Basements are great places to add living spaces, keep laundry rooms, provide storage space, and protect us from severe weather, but they don’t have to remain stark and underutilized.
A finished basement might not add as much monetary value to your home as it will other kinds of benefits. The average rate of return on the investment for finishing a basement is between 70 and 75 percent. This means that for every $10,000 spent on improvements, the value of your home would be increased by about $7,000, but that doesn’t mean that your home won’t be more attractive in other ways, especially when it comes to resale value.
Here are some ways in which a finished basement adds value and function:
- In addition to recreational space, you have the options to add bedrooms and bathrooms. These make your house more attractive, especially to larger families when you are ready to sell it. It should be noted that for a bedroom in a basement to be legal and meet fire codes, there must be an outside exit or egress window to allow for escape in the event of a fire.
- The addition of a basement during the building process or the use of an existing basement can allow you to add space to your home when building codes prevent you from adding on to your home.
- You can use the basement to create an income property. Many people rent out basements and extra rooms as a means of helping to cover the mortgage payments.
- You can save money on materials. For example, hardwood floors are not the best choice for basements since the presence of moisture can cause warping. Less expensive carpeting and laminate flooring are great choices that are also durable and attractive.
The addition of living space to a basement requires expertise in plumbing, electrical wiring, HVAC systems, and construction in addition to fire and building codes. Professional craftsmen can accomplish your goals while maintaining the safety and integrity of your home.
If you are considering finishing or remodeling your basement, Utah Home Remodel offers high-quality basement finishing services along with excellent and responsive customer service. We are a home remodeling company that treats your home as if it was our own. Contact us today for more information or to receive an estimate.