CASE STUDY: Transforming an Investment Property with a Basement Renovation
When our client purchased a new investment property, they recognized an opportunity to increase its value and revenue potential. The property’s main unit was ready for tenants, but the basement was a different story—unfinished and underutilized. Understanding the potential of a fully finished basement, the client embarked on a renovation journey that would not only enhance the property’s appeal but also significantly boost its cash flow.
Choosing the Right Contractor: Transparency and Communication
The decision to go with our team for the basement renovation was not based on pricing alone. While the client had received several quotes from other contractors, what set us apart was our commitment to transparency and communication. Our quote detailed the costs associated with each stage of the build, and we made it a point to proactively answer any questions the client had. This approach fostered trust and confidence, paving the way for a successful collaboration.
Meeting Calgary’s Standards for Legal Basement Suites
The project’s scope was comprehensive, aligning with the City of Calgary’s standards for legal basement suites. The renovation included the installation of a second furnace, which was essential for ensuring the comfort and safety of future tenants. Additionally, the space was thoughtfully designed to include a kitchen, bathroom, bedroom, laundry room, and den. This transformation not only maximized the functionality of the basement but also adhered to the stringent requirements set forth by local regulations.
Exceptional Customer Service and Enhanced Design Features
Our client was particularly impressed with the level of customer service provided throughout the project. Regular communication at every stage ensured that they were always in the loop, fostering a sense of involvement and satisfaction with the progress. Moreover, we took the initiative to upgrade certain design features, adding value and appeal to the final outcome without straying from the agreed timeline or budget.
On Time and Ready for Tenants
The renovation was completed within the ambitious timeframe of 10 weeks, a testament to our team’s efficiency and dedication. The client was thrilled with the result, not only because of the timely completion but also due to the quality of work and the enhanced functionality of the space. The newly renovated basement was now a legal suite, ready to generate additional income.
Upon advertising the rental, the client immediately began receiving inquiries, underscoring the demand for high-quality, well-located living spaces in Calgary. This project not only met the client’s objectives but also exemplified the impact of thoughtful design, strategic planning, and excellent customer service on real estate investment success.
Conclusion
This case study highlights the importance of choosing a contractor who values transparency, communication, and quality. By transforming an unused basement into a legal, functional, and attractive living space, our client significantly increased the property’s value and rental income potential. It’s a compelling example of how strategic renovations can yield substantial returns on investment, especially when executed with professionalism and a client-centric approach.