5 Reasons to Renovate Your Basement This Year

Tanya Douglas

Do you have an unfinished basement? If your answer is yes, then we are glad to inform you that you are sitting on untapped potential. The fact is - basements aren’t merely for storing seasonal items or keeping your washer and dryer out of sight. These days, homeowners are converting their gloomy substructures into everything from cozy family retreats, fancy guest quarters, and gorgeous renting units to functional home offices and top-notch hangout spaces. The possibilities are endless, and they yield a serious bang for your back. So, here are five reasons to renovate your basement this year that will make you pick up your sledgehammer and head underground.

#1 A finished basement will add value to your property

Any home improvement project you decide to take on can be a considerable investment. But if you are selling or intend to sell sometime in the future, it is ROI that counts. A newly finished basement is always a desirable feature to potential buyers. They understand that it not only provides more functional space in a home but that it will also be less expensive to maintain in the long run. All in all, it will serve as a strong selling point. What is more, home sellers who invest in basement renovation are likely to recoup as much as 70% of their investment. In some regions, the return is even higher.

Basement renovations are a kind of a home improvement project that pays off.

#2 You can turn it into a source of income

Even if you are not planning on selling your home, your basement can still bring you profit. Source of income is another one of the common reasons for a basement redo. If your basement has enough square footage to operate as its own complete living space, you can turn it into an accessory dwelling unit (ADU). ADUs are additional residences that include all necessary amenities (a kitchen, a full bathroom, and a bedroom) and are located on the same lot as your home.

A proper basement conversion into a secondary suite you can rent out can earn back your investment entirely. And if you do eventually decide to sell, it will be a huge benefit. Home shoppers will look for as much space they can get, and savvy investors realize that it is a highly sought-after feature – ka-ching! But ADUs are also a popular accommodating solution for homeowners with an elderly family member. This is because they provide privacy and independence seniors often long for while also enabling them to stay close to their families as they age.

Converting your basement into a rental unit is a great way to utilize extra space and earn a secondary income.

#3 Basement renovation increases your home’s usable space

At the moment, that slab-of-concrete basement of yours is good for nothing but collecting dust, grime, and cobwebs. However, it could serve a much better purpose. Basement renovation is a great way to eke out some extra square footage to use in all sorts of ways, minus the new footprint. What’s best, you can find affordable solutions for your flooring and wall panels at Total Basement Finishing, made from inorganic materials that will keep your basement waterproof even in case of flooding.

The space you have to work with is incredibly versatile. For instance, attics and basements are perfect for creating space if you need to accommodate a growing family, relatives coming over for family gatherings, or friends who will be staying over for a few days. Next, you can create a cozy family retreat to plop down on a comfy couch facing a stone fireplace and a TV. It can also take a more practical form if you need more storage space, a laundry room, a home office, or a pet grooming station. Finally, you can perhaps convert it into a hangout spot for entertainment and leisure activities. The possibilities for custom hangout areas are virtually endless:

  • Game rooms;
  • Gyms or fitness rooms;
  • Play areas for children;
  • Mini theatres;
  • Home bars;
  • Art studios
  • Libraries;
  • Etc.

Think of all the possibilities your basement offers, and take your pick.

#4 You need more storage space

Among the list of reasons to renovate your basement is the lack of storage space. And let’s face it – the basement is where you would normally store all your holiday decorations, kitchen supplies you rarely use but do not want to part with, travel items, extra upholsteries, furniture, nearly never-used sports equipment, etc. So why not use it to its maximum capacity (especially if coming down to your basement is slowly starting to feel like an episode of the Hoarders TV show)?

A proper basement reno can whip your space back into shape. And if you need some temporary storage solution for all of your stuff during the renovation, you can have storage brought to you in no time. Onsite storage containers are gaining popularity each year due to their convenience. This means that you can park your items right there in your backyard and keep them close by at all times until they’re ready to move back into your newly refinished basement.

#5 It will improve the overall health of your home

Remember – you are not going for looks alone! Besides aesthetics, you are also looking for the durability and livability of your entire home. What do we mean by that? In the past, basements usually served as utility rooms. However, due to the high cost of above-grade living space, basements have evolved into additional living areas. This certainly is a fantastic way to gain more square footage and storage space. However, if the banes that typically lurk in basements aren’t dealt with straight away, occupants risk exposing themselves to various health problems. Let’s have a look at the statistics provided by the American Society of Home Inspectors & FEMA. According to their data:

  • As many as 98% of basements have leaks;
  • 60% of basements have excess moisture;
  • 38% of those develop toxic molds and fungi.

This means that, even if you don't plan on using your basement as a living space, these issues are likely to spread to other parts of the property and compromise the home's environment, exposing the household to discomfort and potential health risks. So, in a nutshell, health should be at the top of the reasons to renovate your basement this year. That is why you shouldn't hesitate to contact your local home renovation contractor and get this project underway!