We have a 3 bed 2 bath home in the East end and are considering lowering and finishing the basement.
Total cost would be $70K to $90K depending on what all we do.
Do you think a finished basement with an additional bathroom adds this amount of value to a home?
Finished basements are becoming more and more important in homes these days, especially smaller homes.
When most Toronto homes were built – whether they were late-19th century Victorians, or post-world-war-2 houses, people rarely had use for the basement.
But just as most century-homes had ONE closet in the master bedroom for John & Jane Smith’s one pair of pants and one dress, and today’s buyers want a walk-in-closet, we also require more space throughout the home.
A basement that has a rec room, 4th bedroom, and second bathroom (assuming you’re in a standard 3-bed semi), would add at least $100,000 in value, probably more.
But the marginal utility you’ll get out of spending that $70-$90K makes it even more worth it.
Having that man-cave or kid’s play room in the basement makes life easier; it gives the members of the household an extra room to escape to, whether it’s husband/wife looking to watch TV with friends, or kids staying out of the parents’ hair.
I sell a lot of houses, and I can tell you that over the past few years, I haven’t seen any feature rise more in importance than the basement.
Good luck with the reno!