September 25, 2023

Should I Add a Basement to My Home or Move?

Find out if adding a basement to your existing home is more cost-effective than buying a new property. Explore the pros and cons.

Should I Add a Basement to My Home or Move?

Should I Add a Basement to My Home or Move?

Home is more than just a building; it's where memories are made, families grow, and everyone finds solace. Over the years, our needs may change, and with them, our home must evolve to adapt.

Given these changing needs, some wonder whether they should add a basement to their existing house or if selling and buying a home better suited to their needs is best.

This question isn't just a real estate decision; it's a question that touches the heart of your home.

Why Some Choose to Renovate

- The Human Aspect of the Decision

A home is the stage of your life, a space filled with emotions and memories. Adding a basement instead of buying a new home can be a decision filled with sentimentality. It's an opportunity to preserve the place where your children grew up, where you celebrated numerous events and achievements.

- Sense of Community

Your home might be located in a neighbourhood you adore or in a desirable location, like by the water. You've forged strong connections with your neighbours and want to stay in this community. Adding a basement to your house can allow you to stay in the heart of this familiar environment, surrounded by people you value.

- No Need to Move

Moving can be a stressful experience. You avoid the hassle of searching for a new home, selling your current property, and moving. Your children don't have to change schools or adapt to a new environment.

- Customization

Adding a basement allows you to customize your space with extra living area square footage. You can create a new bedroom, a playroom, an office, some storage space or even a separate apartment. You can also determine the ceiling height of the foundation walls and the level of finishing for the project according to your requirements. Will you do the finishing yourself to save on costs, or opt for a turnkey finished basement?‍

-Invest in Your Current Home

Adding a basement to your existing home is an investment. You increase its long-term resale value.

Adding a Basement: The Drawbacks

- Initial Cost

Although generally cheaper than buying a new home, adding a basement still represents a significant financial investment. You need the necessary capital to fund the project.

-Temporary Disruptions‍

Building a basement can disrupt your daily life for a while. You may have to deal with noise, dirt, and workers in your home. If you have to lift the house to build the basement, you may need to relocate until the house is back on its foundations.

Why Some Choose to Move

- A Fresh Start

Buying a new home offers a fresh start in a new environment, potentially in a house that better suits your needs. You can choose a new neighbourhood that aligns more with your amenities, schools, and transportation preferences.

- No Construction Project

You avoid the hassles and time associated with renovations. You move into a move-in-ready house.

Drawbacks of Moving

- High Cost

Buying a new home involves substantial costs, including purchase fees, moving costs, and taxes.

- Real Estate Market Uncertainty

The real estate market can be volatile, with unpredictable price fluctuations and high interest rates, making buying a new home financially uncertain.

- Major Disruptions‍

Moving is stressful, involving the sale of your current home, searching for a new property, and the actual move. It can also be stressful for your children if they have to change schools and adapt to a new neighbourhood.

The Decision Is Yours to Make

The decision to add a basement to your home or move will depend on your needs, financial situation, and personal preferences. It's essential to weigh the pros and cons of each option and consult with professionals to help you make the best decision for you and your family.

Whether you want to lift your house to dig a basement and add new foundations or transform a crawl space into a basement, our team of experts will happily provide you with a free quote. You will be better informed to make the best decision.

Whether you invest in your current home or seek a new property, the key is to make a decision that brings you long-term satisfaction and comfort.

Jonathan Blackburn

Experienced manager, efficient leader

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