Basement renovations are on the rise! Why you should consider renovating
Do you have an unfinished basement? Perhaps you never renovated it because you didn’t need the space. You may want to consider a basement renovation in your future.
The Canada Mortgage and Housing Corporation (CMHC) reported in November that basement renovations are likely to top a homeowner’s renovation project list. First-time home buyers in the 24 to 44-year range are opting to spend money finishing the basement and transforming it into an income property in order to help them pay off the hefty mortgage payments.
Why not move into a condo, you may ask? The millennial generation is often caught in a bidding war when purchasing (or trying to purchase) a new condo, which makes apartment rentals much more appealing.
The 55 to 64-year old age group is considering basement renovations for similar reasons. The basement can become a place for their grown children to live in while saving up for their own home.
It’s projected that 2,000 new rental apartments will be rebuilt by 2017. Will your home be one of them?
Why renovate your basement
There’s a surplus of people entering the buying market. Future homeowners may not be financially ready to purchase a home, but they’re looking for a place to rent. A home with a basement apartment, complete with a bathroom, kitchen, separate entrance and adequate living space can become the perfect home for a single renter. While the renovation would cost you money upfront, you’re adding more value to your home and upon having a renter move in, you can pay off your mortgage or renovation at the same time.
It’s a usable space for the future
Maybe you don’t want to have renters living with you for the duration of the time you live in your home. But renovating your basement now and keeping it as an income property even for a limited time will bring in extra money and give you a furnished space you can use later. If your family’s needs change – perhaps your family grows and you need more living space – you can relish in the fact that you’ve already invested in a basement renovation. This way, you can stay in the home you love as opposed to finding a new home to move into. Increase your home’s value while accommodating your family’s needs at the same time is a wise decision.
Grand Project Contracting can transform your basement
If you’re considering renting out your basement as a way to not only improve your home and to help pay off the mortgage, consider hiring Grand Project Contracting to complete the job for you! In the 15 years we’ve been in business, we’ve worked with many clients who have wanted to turn their basements into income properties from start to finish. That includes helping design the new space, floor installation, 3-piece bathroom install, soundproofing and installing the right electrical work for a future home office.
At Grand Project Contracting, our goal is to complete your basement renovation to your satisfaction. We complete any project to a high standard of quality with a team of quality professionals, including designers, installers, home theatre specialists and more. Throughout the renovation process, we strive to provide you with detailed plans and answers to any questions. We are dedicated to delivering a quality home renovation that’s been carefully planned together.
We promise the following
Hiring a contractor for any home renovation can be a daunting task. You want to hire someone who has experience, who has knowledge in similar projects and who can deliver exactly what you’re expecting. Grand Project Contracting can offer you this:
- A project that’s done on time;
- A project that’s done within budget;
- A contractor who cares about your family’s needs and home;
- A quality renovation.
If you’re thinking about renovating your basement for an income suite (or any other purpose), call us! We’ll come in for a free basement finishing consultation and help you turn your renovation dreams into a reality.