When I was growing up, the large house we lived in had a full basement. It was basically one large open room.
Today, basements have become valued resources. They are often used as full-fledged living spaces, with additional bedrooms, bathrooms, and home entertainment features.
This brings to mind one important question if you’re considering investing in an extensive basement makeover:
Is A Finished Basement A Good Investment?
Generally speaking, when it comes time to sell your home, the average return on your investment for a basement remodel is about 75%.
Whether it is a good investment or not ultimately depends on what your motivation is for remodeling your basement.
For instance, do you plan to live in your home for many more years, or are you intending to sell in a year or two?
Pros And Cons Of A Finished Basement
Here are some things to think about before you begin a basement remodel…
1 – Your home will be much more comfortable and enjoyable for the entire family since you will now have space for things like additional bedrooms, bathrooms, or maybe even a home theater or large family room.
2 – The useful square footage of your home will increase significantly. This added living space is very attractive to prospective buyers.
3 – You will have the added space without affecting the actual footprint of the house. No messy additions to worry about.
4 – If your local zoning ordinances or property lines prevent you from expanding either up or out, a finished basement may be the perfect solution.
5 – Improved access may be gained with a basement remodel in the form of a walkout basement, access to backyard space, and the ability to make better use of your property.
1 – When it comes time to sell your home, you may be pricing yourself out of the market, if the neighborhood doesn’t have homes with similar improvements.
3 – Will you really use the space enough to justify the expense? Often people find they truly don’t want to go all the way downstairs or to an area of the home that seems isolated from the rest of the house.
4 – You may actually experience a loss of storage space. Yes, basements can quickly become a catch-all for things (or junk). Be sure to consider where you will store all of the things that are in your unfinished basement right now if you decide to go through with the basement remodel.
5 – Higher utility bills and taxes are an unavoidable side-effect of basement remodels. Now that you’re actually going to use that space, you will have to heat, light, and possibly cool it as well. Plus the tax man is going to learn of your now higher resale value and penalize you accordingly.
Before you start calling contractors and getting estimates for a basement remodel, take some time to look at the big picture.
These are only some of the obvious pros and cons to finishing your basement. I bet if you stop to think about it, you can double this list with very little effort.
In this video, you can follow along with the construction process as this basement transitions from an empty space into a beautiful living space:
More Tips For Your Basement Remodel
- How To Build A Basement On A Budget
- Helpful Tips For Your Basement Remodel
- Important: Know Your Egress Codes Before Finishing The Basement!