Five renovations that pay off: Basement Reno is #4

Basement renovations are on the "most wanted" list of home improvements for many families as they look to expand quality living space in their homes. An unfinished basement is just an opportunity waiting to be exploited and a great way to increase the square footage of your home!

 

Keep in mind that these can be expensive renovations, but expect your improvements to return from 50% to 75% of the money you invest according to the Appraisal Institute of Canada. Doing high-quality work yourself, of course, can boost your return – but poor-quality work can cost you if buyers see a project that has to be redone.

 

In general, a basement renovation that involves finishing or refinishing ceilings and walls – and installing attractive and durable flooring – will show buyers the living potential of the space. As ever, if you're planning to sell your home in the near future, it's a good idea to consider that the next owner may not share your decorating tastes. Painting your basement in your favourite shade of purple is unlikely to be as attractive to a buyer as it is to you!

 

If your basement is unfinished, or if it is very dated or in shabby condition, then you should expect a nice return on your renovation investment!

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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.

 

The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.

 

The next rate-setting day is October 22nd.

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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.