Have you been thinking about renovating your basement? It’s the kind of renovation that can add a lot of extra space to your home, especially if the space underneath your home is unfinished. You can do a lot more with those unused square feet than storing all of your old furniture. A renovation can also enliven the space, help you generate some rental income, or freshen things up.
Take advantage of basement renovations to get more out of your home. A great basement renovation can be the difference between having to find a new place to live and staying right where you are.
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Help with Your Mortgage: Basement Apartments
A basement unit is the ultimate mortgage helper. Turning an unfinished basement into a rental unit can seem like a massive project, but rental income is a huge mortgage helper.
Basement units can even help homeowners qualify for a mortgage in the first place. CMHC considers 100% of gross rental income when qualifying for a mortgage, significantly increasing the amount of money prospective homebuyers can borrow.
When you’re renovating a basement to create a secondary suite, keep in mind the rules and requirements around basement apartments. There will be minimum requirements for floor space, ceiling height, and window coverage, not to mention requirements for ventilation, heating, and cooling.
Recreation Rooms
Family life can be a bit chaotic, and it’s tough cleaning up when you want to host company. Finishing your basement is a great way to keep the mess that comes with playtime downstairs.
Your basement can become the real living room, while upstairs can be more of a sanctuary without the chaos that comes with everyday life.
Find New Space: Extra Bedrooms for Kids
When you have a growing family, there can be a lot of pressure to move. If you have an unfinished basement, you might be able to stay right where you are while still expanding your home.
Renovating a basement to create kids’ bedrooms can be a great solution if you have an older kid reaching those teenage years and things are starting to feel cramped. A basement bedroom will give them the space and privacy they want and get them out of your hair.
What You Need to Know Before Renovating
There are some things you’ll need to know before you start renovating. First of all, you’re likely going to need a permit for any major work. Without a building permit, you can face fines, delays in construction, and legal action. In a major city, your neighbors are almost certainly going to notice, and it could cause problems with your insurance if you don’t get a permit.
You should also consider potential problems with moisture or even potential flooding. Make sure you check your basement for signs of poor moisture control, like mold and water marks, as well as the grade of your lawn or backyard. Take steps to ensure water flows away from your new basement.
Finally, the space and structure are important components of a finished basement. Is the ceiling high enough for your family to comfortably use the space? You should also consider height requirements if you plan on renting out your basement.
Renovating your basement unlocks a ton of space in your home. Decide how you want to use your basement and get more out of your space.
