How to Get the Best ROI From Your Basement Renovation

How to Get the Best ROI From Your Basement Renovation

Here at iRemodel Home Renovations, we often have calls from clients asking about the possible value a basement renovation can add to their home. In our experience, we can say with confidence that finishing your basement will certainly add value, but there are factors that can affect how much more your property will be worth. We have put together a short guide regarding ROI and basement renovations that you may find helpful.

ROI on Popular Renovations

There are several renovations you can complete on your property that will help boost its value. Some of them include:

  • Basement renovations
  • Bathroom remodeling
  • Major kitchen overhaul
  • Adding a bathroom

Of all of the above choices, a basement renovation will add the most value while requiring the least investment.

What is a Higher ROI?

ROI stands for return on investment. Your ROI is calculated by the amount you invest in upgrades versus the amount you will receive when you decide to put your house on the market. The higher your ROI is, the more cost-effective your renovation project will be. However, while financial gains are important, you should also consider other factors before renovating, including:

  • Making your home more comfortable
  • Upgrading outdated fixtures
  • Increasing energy efficiency
  • Making more space for guests
  • Creating a private space in your home
  • Upgrading for more storage
  • Improving the aesthetic appeal

What Affects the Value of Your Basement Renovation

Several factors can affect the profitability of your basement renovation project. The chief factor is the current condition of the space. If your basement has damage from mildew, water, or moisture, it will cost more to repair from the outset. Rusty windows or dark corners can also end up costing more to fix but will offer a large boost in profit once your upgrades are complete.

The Quality of Your Materials

Low-quality materials will always bring lower returns. Cheap labour will also yield poor craftsmanship and shoddy aesthetics. If you want to increase your ROI, make sure to hire a quality construction team, such as the one here at our Toronto home renovation company. That way, you can rest assured knowing your project is being completed with sturdy materials and excellent craftsmanship.

Your Home’s Neighborhood

Renovating your basement can add value to your home, but you will also need to think about the market trends in your area. Every location has a unique market, and in some areas, certain upgrades may not bring the type of ROI you are expecting.

When You Plan To Sell

Trends and styles tend to change over time. When you renovate, it is important to choose a style that is in line with the current trends. Avoid overly customized styles that may not appeal to the general population. Instead, choose classic colours and bright aesthetics that anyone can enjoy.

How We Can Help with Your ROI

Here at iRemodel Home Renovations, we understand that you want to make the most of your investment. We will work with you to create a stunning basement space within your desired budget. Our experts will also help you to choose trends that are in keeping with the rest of your home, but also will appeal to the masses. For more information on our services, give us a call at (416) 825-2542 today.