Being a reputable basement renovation contractor, we often get customers asking us whether a basement remodel will add any value to their property. With over 20 years of experience in basement renovations, we know that it can enhance the overall value of your home. Read on to learn about the ROI, including the factors affecting it.
ROI for Popular Remodeling Projects
According to various studies, the following renovation projects can increase the overall value of your property:
- Basement Remodel
- Bathroom Renovation
- Major Kitchen Remodel
- Bathroom Addition
Research also shows that renovating your basement can increase the resale value significantly.
What Does a Higher ROI Mean?
The return from remodelling your home is calculated by evaluating the increase in price you may get when selling your property. Thus, a higher yield indicates that your basement remodelling project is cost-effective and affordable.
It also helps to consider the non-financial aspects, which is typically based on the purpose of the renovation. It could be any of the following:
- Movie nights with family or friends in the comfort of your house
- Space for parties and get-togethers
- A private office within your home
- A spare room for your guests
- Moisture-proof and convenient storage space
- A spacious gym with all the required equipment
Factors Affecting the Value of Your Basement Remodel
- Condition of the Basement
If the state of your basement isn’t the best and there are signs of water damage, mildew and moisture, rusty windows, and dark corners, it helps to make it more livable. Repairing and remodelling this area will enhance the value of your home.
When renovating your basement, it is essential to consider your neighbourhood’s real estate market trends. This is because every real estate market is unique and using a variety of features and custom built-ins may not always give you the return you are looking for.
- Quality of Materials
Any remodelling project that is completed with low-quality materials and poor craftsmanship is unlikely to fetch you high resale value. This is why it is essential to hire a reputable basement renovation contractor for the job.
- Time of Resale
Styles and preferences change over time, which is why it helps to remodel your basement keeping the current choices and trends in mind.
Get More Value Out of Your Basement Remodel with Us
renoWOW! is a leading basement remodelling contractor. We have experts who can understand your needs and provide basement renovation ideas that suit the architecture and style of your home. With over 25 years of experience in the industry, we have the expertise and resources to come up with great solutions and reliable advice. You can trust us to turn your ideas into reality.
If you have any questions about basement remodelling, feel free to call us at 416-937-0969. You could also fill out our online form to request an estimate.
– Article written by Sam Beninato