3 important steps I took before renovating a $ 30,000 basement

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When my husband and I bought our New construction at home, one feature he did not include was the finished basement. And while our builders gave us the option to complete the basement as an initial upgrade during the construction process, we gave it up because we didn’t want to add mortgageand we weren’t sure if we wanted to end up with that space and not just use it for storage.

But then we went, we had a group of children, and a lot of things came with these children. Therefore, a few years ago, we decided to tackle the decoration of the basement and turn it into a giant playground.

When we entered the project, we knew it would be costly and ended up spending about $ 30,000 to complete it (including the installation of a fully equipped bathroom). But before spending that amount of money, we took the following important steps to make sure it was the right move.

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1. We looked at other houses.

There are many houses with ready-made basements near where we live. Before taking on our project, we decided to look at other houses to see if it makes sense to buy a new house with a ready-made basement, rather than deal with high costs and months of construction. In particular, we hoped to find a home at a price comparable to ours, albeit with a basement that could already be used as living space.

In the end, it was difficult for us to find a house with a finished basement, which was also not much more expensive than our house, or which would not need any other renovation. And we decided that it was worth spending the money and temporarily living in the construction zone.

2. We have explored our financing options.

My husband and I had money saving pay for our repairs right away. But before taking a huge amount of money from the bank, we wanted to know how much interest we will borrow against the security of our house through loan secured by real estate or line of credit

In the end, we decided to take the money from our savings, since we had it. My husband recently received a good bonus at work, and I was saving extra money from my earnings, so even with such a massive withdrawal of money, we still had enough funds in the form of savings in case of emergencies.

3. We have requested quotes and feedback from contractors.

We knew that completing the basement would cost a lot of money, so we took extra care to hire a suitable contractor. Before signing the contract, we met with at least six or seven contractors to not only compare prices, but also see samples of their work. After narrowing it down to the top two, we looked for references from previous clients to make sure they had a good experience.

In the end, we did indeed pick a contractor whose offer was about $ 1,000 more than our runner-up bid. Cause? We were more impressed with his quality of work and liked what his recommendations said. And we decided it was worth spending a little more on a better job.

In the end, it was a pleasure to work with our contractor. He was very outgoing and did a great job, so we were happy with our choice and have since recommended him to other people.

Are you going to finish the basement or tackle another large home repairsbe sure to do your research ahead of time. Following the steps above helped us get started on this project with confidence and also be satisfied with the results.

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