Remodeling your home takes stamina, but when the project is well executed, the results are worth it. Today, we’re talking about reasons to finish your basement. It’s an often underappreciated portion of the home with great potential.
When you move into a new home, finishing the basement can be pushed to the bottom of the to-do list. It’s important not to wait forever; finishing your basement can provide an important addition to your living space, home value, and overall quality of life.
This home remodeling project will require an investment, but the reasons to finish your basement are compelling. Whether you’re looking to use the additional space immediately, or just increase your home’s selling price, there are many reasons to finish your basement and reimagine the way people function in your home.
Increase the Value Of Your Home
We’re beginning with increasing the value of your home as a reason to finish your basement because it’s often the most convincing. Home values are based in part on the square footage of the home, plus the number of bedrooms and bathrooms.
Finishing your basement allows you to include that square footage in your home’s total, providing an automatic boost; an unfinished basement cannot be counted.
When you include additional bedrooms or bathrooms, your home’s value can increase even further. Remember, for a space to be deemed a bedroom, it must meet specific requirements. In general, it must be 70-80 sq. ft., have a minimum ceiling height of 7 ft., include two exits, a window of at least 5.7 sq. ft., and heating/cooling elements.
If you can create a bedroom in your basement, you’ll considerably boost your home’s value. How much? Figures from 2021 estimate the increase between $30,000 and $50,000 dollars, depending on your home’s location and other factors. If you’re able to add a bathroom, that increase can go up by another $20,000 to $50,000.
Many families decide to move when their space no longer serves them. A variety of factors contribute to the need to relocate. Some families need extra space; others need to accommodate new members of the family.
Relocation carries its own hassles, and moving is always a challenge. Children may need to switch schools, the work commute may be affected, and there’s always a cost involved in moving.
Reimagining your current space is a great way to make your homework for you. If you can finish your basement instead of moving, you might avoid other drawbacks. The goal is to live happily in your home, and if your current space can meet that need, so much the better.
Use Your Space and Reduce Waste
As we think more carefully about using what we have and reducing waste, don’t forget about the space in your home. If you’re not using your basement square footage, think about how that space might be put to good use.
An unfinished basement often functions as a magnet for clutter. Boxes of discarded items may linger for years, when someone else may be able to use them. Take stock of the storage in your unfinished basement and consider whether you could contribute to the well-being of others by donating outgrown or unused items.
When you finish your basement, there’s more incentive to use only what you need and store items only when they’re still necessary to the function of your home. That’s a plus.
Create Space to Entertain
A robust community is essential to the health of individuals and families, and space to entertain is a great way to encourage that social interaction.
When you finish your basement, you can create space for active games like ping pong, a spot to relax and watch movies, or even a playhouse area for small children. In a climate with inclement weather, space to exercise with friends can be a bonus.
Think about the people who live in your home and how a finished basement could be used to support their social lives. Spending time and staying active with friends is a huge improvement to quality of life.
Consider a Rental Unit
This reason to finish your basement may not work for all homeowners, but it’s worth considering. If you’re able to create a kitchen, bathroom, and bedroom area in your finished basement, you may be able to create a rental property.
If this option works for you, it can create a long-term revenue stream. Not only will the cost of finishing your basement be recouped, you’ll be promised a steady influx of money each month.
Take the time to research the regulations in your area and assess whether you could finish your basement and create a rental property.
When you’re determining whether or not to finish your basement, make sure to budget carefully. It’s important to figure out how much money you’ll be able to allocate or access for the project, and your contractor will need that information. Modern Touch Contracting has been working with clients to remodel their homes with staff that has over 20 years of experience. We offer quality mid-range renovation and above, and we’d love to talk about helping you finish your basement.
Contact us today to begin the process.