Undoubtedly, basement conversions can be dazzling. Basements are very often large spaces that just scream potential to the renovator. And if you find a prospective basement renovation fitting well within your budget, and you are doing it for your own home improvement, then undoubtedly it is a good idea. Renovating a basement adds a whole new luxury dimension to your home. Moreover, they cannot fail to hike the value of your home by a significant amount, and all that added value will still be there regardless of when you decide to sell.
Where the question “to renovate or not to renovate” becomes a little more complicated is when you are planning to renovate your basement specifically for the purposes of selling your home. Put simply, basement renovations are not cheap and so the eternal question arises: Will the additional value my house accrues on account of my basement renovation be more or less than the money I spend doing it?
Renovating to Sell
It is important to be clued up on just how much value your home can gain on account of a basement renovation. If this is the path you are taking, then a cost-effective renovation is essential to ensure that you ultimately make a profit when you sell your home. The advice and expertise of a quality real estate agents can be massively helpful. A good real estate broker can inspect your home and advise on what would be the best type of renovation for you. City Home Collective, an estate brokerage based in Salt Lake City, say that companies like theirs can ensure the whole process doesn’t lose you money.
But short of enlisting the help of professionals, it pays to be clued up on how to properly renovate for the purposes of selling. Here are some top tips:
Consider What the Space Will Be Used For
This is a vital first step and one you should follow before even spending a cent. What will your basement become? Unlike a loft conversion, which is nearly always done to create a new bedroom, basement conversions typically a have a much wider set of possibilities. What will your old basement become? An office, an entertainment room, a bedroom? The cost of these will vary, as will the value they add. So, do your research, consider your intentions and budget, and then settle on a new purpose for your basement space.
Consider the Work to be Done
This is step is equally important. You will only have a clear idea of what your renovation will cost after you have priced the expense of the professionals and the work to be done. And this step goes beyond pricing the construction; you may also need to consider local planning laws before beginning.
Prepare for a Survey
After this has been done, you will also need to arrange for the basement space and surrounding area to be surveyed. The results of the survey will be essential for the technical planning of your basement conversion. It is impossible to renovate without a proper survey and you will have to factor in the price of that too.
Consider the Market
As mentioned, the great thing about having a converted basement is that it will add value, whether it is freshly renovated or not. So have a look at the market, and if it doesn’t seem like the right time to sell, you can always wait.
Ultimately, a basement conversion gives a real “luxury” quality to your property, and it is sure to impress potential buyers visiting the house. Get ready to lead them down those stairs with pride.