How long has it been since you’ve asked yourself whether or not you should finish your basement? Has it been weeks? Months? Or years, perhaps? Like many homeowners, we know you have a lot of questions about basement renovations as it is no small commitment. It takes time, it costs money, and it ultimately leaves you wondering if it will add value to your home.
If you are considering finishing your basement, how much value does a finished basement add to your home? And, will you be able to recoup those expenses when you sell your home? Let us look for answers to these questions in this article and see if doing a basement remodel is worthwhile or just a waste of money.
1. Finished basements provide a high return on investment (ROI).
In the United States, finishing a basement typically yields a return on investment of 70 to 75 percent. For example, if you spent $2,000 on improvements, the property’s value would increase by about $1,400. If you spent $20,000 on improvements, the property’s value would increase by about $14,000. When compared to other renovations, such as patio and deck additions, this is a very high return (although patios and decks are also a great thing to have!).
2. New functionality is added to your home.
A finished basement adds new spaces and functionality to your home as it can easily serve as a recreation area, kids play area, organized storage space, or guests’ bedroom. And what exactly makes this a good thing? Many home buyers actively seek a home with a finished basement because it adds usable space to the home. You’d be surprised by the value of a finished basement and how it can help your house stand out in a competitive buyer’s market.
3. It can be an income-generating property.
Let’s get down to business! Have you ever considered that finishing a basement can also mean adding a rental unit in your own home? Converting the space into a studio, complete with a bedroom, full bath, and kitchen, could provide a source of rental income. If you choose this route, make sure the unit is approved by the city’s zoning department.
If you are adding a rental unit to your existing home, finishing the basement will significantly increase your property’s cash flow. While basement units do not bring in as much as above-ground units, you can still earn a nice additional income from a space that would otherwise be vacant. Seek a trusted professional if you decide to go this route.
4. You can turn it into a more secure storage space.
Nobody wants their living room or cabinets to be filled with clutter, but it can’t be helped, especially if you’re a large family. That being said, finishing your basement means you’ll finally have more storage space – a place for everything, especially larger unsightly items that take up space. From holiday decorations to sporting equipment, there’s no limit to what you can store down there.
5. Higher resale value of your home.
Finished basements are move-in ready and look as complete as the rest of your home. So, if you decide to sell your home, it will be worth more than homes with unfinished basements because the buyer will have the additional square footage of useable space. Don’t forget that it can also be rented out! Because having a move-in ready home with a finished basement is a huge perk for buyers, you’ll be in a position to sell for a much higher price.
Is it Time for You to Finish Your Basement?
No doubt, finishing your basement can be a large undertaking financially, but it is definitely worth it! If you own a home in Quincy, MA, or the South Shore area and want to finish your basement, South Shore Basement Finishing Company can help. We can help transform your basement from a dumping ground for junk into a truly incredible and functional space that really adds something special to your home.
Call us now at 781-217-3411, so we can finish your basement today!