6 Things to Consider When Finishing Your Basement in Edmonton
Finishing the basement is an easy way to add living space and value to a home. It’s such a popular option, many families include a finished basement in the original building plans. Others may not want to pay the extra cost now but want the option for the future. Is a finished basement the right choice for your family? Consider the following points before you make your decision.
While finishing the basement will add to the overall cost of the home, there are several advantages. The additional 700 to 1,000 square feet of living space you’ll find in a finished basement might open you up to homes that are technically a bit smaller but more affordable.
For instance, if you’ve been looking at large family homes with 2,500 square feet of space on the first and second floors, you know those styles might come with a higher price tag. If you were to choose a more affordable 1,700 square foot home with a finished basement that adds 700 square feet, you may be able to get everything you want in a home at a lower overall price.
A finished basement will also add value to your home. While you’re living in the home, this value comes in having a guest suite for visitors or a cool place for your teenagers to hang out. If you want to sell your home in the future, buyers will be more interested in a home with a finished basement because of the extra space.
Think about why you might like a finished basement. With the possibility of one or two additional bedrooms, it’s a good choice for multi-generational families who need more than the standard floor plans. You might also want to finish the basement as an in-law suite so you can let your parents live with you as they become older. Others simply want an extra hang-out space. There will be a living room on the main floor, but it’s also nice to have a separate space that’s casual. A finished basement can also make a good playroom for the kids.
When you opt to finish your basement during the initial build, you’re able to design it in a way that will match the rest of the home. For instance, you’ll be able to use the same type of laminate flooring in the basement as you do on the main floor. It’s not always possible to get this type of streamlined look if you choose to finish it later on down the road.
4. Permits and Regulations
When you finish a basement, you must follow the current building codes and get the proper permits. Some homeowners are disappointed to find out the basement in their 50+year-old home can’t be finished because it doesn’t meet the modern standards. Including the finished basement with the initial build is easier all around because the builder takes care of getting the permits and following the regulations.
In general, it costs between $10,000 and $50,000 to remodel a basement, according to HomeAdvisor. The higher prices are for projects that include things like bathrooms, second kitchens, and extensive cabinetry. This also includes the cost of materials and labour.
Finishing the basement with the build of the home can be more affordable. Material costs can be lower since you’re able to buy in bulk with the rest of the materials in the home, and you don’t have any tear-down labour costs. You also have the cost wrapped into your mortgage payment. Rather than paying the full amount up front or taking a short-term loan, you simply pay a bit more each month in your monthly mortgage payment.
Most importantly, you should think about the timing of this project. By including it with your original build, you’ll be able to start using the space right away without feeling like you’re spending a lot of money. That’s a big convenience.
However, if you’re not sure you’ll use the space or you want to save money now, it is possible to finish the basement later on. Make sure to tell the builder about your future plans because they will specifically design a basement that is likely to meet the building codes for a future renovation.
A finished basement can increase your enjoyment of your home and increase its value. Come tour our showhomes to see what a finished basement from Sterling Homes looks like and talk to your Area Manager about your ideas for a finished basement.