With real estate prices, sky rocketing lately, lot of folks are wondering what they can do with their current residence. Most primary residence are turning into multigenerational homes now where the additional space is not a want but a must have. One option most folk’s consider is if you cannot move how to upgrade or renovate your current residence to incorporate additional space.
Also with Covid restrictions and being stuck at home, you start to look at different options you have to maximize space in your current place. One ideal option is to finish your basement, which could provide either additional space for you and your family to enjoy or potential income depending on what you decide to do. When looking to finish your basement, it is very easy to get overwhelmed with choices and cost. However if you break it down into simple step-by-step process it can be quite simple and headache free.
When deciding to renovate or finish your basement or to add additional space you want to keep the following in mind:
Ø The first step to consider is your end goal, do you want to add on additional space for home office, entertainment, gym or a studio, or second option, do you want to make additional money by making a rental basement apartment or potentially both
Ø Second step to consider is your budget, how much are you willing to spend based on your need. You might not have the number narrow down to exact dollar figure however rough estimate of the range helps decide on what to do.
Ø Third step would be to find trustworthy contractor who can work with your schedule and budget. Once you have selected your contractor they can advise you on the following
· What type of permits are required based on your municipality (finishing permit and or second dwelling permit)
· What are the safety concerns you need to address maybe with additional entrance, emergency exit based on city requirements etc.
· Specs and different features based on cost type of material, for example why going with one option might be more expensive compare to other
· What it would cost for additional kitchen or bathroom as those are the main cost drivers
· Help you with providing a blue print of your space, along with different options
Ø Fourth step would be to decide on the specs and features of the space. If you need to address additional needs like type of material required for insulation, waterproofing or sound proofing needed or additional lighting (how to make best use of natural lighting where possible). For example if you are looking to convert additional space into home office how are you most comfortable and productive with soundproofing or additional lighting. Along with other, additional added on features like type of tiles, or flooring to make the most of your budget. If you are considering having, the space for yourself, then maybe additional storage space which always comes handy when storing things in garage or paying thousands in storage units.
Ø Fifth step would be to decide on the timeline of the project, how long the entire process will take. This way you can decide if you want to stay on the premises or temporary leave and come back.
Ø Finally yet importantly would be to monitor the progress and adjust as you go along. Sometimes things do not always go according to plan, once you set that expectation where you have regular touchpoint with your contractor you can make adjustments as you go along. Have backup plan as to if the projects goes longer then anticipated or over initial budget what are your options and how to adjust. One rule of thumb to consider is to add 15% additional to your budget for any unplanned or unanticipated expenses.
In summary, any additional finished space is not only welcomed but needed due to our current lifestyle. There is no point in having the space if you can’t maximize the use of it, so whether it will be for your own enjoyment game or entertain room, or to generate additional income its worth spending the money to finish your basement. Not to mention it adds to the value of your home when and if you plan to sell. As they say there is no better time to do this then now as the cost of living and materials increasing, delaying your project could end up costing you more in the future. So why only dream when you can make it reality, it just starts with one-step, action on your part.
