How a Finished Basement Can Increase Your Home Value by $50 to 70k

How a Finished Basement Can Increase Your Home Value by $50 to 70k

Any homeowner always has to face a predicament when it comes to the basement of their home. Usually, these areas are left unutilized and most people consider their basements to be much like the haunted ones in movies; cold, dark and damp with spiders and rats to boot.

On the other hand, homeowners are quickly becoming aware of the fact that a finished basement can actually increase the overall house value by almost $50k to 70k. There are a few factors to consider here, so if you are thinking about finishing the basement in your home, pay attention to the following:

To Finish or Not to Finish?

The first conundrum that most people experience is whether to finish the basement or not. Like any other renovation, a finished basement can be an expense. On the other hand, it doesn’t necessarily have to be. Most people recommend that you spend no more than 10% of the overall house value on your basement.

If you’re expecting to get a higher value in your house’s resale, this the best way to go as you won’t feel like you have invested thousands and are getting back a pittance when the house is sold. However, if you are not focusing on getting your money back; the sky is the limit. Many people have chosen to get a Jacuzzi, a full bar, turn their basement into a game room with a billiards table or even chosen to make their own personal cinema here.

Moreover, when you want to estimate the total value of your finished basement, you have to consider that it will be half of what your house value actually is. For example: If you get a $500 per square foot on your bedroom, the value for your basement will be around $250 per square foot. Keeping this rough estimate in mind, it is a good option to actually get your basement appraised before you consider getting it finished.

Benefits to a Finished Basement

If you are having second thoughts about finishing your basement, you need to consider the various benefits that it has to offer to your home. A finished basement not only can increase the overall value of your home but also allow you to take advantage of the following benefits:

Increased Cash Flow

Renting a finished basement is a definite possibility, depending on how you have renovated it. Most people tend to keep an open floor plan with a bathroom and bedroom as well as various appliances. In this case, it gives them the chance to generate extra income by renting it out to other individuals. Based on the area as well as the facilities provided, you can easily earn a good sum through your finished basement.

However, there is a downside to this option as you need to be able to easily ensure that your home is in accordance with various rules and regulations that ensure that it is in liveable condition. Luckily, by paying attention to this beforehand, you can avoid spending more on this aspect and offer your finished basement for rent in a more prudent manner.

 
Guests are always welcome

When it comes to guests, we have all been in situations where we have been pressed for space, especially when guests decide to stay over. Instead of pulling out a sofa bed for them or laying down mattresses, you can easily settle them into your finished basement. With a finished basement, you will never be surprised by sudden visits or having people over for long periods of time.

Again, this depends on how you have finished your basement but it allows you to make use of it in a very functional manner. Whether you have guests over or you are short on space to host family or friends, the finished basement is going to be a great addition to have in your home.

 
Bypass Zoning Laws

As your family grows, you might be running out of space to house everyone. A good alternative can be to make use of your basement. A finished basement can allow you to bypass many of the zoning problems you might be facing in expanding and using the space available for you.

Whether you want to add an extra bedroom, a Jacuzzi or more, the finished basement can be the perfect space for you. However, it is always recommended that any renovation you consider for your basement should be done with the help of professionals. This is to ensure that you don’t accidentally end up causing damage to the foundations or knocking out a load bearing wall which could cause serious structural damage to your home.

6 Things to Consider For Maximum Value

When you are looking to increase the value of your home with the help of a finished basement, an amateur move is to opt to install a Jacuzzi or invest in something expensive that doesn’t really add value to the basement other than improving the appeal for you. Not every homeowner wants to deal with the expenses associated with owning a Jacuzzi.

For this reason, if you are considering getting a finished basement, pay attention to the following benefits that will provide you with maximum value:

1.Open Space Plans

Open space plans are huge winners here as they are perfect for multiple uses. Whether you’re turning it into a studio apartment, want to utilize it as a living room, a recreational room or more, the open space plan introduces a lot of versatility and flexibility that make the room a favourite. If you’re truly considering getting good value for money, consider this option.

However, do take the current layout of your basement into account for this. Not every layout is conducive to an open layout plan but with the help of the right professionals, you can still get a good, finished basement with ease. Based on this aspect, you can apply a lot of different plans to your finished basement with ease.

