Why Should You Develop Your Basement in Calgary?

Basements are just as much a part of your home as the upper floors, and in some sense, are more important as they are essentially the “foundation” of your house. And while basements in Calgary are quite common, they are sometimes unheard of in other parts of the world – making us lucky to be able to experience the potential benefits that come with.

Many people choose to develop their basements, but not everyone is keen on the idea. Let me tell you why buying a new home with a fully developed basement or picking up this project in your existing property could be more than worth your while.

#1 – More Space

The most obvious benefit of a developed basement is that you’ll significantly increase the livable space inside your home. Most houses have basements with an identical envelope to the ground level, meaning that you’ll increase your living space by roughly one-third assuming you have two floors above.

More space in the basement means you can now use it for whatever you’d like, such as an extra bedroom, an entertainment room, a workout room, storage, or an office, to name a few options. When choosing what to do with that added space, the sky is the limit.
Developing the basement is an excellent option if you want more space without moving and for the most affordable price possible.

#2 – Added Value

With careful planning and the right builder, developing your basement can add considerable value to your home.

A developed basement can be a sound investment; it will appeal to potential buyers as they weigh the pros and cons of your home versus another without a finished basement. In a market downturn, this basement could be between making the sale – or not.

Overall, developing your basement adds space to live in and considerable value to your bottom line, likely making your property much more valuable on the MLS®.

#3 – Income Generator

If you don’t need the extra space, you may be able to convert your basement into a legal suite. Owning a legal basement suite pays off as you can rent the space and generate a secondary income.

In many instances, potential buyers also view a legal suite as an added asset. Like a developed basement without a suite, it could make the difference in the eyes of a potential buyer who also may not need so much space but likes the appeal of a second revenue source.
If your home doesn’t already have a separate entrance to the basement, then some heavy-duty renovation work may be required to make it capable as a secondary suite. You’ll want to weigh the initial investment’s costs versus the potential income from the suite over the long term and decide if you see the benefit in converting the basement in the first place.

Is Developing Your Basement the Right Choice?

As always, I highly recommend consulting a full-time and experienced REALTOR® if developing your basement is the right thing to do given your real estate goals.

From Cody and the Calgaryism Real Estate Team, we wish you all the best this fall and winter! Happy house hunting!