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Converting a basement into a living space offers various benefits such as increased home value, additional square footage and a source of rental income. However, there are a number of requirements that must be met for your basement to become legally habitable. 

Having a finished basement goes a long way in increasing the property value of a home. So having a finished basement is no doubt an asset as it increases the square footage of the usable space in the home. Unfortunately, many homeowners do not know what a finished basement is. Real estate agents get asked so many questions about what is considered a finished basement.

In Toronto, pricing for the basement is calculated based on the square feet. Professionals charge between $5 and $30 for each square foot. The average square feet for a basement should be 1000 sq ft. This means that the cost of a basement in Toronto is pegged between $5,000 and $30,000.

When it comes to basements, most homeowners want a walk-out basement renovation and it’s only natural. This option increases the value of the home, and the cost of rent if you rent out a basement flat, it’s convenient if you live in the basement yourself.

A legal second suite is an officially recognized, self-contained living space that forms part of a larger property. Adding such a suite to your home is a way to convert basement to rental Toronto or to make more use of your space and provide a living area for friends or family.

Every Canadian has the right to be comfortable in their house. The new regulations of the federal government seek to make homeowners wishing to improve their houses more accessible and supported. New mortgage insurance laws starting January 15, 2025 will let Toronto homeowners refinance insured mortgages to pay for developing supplementary suites like laneway houses, in-law suites, or basement flats.

Some modern homes are blessed with tall basements where you have all the space that you might need. Other houses, especially the older ones, do not have such luxury. To add extra height, a homeowner can choose either basement underpinning or benching (often called bench-footing ). Both can add height but in different ways and improve your home value. Consider both methods thoughtfully, taking into account design features and implications so that your choice leads to the best possible outcome.

Toronto holds hospitable grounds for its citizens. Basement apartments are growing in popularity over the years. The predominant reason for the popularity could be the swift and easy construction of the building. Moreover, the comparatively cheaper value attracts a large number of renters. This boosts the economy of the Toronto real estate market.

In older residences that weren’t necessarily constructed with the goal of eventually getting the basement completed, very low ceiling basement height is a prevalent problem. More often than not, individuals choose to raise their ceiling heights for the purpose of abiding by the legalities.

When it comes to repair, home renovations or simple home improvement, it should be clearly understood that some improvements are impossible without professional skills and special equipment. It is necessary to address to professionals with such improvement. There are certain projects that can be much more complicated than you might think, so before trying to do something yourself, ask a professional about it.