Basement renovations can cost thousands of dollars. The question for many people, especially when it comes to renovations involving tens of thousands of dollars is how they can safely cut costs from that total and maximize resale value at the same time. Here are a few tips on how to accomplish both of those goals:
Be Proactive – The best way to cut costs in the long term on a basement renovation is to make sure that it’s done properly in the first place. DIY is only a good idea if the people involved are at the top of their game and know exactly what they’re doing. If this isn’t the case, then hiring a professional contractor is the best way to go and will save money in the long-term.
It’s also important to make sure that part of the renovation involves the installation of proper insulation and moisture barriers to avoid future costs associated with a damp basement.
Think Ahead – In many cases, people have decided to seal off important parts of the basement because they view them as an eyesore or an inconvenience. Before closing off circuit breakers, plumbing, and HVAC ducts, remember that if any of them need repairs in the future, people are going to need to access them. If they can’t, they will have to cause some damage just to get to the needed systems which will cost money to repair.
Because of this, it’s best to ensure that all of those systems in the basement can be properly accessed when needed.
Love Lighting – Most basements have basement windows and that means that the amount of natural light that will be coming into the renovated rooms will be minimal. There aren’t many people out there who enjoy sitting in a dark place, so it’s best to spend the money upfront on lots of lighting to brighten up the area. Having to deal with it later will just drive up costs in the long run.
Know the Game – Decide on costs before the renovation starts and know what the best price is for the renovation. The value that habitable basement space adds to the value of a home is half of that of the rest of the house.
According to one expert, it’s best to only spend between five and ten percent of the total home’s value on a basement remodel. This is the best way to ensure that the cost for a renovation is kept to a minimum with the maximum payout when it comes to reselling the house.
Look for Appeal – The best way to add resale value and ensure that the cost of the renovation results in a good payback down the road is to choose a renovation that has that sense of “curb appeal” such as a home theatre, guest bedroom, or a family room.
Overall, cutting costs to a basement renovation is more about foreseeing and preventing future difficulties and ensuring that everyone will enjoy the space for years to come.