An extra living space that most people in Calgary turn up to is their basement. So, what makes homeowners transform their space into something grand? Here is some information on how to confidently look ahead and budget your basement development project in Calgary.
Planning a budget for basement development
A basement addition is often the most cost-effective option because the framework is established before. However, how much budget you should plan depends on several factors.
An average-sized 1000 sq. ft. basement can cost around $7500 to $19000. If you renovate it on your own, the price can go higher. However, a lot should be considered for basement development, such as moisture control, plumbing, and electrical connection.
It would save you tons if everything went as per your budget and plan. Hence, it is suggested to leave the job to professionals. You can also go for packages to save more, as every cost is included.
If you want to transform your basement into a bedroom suite or a home movie theater, the expenses can go higher as the task turns more complex and expensive. A whole basement apartment can go as high as $120,000, while a home theater can be $20,000- $70000.
Hence it is essential to speak to a professional basement development Calgary company with food experience and a robust portfolio and get a quote.
Deciding on how to use the space
It is essential to know that basement square footage doesn’t increase its appraisal value. However, it can still expand your value by 70% of your investment in a basement remodel.
Buyers assess the value of the space, and you will notice a reasonable return on investment. But before deciding on how to use your basement budget, you should answer these questions:
- Do you want to move in sometime?
If you plan to move, use mid-range materials to get a good ROI when selling your home. If you plan to stay, go all out. Of course, the quality of the material will affect your budget.
- Would you use it as an income space?
If you plan to rent your basement, you can get a good return on investment. Ensure all the permits and coding are in position and you use the space in the best possible way.
Basement development budget in Calgary
Like any renovation, there is no specific figure for basement development. Consider it with a wide variety of sizes and styles, initial construction involved, and material quality. An old home will have a different profile, and a new home will have a unique profile. Every basement is unique and has different costing.
Most homeowners expect to spend around $45000 to $110000 on their basement development depending on:
- The current state of the basement
- Whether it meets the needed bylaws and regulations
- What features do you want to add
- Whether you like it as a suite
Once you answer these questions, you can efficiently draft a precise budget for your basement development in Calgary.