How Finishing Your Basement Can Boost Your Home's Value

Have you been dreaming about finishing the basement in your home? While the personal benefits you can expect to experience after doing so are surely great, the boost to your home's value cannot be overlooked. Here are five ways that finishing your basement can increase the value of your property.


Buying a house with an unfinished basement is a great way to save some money. On the flip side, selling a home with a developed basement is a great way to increase the amount of money you can get for it. 

If you purchased a house with an unfinished basement and are still on the fence as to whether you should develop it, whether for personal or monetary gain, here are the top five ways a finished basement can boost the value of your home.
 

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1. Extra Bedroom(s)

Depending on the size of your basement, you can add an extra bedroom or two down there which significantly increases the amount of money you can ask for when listing your house. If your house currently has three bedrooms and you can turn it into a four or five-bedroom home by developing the basement, your property will appeal to a larger group of buyers as well.
 

2. An Extra Bathroom

Sticking along the same lines, most basement developments include the addition of an extra bathroom. While it can cost a bit more to outfit a full bath down in the basement due to the plumbing work that is required, it can be well worth it once the time comes to sell your home. This is especially true if your house currently only has one bathroom, as a two-bath home is much more appealing to buyers.
 

3. A Great Return on Investment

While you will never get all the money that you spend on a renovation or remodel to your home back, developing your basement will at least give you one of the highest ROIs out of all home renovation projects. Typically, homeowners can expect to receive around 70 to 75 per cent of what they put into finishing their basements. That means if you spend $30,000 developing it, you can expect your home's value to increase by about $21,000 to $22,500.

THE DOS AND DON'TS OF DEVELOPING YOUR DREAM BASEMENT


4. You Can Turn Your Home Into an Income Property

If you have a walkout basement, then you have the ideal layout for a basement suite that can be turned into a rental property. Here in Calgary, the city has made developing and renting these sorts of units out much easier in recent years. Even if you just plan on flipping the home soon, putting a secondary or in-law suite into your house will help attract specific buyers who are on the hunt for such properties.
 

5. More Livable Space

While the additional square footage you add to your home by developing its basement technically can't make its way onto the MLS listing when you put your home up for sale, buyers will undoubtedly see the value in it. All the extra usable space will help persuade potential buyers, especially those who have no desire to take on a basement development project and are looking for the most turn-key home on the market.

While developing your basement is a big undertaking, the boost it can provide to your property's value is undeniable. Ideally, you would finish your basement well before you plan on selling your home. That way you can enjoy all the benefits of having a finished basement for a good period of time, while still reaping the resale rewards later on. 

Should you have any questions about basement development in Calgary, or would like to get a free quote, be sure to contact us today.
 

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FAQs

Q: How much does it cost to build a basement in Calgary?

The average cost of developing a basement in Calgary is around the $35,000 mark. That being said, basement developments can usually range anywhere between $25,000 to $50,000. As with anything in life, the more perks or upgrades you want, the higher your cost will be. But a $35,000 basement development will still include a few upgrades and will be a very nice addition to your home.


Q: Do I need a permit to develop my basement in Calgary?

According to the City of Calgary, interior renovations or changes to existing basements do not require a permit. If you plan on turning your basement into a secondary suite though, that's a different story. The best way to know if your basement development will require any permits is to work with a licensed home renovation contractor. They'll be able to let you know right away if what you have planned will need permits.


Q: Why are basements so expensive?

In reality, it costs a lot less to build down than it does to build up. A better way to view the cost of developing your basement is to look at it as though you're adding another floor of livable space to your home. If you have a two-storey house that costs around $500,000 then you could look at a $35,000 basement development as a pretty good deal. 

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