If you have a new build Toronto home, then chances are your basement hasn’t yet been finished. Although the cost of buying a new home might push the thought of finishing your basement down the road for a few years, there are some very good reasons for investing in your basement. Not only will a finished lower level add to the overall value of your home, but it will also provide you with additionally living space to enjoy. There are also financial considerations to potential finishing your basement. Let’s take a look at some of the pros below.
Extra living space
Chances are if you have purchased a new Toronto home, then you have a young family or you are thinking of starting one. Families typically need space – especially in our day and age. Having a finished basement where your children can play is a big advantage. It will save your principal level from constantly being messy and will give your kids a space of their own where they can run around and play to their hearts’ content. As they age a recreation room in your basement will provide teenagers with their own space to disappear into with their friends so that they can slowly start to establish their own independence.
Overall home value
Another very big consideration when it comes to finishing your Toronto basement is the overall value that it will add to your home. Depending on the size of your basement and the location of your home, it can add anywhere between $17-$40 per square foot – which comes out to a nice tidy sum.
Financial gains
Lastly, you can finish your basement to include an extra living space that you can rent out to help pay down your mortgage even faster – not something to pass up with today’s pricey housing market. Done right, your lower level can bring in enough to cover most of your mortgage, if not all of it.
Regardless of your motivation to invest in your lower level, the benefits are clear and it is definitely something that is recommended if you want to make the most of your home.
Extra living space
Chances are if you have purchased a new Toronto home, then you have a young family or you are thinking of starting one. Families typically need space – especially in our day and age. Having a finished basement where your children can play is a big advantage. It will save your principal level from constantly being messy and will give your kids a space of their own where they can run around and play to their hearts’ content. As they age a recreation room in your basement will provide teenagers with their own space to disappear into with their friends so that they can slowly start to establish their own independence.
Overall home value
Another very big consideration when it comes to finishing your Toronto basement is the overall value that it will add to your home. Depending on the size of your basement and the location of your home, it can add anywhere between $17-$40 per square foot – which comes out to a nice tidy sum.
Financial gains
Lastly, you can finish your basement to include an extra living space that you can rent out to help pay down your mortgage even faster – not something to pass up with today’s pricey housing market. Done right, your lower level can bring in enough to cover most of your mortgage, if not all of it.
Regardless of your motivation to invest in your lower level, the benefits are clear and it is definitely something that is recommended if you want to make the most of your home.
