Spring can make us a bit antsy to start a renovation project that can also add value to your home. Our Anne Winch Real Estate Team has put together some ideas on what would give you better value – renovate your basement or adding a room addition?
First, you need to assess the type of house you have. Some homes especially in rural areas may be on a slab and it only makes sense to add an addition or second storey. You may already have a finished basement but it may be dated and just needs a bit of a facelift. Here are some pros and cons for either idea.
It doesn’t matter which route you take, make sure the market is good so you will recoup the cost of your renovation project.
Pros for basement renovation:
- Can increase living space in a home
- Can add bathroom, bedroom, or even a kitchen (apartment rental income)
- You can renovate the space as you wish
- Great spot for kids to play or noisy activities
- Might be your only option to increase indoor living space
Cons for basement renovation:
- Renovation means most of the basement has already been done
- Need a dry basement, moisture can cause problems
- Basements can be dark
- Can be harder to access plumbing and electrical wiring
- Process can take a bit of time to finish
Pros for a room addition
- Like adding a mini home without the expense of a new home
- A blank slate on what you can create – bedroom, craft room, loft, etc.
- Studies show most costs are recovered from adding an addition
- Often don’t need to vacate the home during renovations
- You can add your unique touches and build what you want
Cons for room addition
- Higher heating and cooling costs
- Increased property taxes
- Red tape with permits and unexpected delay approvals
- May lose a portion of your property
- More house to maintain
If you are planning on selling your home, check with our Anne Winch Real Estate Team for information on any renovations you are planning. Getting expert real estate advice is paramount when selling your home, especially if you are thinking of having renovations done. Sometimes renovations you think might be necessary to sell your home may not be needed at all.
Our Anne Winch Real Estate Team offers free home staging including our warehouse of items that we can use to elevate the look of your home. We will also evaluate your home so it is competitive in the real estate market. Give us a call and find out how we can help you with your real estate journey.