5 Ways to Maximise Your Budget for a Basement Renovation in Toronto
If you have a growing family and need extra space, a home extension should be the last resort.
But why add more if you can turn your basement into a livable space? Why not turn it into another room that will impress your family and guests?
We understand that basement renovation in Toronto need a large budget for the builders and the materials, but you can never go wrong with this decision.
Is Basement Renovation in Toronto Worth Your Investment
Renovating your basement is an investment that will pay off in the future as it increases the value of your home.
If you have a growing family, extra living space will provide additional comfort and privacy to all your family members. It is a more cost-effective solution compared to home extension, especially if you are from Toronto.
If your basement is already semi-finished, you could save money because additional touch-ups are minor and cost less. To give you an idea of what you can transform your basement space into, here are a few ideas:
- Living room
- Guest quarters
If you have a growing family, your loved ones will love the extra living space. If you live alone, a finished basement is still worth it because of the monetary value it gives.
Your home will be more valuable in the market once you sell it. You can also rent out this finished space to earn some passive income.
You can never go wrong with renovating your basement. Yes, you will have to spend some cash during the process, but the return on your investment is immense.
How Much Does It Cost to Renovate a Basement in Toronto?
Builders may include installing or altering plumbing, electrical wiring, flooring, ductwork, and drywall in the renovation process. A builder can also add rooms, rebuild the structural framework, finish the floor, add fixtures, and lower the floor.
There is no one-size-fits-all for the basement renovation price in Toronto, but there are factors affecting it, which is why you should call the contractors near you, ask for a quote and compare the prices. It will give you an idea of how much to save for the project.
The cost of basement renovation commonly covers the following:
- Basement upgrades
- Complexity of design
- Basement condition and size
- Labour and services
- Quality of materials
The average basement renovation cost in Toronto is $35 to $55 per square foot. It all still depends on the kind of work you want to do in your basement; since turning your basement into a bathroom cost will be different from turning it into a kitchen.
How to Renovate Your Basement on a Budget
Aside from turning your basement into eye candy, your goal should be to make it more valuable for resale without breaking the bank. Here is what you can do to cut some expenses.
Talk to Your Contractor
Be honest in telling your contractor about your budget. Legit contractors will work with you and suggest how to trim down the expenses to ensure you will not go beyond what you can afford but still get the results you want.
Take Some of the Work Yourself
If you are knowledgeable in some areas, such as painting, you will save more if you do it yourself. However, if you are not confident in your skills, it is best to leave it to the experts as it can lead to problems in the future.
Finish the Walls, Ceilings, and Floors
The trick that will make a massive change in your basement is to start with your walls, ceilings, and floors. Make them look the same as the rest of your house. The process may take a lot from your budget but will save you more in the long run.
Add a Budget-Friendly Flooring
You do not have to buy ceramic tiles as floors for your basement. Hardwood and carpet tiles are excellent alternatives.
If you cannot make your walls, ceilings, and floors look the same as the rest of your house, paint. Paint the walls and ceiling, even the ugly stuff like exposed pipes and beams.
But first, clean the surfaces by removing the moulds and dirt. Paint the basement with light colours to make it brighter and look more inviting. Having a bold accent can provide contrast and interest in the room.
You can never go wrong if you decide to have a basement renovation in Toronto. Although it may be a massive expense at first, you can still trim down some costs with creativity.
You will never regret your decision because of the value a finished basement can provide. You can sell your house at a higher value or rent out this space to earn a passive income.
Most of all, do not hesitate to talk to your contractor about your budget. It is important. If you have any questions, chat with us for more information.