Plenty of people think about remodeling their basements. Many do it because they want more space to work with or they want to create specific rooms that they don’t have in the rest of their house. For instance, a finished basement could be used for workout space, for a guest room, for an additional living room or a play area for your children. There are plenty of possibilities for a remodeled basement, but it’s important to consider how such a change will affect resale value. Without a large enough improvement to your home’s resale value you could be pouring a significant amount of money into a basement project that isn’t going to pay off in the end. That’s bad news and not a good way to spend your cash. That’s why it makes sense to ask whether or not a basement remodel will pay off.
Will a Basement Remodel Retain its Value at Resale?
Every year Remodeling Magazine puts together a Cost vs. Value report for remodeling projects. One of the projects included in that 2016 report was a basement remodel and in that report it showed that the project retains approximately 70.4% of its value during resale. That’s an excellent figure for a remodel project and it shows that you can invest a serious amount of cash into your home basement without losing it all if you decide to sell your home later on.
A Cost Effective Option
A basement remodel is one of the most cost effective enhancements that you can make to your home. It retains more of its value than adding a two-story addition, a bathroom remodel, a kitchen remodel or adding on a variety of rooms. If you’re looking for a way to get the most out of your home, with a reasonable investment, there are few options that are as good as finishing up a basement as long as you have the space for it. If you’re thinking of putting an addition on your home, or doing another remodeling project that you could do in the basement instead, you would be better off making the modifications to your basement if you can.
Enhance Your Home with an Exciting Basement Project
No matter what it is that you want out of your home, your basement gives you the additional space that you need for a theater, for a man cave, for an entertaining space, a bar room or whatever you can come up with. Not only that, but you can go ahead and make your dreams come true knowing that the changes you make will pay off in the end. You’ll enjoy a nice boost to your total home value when it comes time to sell, and you’ll have a space that you love the entire time that you live there.
IF you do decide to remodel your basement, just make sure you use quality materials that will hold up to the moist conditions of a basement, and that you get qualified professionals to handle the transformation for you. Hiring the best contractors costs a bit more money, but it’s worth the expense to get a space that you truly love.