Basements are a big money renovation. If you’re not ready to tackle a full renovation, here are a few smaller ways you can add to your current space and still see some value. Some of these will assume you have an already finished basement and some won’t.
Mike Holmes is one of HGTV Canada’s go-to contractors and the host of Holmes and Holmes, Holmes: Buy it Right and Home to Win.
A New Fireplace
Basements tend to be cooler than the rest of the house, so bringing a little warmth to the space can be a good thing. If you watched Holmes and Holmes season 2, you’ll know how much I love fireplaces. Installing an electric fireplace comes with a relatively low cost and can up your value by 5 per cent or more. You can even buy one that you can control with your smart device.
Built-in shelving and storage help maximize the space in the basement, making it much more attractive to potential buyers down the road. This also gives personal value, as it will increase the space for your own use, whether you use the basement as a gym, home theatre or bar.
Depending on your square footage, a full basement renovation may be an expensive undertaking. But who says you have to finish the entire basement? Leave some areas alone – like your furnace and laundry rooms – and focus on the livable space. At the end of the day, you’ll still see a return on your investment; and if you choose to, you can finish the remainder of the basement later on.
A dim, dark room won’t excite potential buyers. Installing more LED lighting is a cost-effective way to bring up the value of your basement. LED lighting can be warm, cool or bright and comes in almost any style that you’re looking for. Don’t forget to install a dimmer switch: that’ll help entice future buyers, especially if they see a basement home theatre in their future.
Here are 8 cool lighting trends that will transform any room.
I always say the most important thing you can do to your home is to protect it from the elements. If your home’s basement isn’t finished yet, the first thing you need to do is ensure it is properly waterproofed. Waterproofing from the interior tends to be lower cost than exterior waterproofing, but either way, it’s worth the investment. Basements that aren’t waterproofed are at a high risk for mold growth, which can really decrease the value of your home. Before tackling any basement projects, make sure to waterproof. It’ll protect your investment inside, no matter how you finish it afterwards.
A New Furnace
If your home has a basement, odds are that’s where you’ll find the furnace. A new furnace probably isn’t the first thing to come to mind when you think about a renovation, however, it might be what your basement needs. I’ll be upfront, a new furnace won’t add monetary value to your home. But, a new furnace is an attractive feature to potential buyers and it could mean you sell your home more quickly.
Here’s what you need to know before renovating your basement.
Make your home more energy efficient by making small upgrades in the basement. You’ll not only see the difference when it comes to your utility bills, but energy efficient features can entice buyers. Don’t know where to start? Replace the weather stripping and caulking on windows, install programmable thermostats and speaking of furnaces, install an energy efficient unit. I personally love a hybrid unit, they’re one of the cleanest and most efficient furnaces you can get.
HGTV your inbox.