If you have an unfinished basement, you might want to think about finishing it off by yourself or by hiring a reputable basement remodeling contractor.
Finished Basements Add Value to Your Home
Basements have great potential to increase your property’s value. In today’s real estate market, it’s tough to find home shoppers looking for a new home that doesn’t include a finished lower level. Adding living space, home theaters, playrooms, man-caves and more will no doubt boost the value of your home.
Keep in mind when planning to do some basement remodeling, it is important to recognize that, on a dollar per square foot basis, the value added by improving your basement will not be the same as the space above the ground. Below-ground space is evaluated differently than the above-ground living area. Even so, you can’t go wrong in today’s housing market by finishing off your basement.
In case you are looking for further explanation on the question “does finishing my basement add value to my house,” keep reading.
1. Additional Usable Space
Renovating your basement can give you an extra bedroom, bathroom, and other additional space for your family to enjoy. Families with kids finish their basements to keep more formal living space upstairs while providing an excellent play area for the kids.
2. Great Return on Investment
Although a finished basement may not qualify for additional square footage on the Multiple Listing Services (MLS), a remodeled basement offers a great return. Finishing your basement can give an average return of 70% of your investment.
3. Your Zoning Code
Check if your property has any zoning restrictions based on your lot size. If so, you are not allowed to make additions to your property upwards and/or outwards. Not being able to make additions above ground is where the space under your house becomes valuable. You can add space to your home without having to worry about zoning restrictions.
4. Income Property
Renovating your basement allows you to add a rental unit. However, you must be familiar with your zoning code here. The rental income is a great way to earn some additional income if you are not planning to sell your home anytime soon.
5. Add Recreation Space
Typically, renovated basements do not count in the square footage of your home when reselling. That said, potential buyers love it when they see a finished basement. They may choose to turn it into a play area for kids, a recreation area, a retreat for guests, or even a storage space.
6. Use Your Skills
While you can outsource complex work like electrical work and plumbing, you can lay the flooring, put up drywall, paint and frame-out walls, etc. When you handle the job, it’s a great way to save some bucks.
7. Be Smart with Your Material Choices
You don’t always need to use only high-end building materials. However, doing so ensures that the improvements you make are durable. No one expects the lower level to have the all the higher-end fixtures and woodwork. As long as the basement you’re finishing includes lighting, waterproofing, framing, plumbing, wiring, drywall, flooring, an HVAC system, and egress windows, you should have a beautiful useable living space.
Jewell Homes and Remodeling is Built on the Foundation of Five Star Treatment
As one of the premier home building and remodeling companies in Southeast Wisconsin, Jewell Homes offers nothing less than excellence while providing the highest level of quality and craftsmanship. Whether investing in building a new home or planning a remodeling project, you’ll get our Five Star treatment. Contact Jewell Homes and Remodeling today!