Finished basements have become one of the most popular renovation projects to maximize both space and value in the 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 The Home Team first 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.

What is the market value in your neighbourhood?

If you’re trying to boost the overall value of your home, first check with a realtor to see what other homes with finished basements are selling for.