Is it better to finish the basement as part of the build or later on?
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It's often a top-of-mind conundrum for buyers of new build homes — whether or not to have the builder finish the basement during the new build process or wait and either DIY it or have a contractor do it at some point down the road.
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'I get calls from people all of the time asking this and it's a great question,' says Tom Welling, general manager of renovations at Renova Homes and Renovations, a Calgary-based home builder and renovator, noting that he has experience creating basements as both a new home builder and as a renovator. Plus, he is a former new home warranty inspector. 'So I've seen it all when it comes to basements — the good and the bad,' he says with a laugh.
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'I think you have to think of it from this perspective: You've got a builder building your house and this is the same challenge whether you are building a custom home or renovating. The initial price shock scares people. So, then they are counting their beans and then they say: 'You know what? We're are going to put off the basement development.' And then they take possession of the house and wish they had done it,' says Welling.
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The cost of finishing the lower-level will definitely add to the home-building budget, but it is typically money well-spent. It increases a home's value and if the lower level is designed as a legal secondary suite, the financial return as a mortgage helper can be significant.
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Plus, there is the convenience of having the basement completed when you take possession, allowing you and your family utilize the space.
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It's possible to roll the cost of the basement into the home's overall financing, but for many, qualifying at the higher value (with the asset value of the finished basement) may be an issue.
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'But know that the price of finishing the basement after a home is built is going to cost you $30,000 to $40,000 more,' says Welling. 'So you need to weigh that out. To do the construction in the new build cycle, it is much less expensive. When you wait until after, it's like doing a full renovation after you've just built your house. You have to bring all of the trades back on site.' Not to mention the noise and the dust.
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But, if you decide to wait, there are several pluses to this scenario. The first being that waiting to finish the lower level gives the home's foundation time to 'cure,' and settle and any cracks or leaks in the lower-level will be obvious in the unfinished state. Secondly, it allows the homeowner to get a feel for how the lower-level space will be used by the family, which isn't always apparent from the get-go. This is key to creating a good design that works for the home's flow and for optimum use of the space. The third plus is that it allows for more time to save for the construction and finishing.
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