Finished basements are all the rave in Toronto today. In cities with high property prices, basements are often fitted out to a high standard and used as living space. Basements have the potential to significantly increase the value of your property. By finishing this space, you can add a significant amount of usable living space to your property.
A basement refers to the floors of a building that are completely or partly below the ground floor. It is generally used as utility space for a house where you will find the boiler, fuse box, water heater, breaker panel or the air-conditioning system.
A basement can be used in almost the same manner as an additional above-ground floor of a house or other building. However, the use of basements depends largely on factors specific to a particular geographical area such as climate, soil, seismic activity, building technology, and real estate economics.
Basements are much easier to construct in areas with relatively soft soils and may be foregone in places where the soil is too compact for easy excavation. Their use may be restricted in earthquake zones, because of the possibility of the upper floors collapsing into the basement. On the other hand, they may be required in tornado-prone areas as a shelter against violent winds.
There are different types of basements, we have Daylight basement, Walkout basement, sub-basement, underground crawl space, finished basement, finished underground cellar and many others. Our main focus here is a finished basement. In this article, we will show you why you should consider getting a finished basement in Toronto.
Related article: Basement Renovations on a Budget
What are Finished Basements?
Basement areas with finishes similar to the upper level of the house will always qualify as a finished basement. With a finished basement, space has been designed either during construction or at a later point to function as a fully habitable addition to the house. Finished basements are often used as a recreation room, bathroom, home office, home gym, basement bar, home theatre or a closet.
Sometimes a part of the basement isn’t furnished and is used for a workshop, storage, a laundry room and even to house the water heater. When this is the case the water heater and furnace will be located there. Although, in some cases, the entire basement is finished, and the water heater and furnace are boxed off into a closet.
Many homes come with basements that aren’t finished. Some of those spaces can be somewhat dark and dingy until lighting, heating, flooring, and insulation are added in, but once that happens, they can be completely transformed and become finished basements.
How a Finished Basement Can Benefit You in Toronto
You should know that investing in your basement has benefits, both short and long term. Some of the benefits are as follows:
More living space for you and your family
Your family may get bigger in size and number or your young kids would grow up and need their own space. Or you just might be tired of cramming into your living room all the time. Finishing your basement is a sure ticket out of all these problems. When you finish your basement, you gain more living space in your home, which can improve your quality of life.
You can turn that area into a gym, or even a home theatre. And if you need the space for an extra bedroom, that works just fine too. It would also interest you to know that finishing a basement is generally far more economical than putting on an addition, so if you’re looking for the extra square footage you should consider going about it this way.
Faster and easier re-sell
Whether it’s a new home or one you’ve had for a while, one day you would think of selling your home. A finished basement is a great way to add equity and help you command a higher bargain.
When you have a finished basement it increases the value of your house and also makes it more appealing to homebuyers when you put it on the market. A finished basement can solidify a buyer’s decision as it can be perceived as an added luxury to their purchase and a bonus because they don’t have to take the time and money to renovate the basement.
Related article: The Best Basement Renovations Makeover Project Will Make You Proud
Increases the value of your home
If or when you decide to sell your home, it will have a significantly higher market value with a finished basement.
With the square footage you have with your finished basement, you are adding to the value of your investment. If you live in a neighbourhood where finished basements are rare, then the sale would be easier. Your finished basement will attract potential buyers more than an unsightly basement would. It also ensures that your home attracts a very high value.
A finished basement allows you to have an additional bathroom. It can be a big draw to have a two-bathroom home instead of a one bathroom home. Adding a bathroom will be more expensive than simply putting up drywall to divide other rooms.
While the initial cost may be greater when adding a bathroom, the functionality it will offer to you will be an invaluable investment and will help you get the property sold quickly.
Source of Rental income
A finished basement will give you a chance to have a whole separate area of your house that can become a new apartment. You can then find a tenant and bring in a steady stream of income in rents. This would, however, require that your basement is finished in a proper way that makes it eligible to become a rental unit according to the rules of your locality.
You may incur a little more because you will also need to put in a bathroom when you finish your basement, and, at the very least, invest in a kitchenette area. But if you’re willing to put in a little extra cash, you will be securing rental income for many years to come. The income you will generate will be much more than what you spend, hence making up for those extra expenses.
Reduction in heating costs
Finishing your basement will save you some extra bucks come winter. The winters are usually long and extremely cold. During this season, hydro bills increases. Concrete floors and unfinished walls allow cold to penetrate much more and this will add to your heating costs. A finished basement will automatically reduce the loss of warm air from your home and reduces the hydro bills.
Related article: Cost of Basement Finishing
Help keep family around while still keeping your boundaries.
Sometimes it’s your old ones that you want around, other times it’s one of your cousins or any of your relatives.
Some people prefer to have their loved ones grow old in the company of family. If that’s your plan for either your aged ones or any of your family members, then finishing your basement will make it much easier to take them in.
Many people do not take the family in because they still do not want interference which often happens when family members live with you. A finished basement will help you keep the boundaries intact when you eventually have them around. They will have their own space, and there will be a healthy separation between your kids and their older relatives.
Gives room for your creativity
Your basement is mostly not part of your main home, it is located downstairs. So you don’t exactly have to match the style of your basement to your main house. This allows you to let your creativity & imagination run wild. You can do anything creative with your basement without worrying about it.
Extra storage space
A finished basement can serve as extra storage. A basement can keep all your extra furniture and items in an easily accessible, but nonobstructive, space. When well-insulated, it’ll keep any unnecessary damage from happening and keep it all organized for you.
The basement when finished will provide an additional room for you that you can as either a bedroom, a recreational or training room. Movies, games, and musical practice of any sort can be quite distracting for those not actively taking part in it.
However, having it in the basement solves that problem for you. Carrying out such activities in the basement means that you don’t have to worry as much about your noise levels. If used as an exercise room, the cooler temperatures will help keep you from overheating. It’s also a perfect place for large exercise equipment.
Related article: Top 20 Toronto Basement Renovation Ideas Trending in 2019
The possibilities are endless on what you can create with a finished basement in Toronto. Basements have come a long way since the days of wood panelling and carpets. A well-finished modern basement is warm, inviting, and just as beautiful as the home’s main floor.
From reading through this article, it’s no longer a secret that finishing your basement will increase functional space in your home. It’s important to keep in mind that your home is your investment and any added improvements in your home will help when it’s time to put it on the market. So, go ahead and put plans in motion to have your basements finished.
Related article: How To Hire A Basement Renovation Company in Ontario