There are many reasons to renovate your basement: more living and entertaining space, a home office. But the experts at the Canadian Mortgage and Housing Corporation says Ontarians are big on basement renovations, and it’s going to be a busy renovation market next year. You may find yourself hiring a basement renovations expert in the near future.
Why basement renovations?
The renovation industry is a $25 billion construction sector in Ontario, report analysts from the CMHC.
According to the organization’s Ontario regional economist Ted Tsiakopoulos, bathrooms, kitchens and new sleeping quarters (a.k.a. basement income suites) are at the top of the list for homeowners, but very different homeowners at that.
It’s expected that the baby boomers – homeowners between the ages of 55 to 64 – will spend the most money on renovations. They include turning the family home into a space for entertaining, including building a basement apartment where their children can stay while they begin their careers and save up for their own homes. The focus here is to invest in their homes that they can live in while getting older.
The younger population, on the other hand – 24 to 44 year-olds – will be renovating their basement for different reasons. According to a Toronto Star article, they will invest in adding a basement apartment to their home in order to help offset the cost of a mortgage.
Why not condos?
Condos are often seen as a great dwelling for first-time buyers, but even that has its downsides. With condo rents being higher than older apartments, it’s becoming increasingly difficult to find a suitable place to live. Not to mention the fact that millennials want to live in new condos, but the vacancy rates are less than 2 per cent.
There are so many benefits to having an income suite built into your basement. Not only can you offset the cost of your mortgage by having a renter reside in your basement, but the newly renovated space may come in handy if it’s just your family living in your home years later.
Make the right investment now. Speak to a basement renovations expert about how to improve your home’s space.