Is your lower level just a storage space for boxes and holiday decorations? If so, you’re not alone. Unfinished basements often become a “catch-all” for belongings that don’t have a home on the main level. But large unfinished basements can do more than just hold old boxes. Converting your lower level into a functional living space can not only give your family more space to lounge but also become a space for overnight or long-term guests.
Investing in a major renovation can seem daunting and costly, but these types of renovations can increase the value of your home, helping you recoup the cost of a construction loan during the sale.
What should you know before you convert the lower level of your home into a functional living space?
Plan For The Space
Before you start moving around boxes of holiday decorations, consider what you actually want to do with the space. If you want to make it a spot for overnight guests, ask yourself if you should add a bathroom and shower for their comfort and privacy. Wanting to turn it into a “man cave” or “she shed”? Ask yourself what kind of amenities you want in your space.
Having a vision will not only get you excited but give you a general idea of what kind of work needs to be done — be it lighting, plumbing, wall dividers, or flooring.
Even the most skilled craftsperson will most likely need a helping hand in his or her renovation project. That’s where contractors come in. For one thing, having a contractor or a team of contractors means your renovation will get done more quickly. It also means you won’t need to specialize in all aspects of the job, like electrical wiring or plumbing.
Start by asking friends for any personal recommendations and then conduct one-on-one interviews to find the right fit for your renovation. Contractors book fast, so plan ahead and book months before you actually want the project.
Get A Construction Loan
With any major renovation comes cost. Financing a project can be expensive, but the best way to cover your costs and get the project off the ground is through a construction loan.
There are three different types of construction loans, so finding one that is the best for you is an important first step. A skilled construction loan specialist like Ed Currie and his team can help find the right loan that fits your needs and budget. Ed is the #1 Construction Loan Officer in the United States in closed loan volume and has the experience you need to make getting your loan as easy as possible.
For more information about financing your renovation, schedule an appointment with construction loan expert Ed Currie today or call us at 847-214-2404. Check us out on Facebook, Twitter, LinkedIn, Pinterest, or Instagram for our latest tips and updates!