Unfinished basements are often left abandoned or are not utilized for best use. Finishing or remodelling your basement can boost the value of your property. Here are some benefits to finish a basement. However, finished basements have several advantages that we will point out here for you. 

Extra Bedroom for Family & Friends

Adding a bedroom to your finished basement is a perfect addition if you often have visitors from out of town. Having a dedicated area for visitors gives them more privacy and can also provide them with access to a private kitchen and bathroom. This basement extension is also ideal if you have elderly parents who need a quiet place to stay.

Additional Income Source

We can help you to obtain permits and drawing to convert your basement into fully legal suite, which can help to generate rental income from your basement. 

Entertainment Space

Remodelled basements could be used as a private entertainment area which is a perfect option for Torontonians, as during the cold season it will be easier to bring the cinema or gym in rather than going out. Home theatre, gym, gaming room and many other possibilities are one of the reasons you need to remodel your basement. Think about the money you will save in the long run.

Home Office

As remote working from home is a new trend during a pandemic, adding a home office to your basement is essential.

At Maserat Developments, we offer Basement renovation services. we strive to help our client to optimize their spaces and create a dream home.

If you are considering renovating or finish your basement, you are a click away from a detailed consultation with our experienced senior project manager.

Most people believe that basement renovation or finishing is an expensive process. This has contributed to the high number of incomplete and unfunctional basements. Contrary to most people’s belief, basement renovation costs are manageable. For an 800 sq foot basement in Toronto, you can pay about $70,000 for both labour and materials.

The price changes depending on the amount of work needed in the basement area and quality level. To figure all this out, you should hire a reliable construction companion like Maserat. We provide services in Mid and Downtown Toronto. To give you a rough idea of the costs involved in renovating the basement, here are some of the processes;

Design Stage

Before any work commences, there needs to be an understanding of how you want to transform your basement. You present your estimated budget, your vision of the space, timelines, among other preferences. The designers may request you to pick out your preferred materials. After this, the next meet-up is a presentation. The designers present various drawings that show how space will turn out. They make necessary changes till they satisfy your demands fully.

Inspection and Permits

In Toronto, you need to seek approval before conducting any construction or demolition process. The inspection team will look for red flags like cracks on the foundation, which add to the cost. An inspection ensures you avoid unnecessary surprises in the middle of renovations. The inspectors also inspect the drawings to approve the proposed changes. For example, if you plan to add a bathroom, the Toronto Building Staff must ensure the plumbing work complies with the regulations. For better preparations, prior research on the rules, procedures, and the permit fee is advisable.

Framing and Wall Installation

Framing sections off the basement to create spaces for different functions. The cost of framing depends on the basement area, the number of units, the amount of demolition needed, and whether you are soundproofing. The type of drywall you choose also affects the price due to the difference in material and installation process.

Plumbing and Electrical Works

Plumbing costs only apply if you plan to include facilities like bathrooms, which require water. In most cases, the plumber needs to make openings in the walls to make the necessary connections. Electrical works are essential since you need lighting in the basement. Most electricians and plumbers charge per hour. You may consider getting turn-key service from your contractor to add all the works to the total price.

Finishes and Millwork

Finishes give you a chance to implement your sense of place into the basement. You get to pick how the floor is polished, the wall painting, ceiling treatment, fixtures on the cabinets and counters, the stairway aesthetic, among other features. The cost depends on the scale and quality. For example, painters charge per hour. Thus, the cost is dependent on the sq. ft and the quality of paint.

Your choices determine your cost. However, do not limit yourself to reduce the price of the renovation. A basement facelift is a worthy investment as it increases the value of your home tremendously. Find solutions like phased renovations to reduce your one-time charges. There is always a way around it, especially when you have help from professionals.

Whether you are a new homeowner or looking to maximize the value of your property, converting your basement into a legal suite and leasing it out can be a worthwhile investment. Not only will this space be your source of revenue for the mortgage, but also guarantee you some financial freedom. A basement legal unit is also affordable for most tenants. 

Meet the legal requirement

When converting your basement into a legal suit, you need to ensure it passes legal specifications and municipal requirements before renting it out, including electrical and fire safety. Therefore, you should be aware of the regional by-laws governing the housing standard before undertaking any conversion. You may need to obtain a building permit from your local authorities before you begin any work on site. Before the municipal or state authority gives you a renovation permit, they may require you to submit a plan showing the renovation’s location and the proposed floor plan for the suit.

Fire Code Regulations

When converting your basement into a legal suit, you need to ensure that the suit meets all the fire code safety and regulations. Your legal suite must meet a minimum fire resistance for the wall and ceiling that separates the basement from the main house. You also need to install a separate smoke alarm system for your basement suite. Besides the smoke alarm, your suit must have an independent HVAC system, including an independent duct.

Renovations and Upgrades

If you want to attract tenants to your basement suite, you will need to carry out certain renovations and upgrades to make it more appealing. If your basement has no windows, you will need to create one or several. Windows allow for ventilation, bring in light, and provides an escape route in the event of a fire.

Do I need professionals to do the job?

Yes, you need to enlist the services of a professional renovation company if you want your basement conversion to meet your expectations. At Maserat Developments, we are licensed and insured to carry out such projects. Contact us today!