An increase in your home’s value might be hidden in your basement. This important space in your home can often be overlooked – but it holds untapped potential. Transforming a bare, underutilized basement into a functional and appealing living area can offer a significant payoff. Today, we’ll explore how a basement finish can increase your home’s property value.
Understanding the Potential of Basement Finishing
Once upon a time, basements were seen as mere storage or utility spaces. Now, they’re viewed as important additions to the home. A beautifully finished basement can add significant livable square footage to your property. Since it’s a separate space from the rest of the home, it can easily be converted into an extra family room, an entertainment area, a home office, a gym, or even an additional bedroom suite. Because the space is so versatile, it appeals to home buyers and drives up your home’s value.
Increased Livable Space
During the past few years, homeowners became increasingly demanding (and creative) when it comes to functional space. A well-designed finished basement seamlessly integrates into the home’s layout, providing extra rooms that serve different purposes. Whether it’s a playroom for kids, a guest suite, or a media room for entertainment, this extra functional space adds to the overall appeal of the property. It’s a great way to get the feel of a larger home without any additional square footage.
Factors That Impact Value
It’s not enough to throw down some carpet and call it a day. If you don’t invest time and care into your basement finishing project, don’t expect to see any increase in property value. Several factors influence how much value a finished basement can add to your property. These include the quality of workmanship, the functionality of the space, adherence to building codes, proper insulation and waterproofing, adequate lighting, and stylish design elements. Additionally, obtaining proper permits and ensuring compliance with local regulations is crucial to avoid potential setbacks during property sales.
Most Valuable Uses for a Finished Basement
When you’re considering the design of your finished basement, consider what type of layout will yield the highest increase in property value. If you’re so inclined, adding a bedroom and a full bath will add a significant boost. Remember to consult with your contractor to make sure that the space meets the building code requirements for a bedroom, and understand that windows make the space even more valuable to potential buyers.
Boosting Property Value
Once you’ve finished your basement finish, you can expect to see your property’s value increase. Because of the additional space and customization options, properties with finished basements tend to attract higher buyer interest and command better prices in the real estate market. The increase in square footage and the versatility of the finished space add tangible value to your home. Once your remodel is finished, you can expect to recoup up to 70% to 75% of the cost of the renovation.
It’s Time to Finish
If you’ve been considering finishing your basement, this could be a great time to begin the process. Modern Touch has extensive experience remodeling basements, and we are happy to offer our expert advice on how to increase the value of your home and your enjoyment of the space. Reach out for a consultation today.