Yes, you heard it right, a basement ends being a forgotten part of your home. However, it is a catch-all for clutters and is a place that you do not want visitors to see. Everyone thinks that basements do not contribute to the household function, but it not right. 

There are many reasons for remodeling your basement. Deciding to renovate your basement is going to transform it into an essential part of your home that enhances your lifestyle. Here we are going to discuss some compelling reasons for having a basement renovation Toronto.

  1. Increases your home value 

Renovating your basement is going to add some amount to your home`s resale price. According to a report, an unfinished basement can also contribute between $20k and $30k to your home`s value. However, most of the homeowners can recoup 80-86% after renovation. 

So if you decide to renovate your basement, then it is going to serve as a sturdy selling point and generator of interest. However, due to the bustling marketing, rates of return can be higher, and the national average is about a 70% return. 

2.Improves home’s health 

Renovating your basement is going to give a new look to your home and increases the longevity and livability of your home. However, an unfinished basement is a magnet for cold conditions and damp. 98% of houses have basement leaks according to FEMA. 

Toxic molds and fungi develop due to excess moisture present in the basement. It means that excess dampness will expose your family to discomfort and potential health risks. So you have to renovate your basement with modern waterproofing methods to clean the air quality.

Make sure to hire a professional that will inspect your basement leaks, cracks, foundation cracks, pests, and other problems. If you are living in an older home, then they will check asbestos as well. 

3.Add utility space 

Renovating your basement is going to add a new utility space to your home. You can turn it into a laundry room, pet grooming station, or storage space. Moreover, a basement renovation can create a space for leisure, entertaining, and other daily activities. 

You can convert your unfinished basement into a playroom for children to give them their space where they can play freely and store their toys. Lastly, you can renovate it into rooms like home offices, billiards room, libraries, and movie rooms. 

4.Become a money-making rental unit 

A basement renovation in Toronto can turn it into a money-making rental unit if your home is large enough to fit all the amenities. However, it is a complete rental space that includes an area for sleeping, eating, and bathing. A renovation can create a substantial income for your household.

If you have an aging family member in your home, then basement renovation can give them peace of mind and provides them with independence and privacy.

5.Create a guest space 

If more friends and family come to visit and you want to accommodate them, then basement renovation is going to create a guest room. However, a renovation will give you a chance to add a guest suite to your house where your friends can relax.

Keep in mind that increasing plumbing down is not a cost-effective and easy task to do. So before you decide to add a bathroom, consider the layout of the floor. You can hire a professional to create a design that makes sense economically and visually. 

However, basement renovation is going to provide your guests with a comfortable space that meets their sleeping needs and offer them more privacy. Moreover, if you are deciding to add a bedroom in your basement, then consider adding extra insulation for comfort and warmth. 

Final thought 

The purpose of this guide is to provide you with some reasons why homeowners decide to have a basement renovation in Toronto. However, a basement renovation in Toronto can create a substantial income source for your household and increases the longevity and livability of your home.