BASEMENTS For those wishing to add value to their home, finishing an unfinished or renovating a dated basement to create additional living space such as bathrooms, bedrooms, laundry, work-out areas, family theater or maybe a separate living space for an In-law suite for the parents or young adults looking to live at home. If zoning allows, a rental income apartment can be the best investment in building functionality and home equity. As you can see from the list of options, the cost of a basement renovation can vary depending on your desires. In my experi- ence, starting from scratch, an entire basement renovation (600-1000 sq ft) with a 3-piece bathroom will cost approximately $75,000 to $100,000 and then some. When considering a basement renovation, it is important to rec- ognize you are adding functional and valuable living space to your home and this adds value to the existing space.
ADDITIONS It is a challenge to provide a price estimate or even a range for a home addition as there are so many variables; foundation type, number of stories, and interior usage (kitchen, bath, etc.). Let’s assume a 4-8ft foundation wall, concrete basement floor (unfinished), and a single-sto - ry addition completely finished. For this type of space and project, I will typically use a “ball park” value of $300-400 per sq ft of living space, however a smaller sq ft can actually cost more per sq ft then a larger renovation. I always rec- ommend clients spend the time and invest money on a set of professionally prepared plans to allow clarity to the renovator, therefore a more accurate estimate. The above estimates are based on my personal experience. Remember, good planning, product research/selection, establishing a reasonable budget, and selecting a reputable and knowl- edgeable renovator will go a long way to achiev- ing a successful renovation.
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JULY/AUGUST 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • JULY/AUGUST 2022
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