beginning any sort of project. Determine what kind of permits you’ll need, what local building codes are like, what trades are reputable, and other key information.
Contact us About Buying or Selling a House in Ontario!
Finishing the basement of your house in Ontario is an exciting endeavour. If you have any additional questions about finishing the basement of your home in Ontario, contact us today. For more information on buying and selling in the area, reach out to one of our trusted team members. Be sure to check out our Instagram page here for the latest updates and more. We’d be happy to help you find an awesome high-end property in Ontario. Feel free to reach out to us at any time, we look forward to working with you soon!