2.Insulation

Basements need insulation as they are situated underground and the temperature here tends to be five to ten degrees colder, even during the summers. With proper insulation, you can turn your basement into a cozy area to relax. You can also ensure that you don’t incur unnecessary bills caused by using the heating too much. In some cases, the basement might even require use of the thermostat, from the start of fall.

Without proper insulation, the finished basement might be chilly in the summer but during the winter, it can easily drop to freezing temperatures. With the right insulation, you don’t have to worry about this factor. Moreover, insulation should be the first thing you consider. Once that is done, move on to other fixes. Otherwise, it can become a huge problem if you didn’t take the insulation into account when you are getting your basement finished for use.

3.Maximizing Light

Basements can be dark and dreary but they don’t always have to be. In some cases, you can add windows and more to ensure that you can make use of natural light with ease. Again, you need to keep the foundation’s structure and the overall walls of the basement in mind when you are trying to work out how large you can make the windows or where to add the windows.

If you cause any structural damage while trying to update your basement, you could end up causing more problems which can be very difficult to deal with.

With the help of a professional on board, you can easily ensure that you don’t have to face such problems when you are considering how to add the biggest windows to take advantage of the maximum natural light that comes your way.

4.Pick Hardy over Pretty

When you’re focusing on the materials to use for your basement, it is a good idea to pick hardy and functional materials over pretty. For example: Hardwood floors might give you the look you want but the wood doesn’t react well to excess moisture. This can cause the wood to soften and rot or even promote the growth of moss and mildew.

Opting for other materials such as stone might be a good idea since they are not so easily impacted by extra moisture and there won’t be a problem with structural damages caused if there is a sudden increase in moisture. For this reason, it is better to opt for other alternatives. You not only get to save money on it, you also get to ensure that your basement will be able to last any flash floods or extra presence of moisture with ease.

 
5.Getting Rid of Moisture

If you do detect the presence of moisture in your basement, you have to consider it first before you begin to build anything in the basement. Moisture can be a huge problem, as it gets into everything and ruins it. From the paint to the type of flooring you’re using, the excess moisture can be problematic as it will also encourage the growth of the moss and mildew.

Add in the fact that this moisture is going to be constant and you’re looking at a recipe for disaster. In such instances, it is a good idea to get the moisture problem addressed beforehand. This can be in the form of using drains, fixing the pipes, plumbing and more. It is always a good idea to get a professional on board to evaluate the overall problem. They can also work out a fix which is going to be a great solution and cost effective, keeping your available budget in mind.

6.Pay Attention to Small Details

Making a finished basement that gives good value for your money and improves your home’s value depends a lot on the little details. From lighting to the stairs, all these things should be taken into factor when you’re finishing the basement. The devil is always in the details after all and even the kind of paint you use will speak volumes in giving your home the perfect finish you want.

For example: If you can’t make use of natural light and there aren’t many windows, add some extra lights into the basement so that there is adequate light. Try to find the right balance here since going overboard could make one feel like they are sitting in an interrogation room and not having enough could be really tiresome as well. Similarly, it is a good option to ensure that you fix the stairs to the basement. Add some lighting to them and make them sturdy and strong enough for anyone.

Getting the Professionals On Board

Most people want to DIY their home renovations as a bid to save more money but this can be counterproductive. Making mistakes in the basement can cost you a lot of money. The accident can mean that you either have to get the foundation of the house fixed or have to find supports for load bearing walls or even deal with a burst pipe.

For this reason, it is a good idea to have a professional on board with you as they are equipped with the proper tools and knowledge to ensure that you get the best finished basement with ease. It also saves you a lot of time and money in the long run, so it is good to be smart instead of just shouldering the risk.

If you are interested in working with a professional company to help you finish your basement, you should get in touch with Nikom Construction. Our services are designed to help with finishing your home. Whether you want an estimate or want to get more ideas, you can easily get in touch with us and our experts can successfully evaluate and asses the proper mode to take when considering finishing the basement in your home.

For more information regarding our services, feel free to call us at: 519-721-6457. You can also visit our website to fill in an online form to get a free consultation session and a free estimate on your home.

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