As a representative in Vaughan, I often get questions about simply how much value a finished basement adds to a property in Vaughan. My answer is “that depends”. Not the most definitive answer, though the truth is there certainly are some factors that affect the rise in value (if any) a house owner can expect to realize for a finished basement.
Here are some of the more vital considerations.
1. Intended standby time with the finished space
This is probably the most important factor concerning determining the added value that a finished basement produces in a particular home. Ask yourself this question: Was the basement finished to get a specific reason? Sure almost any finished basement adds to the overall home but does it serve a certain function? Basements that have been through with a particular end-use within the mind will typically create a greater ROI. Examples include:
Basement apartment that generates a rental income An in-law/nanny suite Home theater room Home exercise room (gym, yoga, Pilates, sauna, etc.)
2. Quality with the finishing
Like any other finished space inside a house, the standard could have a principal effect on the worthiness. High-end finishes concerning flooring, lighting, bathrooms, and kitchens are highly preferred and definitely will bring about the general rise in value. Some other significant things to consider in terms of quality include:
Quality from the Workmanship (this probably is evident but keeping the best finishes poorly installed won’t ensure you get much value) Ideally the standard of the types of materials should be consistent with the remaining portion of the home (you will never get full value for the lavishly finished basement that dramatically exceeds the finishing inside remaining portion of the house)
3. Overall size/boost in living space
Let’s face the facts, for probably the most part …Read More