Whether you’re finishing or renovating your basement, costs can quickly add up. If you want to stick to your budget and invest wisely, you need a solid plan. Here are 10 tips to help you save on your basement renovation and get the most out of it.
1. Come up with a detailed plan
Before you start your renovation, make sure you have a clear plan. This includes having exactly what you want in mind and accounting for all the costs. Renovating your basement can involve a lot of work, including adding rooms, plumbing, waterproofing, soundproofing and digging to increase the ceiling height.
You need to see the big picture so you can figure out how much your basement is going to cost. This will allow you to adjust your plan as you go along, if necessary. It’s important to be realistic from the start about the results you expect and how much you want to invest into the work.
You should also set aside some money for unexpected surprises, like moisture or mould issues. You never know what’s hiding behind the walls!
2. Think about your long-term goals
Your renovation should depend on whether you plan to sell your home soon or will be living in it for a long time. If you want to design a basement that meets your family’s specific needs, you should determine the best layout for you ahead of time.
Are you looking to sell? Get inspired by real estate market trends and what potential buyers expect.
3. Deal with any dampness issues
Dampness can be a problem in the space you want to renovate and in your home in general. Before starting any work, make sure there are no signs of excessive dampness in your basement. Pay attention to mould, condensation and water infiltration.
If these issues aren’t addressed before the renovations begin, you may need to redo some of the work later. For example, if water has accumulated on your unfinished concrete floor, it’s important to find the source and deal with it before laying new floor. Otherwise, it might get damaged and need replacement. If you thoroughly prepare, you can reduce risk, ensure that your renovations last and even avoid additional costs in the future.
4. Go for an open concept basement instead of separate rooms
Whether it’s a playroom or a family room, leaving the space open is usually a way to save on costs. Building walls often requires support structures, additional drywall and electrical and plumbing work.
With an open concept, you can create a multipurpose space without the added costs of building rooms. Plus, if the ceiling is open, you can have access to the air conditioning system, which can be useful for performing maintenance work or responding quickly to issues.
5. Invest in essentials
There are some things that you should pay special attention to. Previous signs of moisture in your basement could indicate an outdated or ineffective ventilation system. To prevent these problems from recurring, it’s best to make the necessary repairs or replacements.
Is your property showing signs of heat loss? Identifying the cause is key to take appropriate action, like investing in energy-efficient windows or improving insulation. This could help you lower your heating bill. Buying high-quality windows isn’t always exciting, but it can be a strategic investment that delivers savings in the long term.
6. Know when to call an expert
If you’re looking to save some money, going through with a project yourself might seem appealing. But this doesn’t always guarantee the best results. There are many things to consider when renovating your basement, so choose what you do on your own wisely.
It’s important to know when to call an expert. It might be worth considering hiring a general contractor to cover most aspects of the project.
In some cases, supplying materials yourself can reduce costs. However, to ensure that the work meets building code, it’s best to hire a qualified contractor..
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7. Avoid custom-built furniture
In general, buying custom furniture is a significant investment. A cheaper alternative would be opting for prefabricated furniture or cabinets from the big box stores. You can incorporate standard furniture into your decor and still get aesthetic, functional results.
Your contractor might also be able to help you save even more by offering discounts from their suppliers, particularly on end-of-season or surplus furniture. Be sure to communicate your needs and budget so they can suggest options that suit you.
8. Avoid structural changes
If you’re renovating a basement that’s already finished, consider leaving the layout as-is. Adding or removing rooms often means significant costs. It’s more work, and thus more expensive, to move walls, plumbing and electrical work.
You’ll likely need extra permits and an inspection to ensure that your changes comply with your municipality’s regulations.
9. Use affordable materials
One simple way to stick to your budget during a renovation is using affordable materials that offer good value. There are all kinds of stylish light fixtures, furniture and tiles available at reasonable prices. If you want to add some luxury touches without overspending, keep an eye out for sales and end-of-season discounts. You could end up saving quite a bit!
10. Convert your basement into a rental apartment
Converting your basement into a rental apartment can help you generate additional income. This also has the potential to attract buyers if you’re considering selling the home.
Before moving forward, don’t forget to do your research about the regulations to follow and which permits you need. If the work is done well, you’ll benefit from a long-term return on the investment.
Starting a basement renovation
We hope these tips will give you what you need to go ahead and plan your basement renovation. Finding a trusted entrepreneur can be a challenge, and that’s why we’re making the process simpler for you.
Our renovation advisors contact up to three 360° Verified Contractors to bid on your project. The team will then help you choose the one that best suits your budget and expectations. Contact us today or fill out our form to get started!
