Finishing your basement and maximizing the return on your investment

Home improvements are usually done to increase your home satisfaction, but unless you plan on living in the same house forever you should also consider how they affect your home’s overall value.

Finishing your basement can yield up to a 70% return on your investment at resale according to Remodeling Magazine’s 2013 Cost vs.Value Report.

These tips will help you plan for your basement renovation needs with a focus on resale value:

  • Increase Space – Finishing your basement is a cost-effective way to get more usable square footage without having to build an addition on your home. A finished basement utilizes a large unused space in your home.
  • Increase Functionality Determine how to finish your basement to best address your needs. This might be adding more bedrooms, bathrooms, storage area, a home theatre, or a rental. Be sure to check with your municipality to ensure what you have planned is allowed.
  • Plan Ahead – Get a few professional quotations to help you determine what is possible within your budget.  This may include an architect or draftsman to design the job and provide drawings, a contractor to build it and an interior designer to make your dreams become reality. If you are a do- it-yourselfer look online, in magazines and price out various finishes and products.
  • Start with a Solid Structure – Fix any foundation problems first and any structural issues with your home. Professional engineering help will be required for assessing load capacity, excavating and fixing foundation issues.

Comfort Control  – Address any potential dampness issues before your renovation starts. A dehumidifier or air conditioner may be required in summer months. Ensure you have proper heating and cooling distribution which may mean installing or relocating registers and/or adding cold air returns. See my blog post ‘Dealing with Dampness’.

  • Insulation – Fixing moisture issues before you begin will increase the thermal performance of your insulation. Apply waterproof paint to masonry walls and ensure exterior walls contain a proper vapour barrier. Research the various insulation types and look at upgrading existing insulation to a higher R-value before you finish the interior. Consider conducting a before and after energy audit to have to present to any future buyers to show you have made improvements to have an energy efficient home.
  • Lighting – Adding extra lighting or increasing the natural light in your basement by adding or enlarging windows is a great investment. An engineer should ensure the surrounding walls can support the increased structural load.  Recessed lighting (potlights) are a popular choice in today’s homes.
  • Flooring – Choose appropriate materials for your flooring. Carpeting, hardwood and some laminates are generally not recommended due to higher moisture in basements. Consider installing a vapour barrier and a product which acts as an insulator below the flooring. Research the product you want to use to ensure it can be used below grade.
  • Ceilings – Consider a suspended ceiling to allow easy access to the plumbing, electricity and ductwork. Drywall doesn’t offer these benefits, but is often chosen for it’s more clean and polished appearance. If drywall is chosen include access panels for water and gas shutoffs.
  • Drawings and Permits – Work with an Architect or Draftsman to draw up a plan that outlines your vision. Complete any applications for required permits and inspections. Check first with your municipality for requirements and restrictions.

Interview a few contractors, ensuring they are licensed and insured. Ask for past references and examples of work they have previously done.  Compare quotes and pick someone that you feel comfortable dealing with. Your completed basement renovation will not only increase the resale of your home but will add new useable space for you to enjoy.

If you are interested in more home improvements to increase you home value you can request my Free “Room by Room Review” booklet which includes ‘101 Quick & Easy Ways to Make Your Home Show like A Model Home’

An upswing in sales for the April market

Ottawa, May 3, 2013 – Members of the Ottawa Real Estate Board sold 1,573 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,568 in April 2012, an increase of 0.3 per cent.

“The Ottawa market is doing well, and gaining ground back since the “cool-down” of the market for the past five months,” says Tim Lee, President of the Ottawa Real Estate Board. “We are on par with the strong sales of last April, and the resale market is up 34.9 per cent since last month. With the late onset of warmer weather, the traditional “spring market” saw its upswing a little later this year. With interest rates continuing to be low, Ottawa remains a healthy, stable market.”

April’s sales included 302 in the condominium property class, and 1,271 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $371,565, an increase of 2.1 per cent over April 2012. The average sale price for a condominium-class property was $266,596, a decrease of 2.3 per cent over April 2012. The average sale price of a residential-class property was $396,507, an increase of 2.9 per cent over April 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

Source: The Ottawa Real Estate Board (OREB)

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Dealing With Dampness in Your Home

As we approach the spring many homes experience dampness from the excess water caused by a combination of greater rain fall and the melted snow. When dampness is present in your home it can cause a musty undesirable smell.

If dampness is not taken care of it also produces mold on hard surfaces, mildew on soft surfaces, and can lead to health issues. The best way to tackle any problems with dampness is to detect  it, deal with it, and avoid it in the future.

Identifying the dampness

The climate where we live is a predictor for dampness in our homes. The Ottawa valley has high humidity and increased rainfall during this time of  year. That coupled with the melting snow and ice often causes an influx of water from the outside coming in.

Even in ideal climates you can also experience dampness from increased humidity from showering, drying clothes, and cooking. It may not always be obvious where to locate the source of dampness issues. When water is entering your home from the outside, you may be able to determine where by looking for water stains on painted walls or white salt deposits (called efflorescence) that show up on brick.

Dealing with dampness

When your home is showing signs of dampness, it is important to deal these issues quickly so they don’t lead to increased damage or personal health issues. The first thing to do is locate the source of the problem. Look at the most common problems such as blocked eaves-troughs  missing shingles, objects stacked against exterior walls, leaking water pipes, or damage to your roof or foundation.

If you cannot find the source of the issue hire an expert to help. Depending on the complexity and severity of the problem, there may be some solutions you can take care of yourself (e.g. caulking around windows to keep moisture out, cleaning the gutters), whereas others may be better suited for a professional (e.g. fixing leaky water pipes or fixing foundation problems).

Avoiding dampness

Prevention is the key to keeping a damp free home. Here are some tips you can take to keep dampness away from your home:

  • Keeping windows and doors closed during humid weather prevents moisture in the home.
  • Use climate control devices such as an air conditioner and or a dehumidifier to keep humidity below 60%.
  • Use exhaust fans in the kitchen and bathrooms to control humidity.
  • Ensure all kitchen and bathroom exhaust fans are clear and connected directly outdoors and not into the attic.
  • When possible, consider limiting the boiling time of water, covering your saucepans when cooking.
  • Position the downspout runoff of the eaves-troughs so they are directed away from the foundation of your home.
  • Make sure the yard has proper slope which directs water away from the home and that the foundation has a proper drainage system in place.
  • Increasing or improving the insulation of your home and around pipes.
  • Make sure that the home has a proper vapor barrier present.
  • Limit the amount of indoor plants you have in the home and store firewood outside or in the garage.

Choose & Win! Two Great Contests

 

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CHANTAL NEPHIN HAS MOVED !!!!

I would like to take a minute of your time to announce my exciting news. As of January 22st 2013 I have joined RE/MAX Affiliates Realty Ltd. I am looking forward to building my business with the world’s leading real estate brokerage.

Moving forward I will continually strive to provide excellent service. In my business the most profound asset I possess is the respect and trust of current and past clients. I will continue to be committed to grow my business by repeat and referral work; bringing both my personal dedication and the industry’s best practices to ensure an outstanding, stress–free real estate experience for my clients.