A Basement that Brings Value
Basements have so much potential in a home. But this can, at times, be the problem—when your basement is left in its potential state. If you have a basement and have been considering a remodel, what is your hang-up? Is it the cost of the addition? Are you asking yourself if remodeling your basement will really add home value?
As a basement remodeling contractor, we know that creating a functional basement can increase the value of your home and garner a worthwhile return on investment. But before you invest in your lower level, here are some important factors to consider.
How Much Value Do Basement Remodels Have?
One of the greatest benefits of a basement remodel is the speed and cost of installation. They are far easier and faster to construct and cost less than a traditional home addition. When you need more space on a smaller budget, your basement is a much more cost-effective option.
Basement remodels garner as high as a 70 percent return on your investment per square foot, but this can vary as square footage is not always counted the same in a basement.
Square Footage vs. Value
A basement is not always counted toward the overall square footage of your home. However, the additional living space still increases the overall home value. But different types of basements are counted differently.
Just as the name suggests, this basement structure is constructed fully underground, although a slight portion may peek above ground level where small windows can be installed for light. This addition is the least likely to ever be counted as square footage.
To allow for more natural light, English basements are constructed where a majority of the basement is higher than ground level. They typically have larger, almost full-length windows.
A basement that contains at least one entry/exit point to the exterior is a walkout level. This can be a basement with a front entry point connected to stairs or a home built on a slope, where the backside is level with the yard, creating the ability to walk out directly from the basement. Walkouts can sometimes be counted toward the overall square footage of your home, although not all will.
No matter what type of basement you have, a finished basement is still a worthwhile investment, allowing for more livable space.
What is your home lacking? You will garner the greatest value in your renovation by filling in the gaps. If you lack kid space, entertainment space, or bedrooms, invest in those items.
Gaining the proper permitting for everything you wish to achieve in a home can present a major issue in the renovation process. You can remove some of the headache by hiring a contractor who takes care of the permitting process. Just ensure you hire a reputable company you can trust, and speak with them beforehand about what you truly can complete in the renovation process.
Financing and Budget
How are you financing your renovation and how much can you spend? To gain the best value from your renovation, it needs to be completed properly. The most essential items to budget for are insulation, heating/AC, plumbing, and electric.
Length of Time in Home
The number of years you have left in your space can help determine budgeting and material selection for your basement renovation. If you plan to live in the home for years to come, invest in the high-quality materials you will love and enjoy. If you are looking to sell, consider a well-constructed but less expensive material option.
If a basement remodel is right for you, prepare yourself with our six steps to starting an interior remodeling project.
Remodels that Will Bring Value
Investing in your home will always add value, but when curating a basement renovation, home value can be achieved in more ways than one. Here are some value-adding remodels to consider based on your home needs.
A rental unit begins providing an ROI the minute you find a tenant. Not only are you adding the value of a completed basement space, but you gain the additional value of a rent check. Just ensure a professional completes the construction for the most durable rental space.
If you work from home, an office space brings the benefit of a work environment, but it can also be a potential tax write-off each year. If you need an office, speak with your tax professional about the tax benefits you could receive from building a home office in your basement renovation plans.
Additional Family Space
Future homeowners see great value in having a second living area. A place where kids can play, family can entertain, or room to just get away can greatly impact a buying decision. Creating a beautiful basement living area with the proper insulation, lighting, and heating and air conditioning can greatly increase the value of a home and interest from buyers.
Light and Bright Design
Basements that feel open and bright are far more enticing than dark, closed-off spaces. You will garner a much greater return with an open concept, airy space.
How to Get the Best Return from Your Basement Remodel
The key to a basement remodel is creating a space that is cohesive with your home, while finding its own use and identity. Whether you have the blank canvas of an unfinished basement or you have a lackluster area that needs a large-scale renovation, the way to see the greatest return is through the talents of a professional basement remodeling contractor.
A team like ours at Lakeside Renovation and Design couples the expertise of a design team with that of skilled contractors. Our goal is to give you the renovation of your dreams through a process that is stress-free, easy, timesaving, and budget-friendly. Our design-build team and process provide just that.
When you are ready for a basement that lives up to its potential, our team is ready to help. Contact us about our basement renovation services today!