In 2021 I turned 35. If there ever was a time to make an investment it is now…or is it? I have been contemplating partnering with a friend to purchase a second home in either Toronto or another market in Ontario. Why do I need a business partner in this venture? Because of the insane cost of real estate all over Canada, that’s why.
But is it going down? Will it ever go down? They have been speculating a crash for years but it just keeps going up and up with no signs of slowing down. Even a worldwide pandemic couldn’t slow the skyrocketing prices.
With that said, the skyrocketing prices have influenced me to sit this one out. I will not be investing, even with a business partner. Therefore, Robert M Slaght will focus on what I’ve got and renovate my existing basement. Renovating your existing basement will add value and comfort to your home. The obvious thought as you stare at this cluttered cement box is, where do I begin and how do I renovate my basement to best maximize my return on investment?
Now I am adept at the renovation side of things having worked as a contractor on various projects for many years, mostly commercial but some residential. Still, I need assistance from someone that does basements all the time. I need to know where to put the bathroom and where to put the rooms to best maximize the space. I know the basics but a I need a professional’s opinion before I get started, says Robert M Slaght.
Enter JL&M Basements. They are a company that was referred to me from someone on Toronto Facebook Marketplace. I knew that unused Facebook account would come in handy for something! Some hire an architect and engineer; I went straight to the guys that put the pieces together for a living. If Code requires drawings, I will happily oblige, but for now I am trusting the basement professionals.
JL&M came to my house and reviewed what they had to work with. A 1,050 square foot basement. JL&M assessed everything and suggested the following to me, which highlighted some points I did not consider:
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Leave the area at the bottom of the basement stairs open so you can put a wet bar area, coffee station or fridge
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Drywall the area and create two rooms – one bedroom on the left and a recreation room on the right.
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Install a 3-piece bathroom in the bedroom
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Install a 2-piece powder room in the recreation room
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Why did they install the recreation room on the Right? That is where the window well is, and it leaves open the opportunity to dig down and create a side entrance in the future
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The side entrance will allow for the basement to be rented as with a “separate entrance”, creating rental income as well as increasing the home’s value when it’s time to sell
With JL&M’s recommendations – at a cost of only $200 for the consultation – I was off to the races on my basement renovation. Robert M Slaght Toronto, consulting with another contractor to see what Drawings and Approval, if any, is required by the City of Toronto.