A home for the Holidays!
Updated: Nov 15
The Holiday seasons are approaching! We all are looking forward to spending time with family more so this year than most. Having your loved ones around is important but can be tough with limited space… Let us help make your house a home. Ask us about our basement development packages.
Developing your basement can have many benefits such as:
- Increasing your property value
- Potential for additional income in your own home or rental property
- Extra livable space to enjoy for yourself, family, and loved ones.
Increasing property value
Many people think about developing their basement, but they are worried about the costs, and the headaches surrounding the planning and construction. What many homeowners don’t know is that the average basement development can give you an instant return of 75% of initial investment! When and if you decide to sell your home in the future an unfinished basement will not count as livable space, adding bathrooms, bedrooms, and extra square footage will help get that sale and your investment back.
Additional passive income
One of the most beneficial reasons for developing your basement is the extra rental income you would gain. Not only are you going to get an average of 75% initial return on your investment, you will also get a tenant paying around half your mortgage for you! On average in the city of Calgary you would be able to charge anywhere from $900-$1500 to rent out your basement depending on size, location, and quality. Until December 31 2021 the city of Calgary is waiving up to $900 in fees to legalize your basement or secondary suite. To learn if you qualify, and other need to know information you can visit https://www.calgary.ca/pda/pd/home-building-and-renovations/legalize-an-existing-suite.html#step1 or contact Third Gen Builders to ask any questions.
Extra living space
As already mentioned, developing your basement would create extra living space which would help during resale, but in the meantime, it has additional benefits. Are needing a little extra thinking room with all the family being so close together during these crazy times? Maybe your planning on spending more time with extended family and friends and you need some extra living area to host. You may also need a space for yourself to unwind and get away from it all with your own entertaining area, whatever your needs and wants are, developing your basement may take care of everything on your list.
Reach out to us today to see how we can help achieve what you need!
Thirdgenbuilders.com firstname.lastname@example.org 403-877-7731