Your home is likely one of your most valuable assets. So when it’s time to sell, you want to make sure you’re doing everything possible to add value. One often-overlooked way to do this is by finishing your basement. A finished basement can add a significant amount of value to your home. Wondering how you can get started? Check out these 10 ways a finished basement adds property value.
Is it worth it to finish your basement?
Absolutely. A finished basement remodel adds both livable square footage and value to your home. And, in most cases, it’s a relatively easy and inexpensive way to do so. In fact, according to Remodeling Magazine’s 2019 Cost vs. Value Report, a typical basement finishing project will return nearly 70% of its cost when the home is sold.
Given the wide variety of basement renovations available, it’s important to choose the ones that will offer the biggest return on investment (ROI). Depending on the selection you make, you’ll be able to improve your quality of living and capture much of the investment when the time comes to resell.
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More living space
One of the most obvious benefits of finishing your basement is the additional living space it provides. This can be used for a variety of purposes, including:
An extra bedroom: A bedroom is always a welcome addition, especially if you have a growing family or frequently host out-of-town guests.
A home office: Many people are now working from home at least some of the time. A basement office is a great way to create a dedicated workspace that’s separate from the rest of the house.
A playroom for the kids: If you have young children, a finished basement can provide a much-needed space for them to play. It can also help to keep your main living area more tidy and orderly.
A family room: A basement family room is a great place to relax, watch TV, play games, or entertain guests.
No matter how you choose to use the extra space, finished basements almost always add value to your home.
Increased storage opportunities
In addition to providing more living space, a finished basement also gives you extra storage opportunities. This is especially valuable if your home is lacking in storage areas or if your existing storage areas are full.
A few ideas for how you can use your basement for storage include:
Adding shelves and cabinets: Finishing your basement provides the perfect opportunity to add additional shelving and storage cabinets. This can be used for everything from holiday decorations to out-of-season clothing.
Creating a mudroom: If your home doesn’t have a dedicated mudroom, a finished basement can provide the perfect space for one. This can be especially useful if you live in an area with harsh winters.
Adding a laundry room: A basement laundry room is a great way to keep your main living area tidy and clutter-free. It’s also a valuable selling point for potential buyers.
Easy to customize
One of the great things about finishing your basement is that it’s easy to customize the space to suit your needs and preferences. Whether you’re looking to add an extra bedroom or a home office, there are endless possibilities for how you can use the space.
And, if you ever decide to sell your home, the basement can be easily converted back into storage space. This means that, unlike with some other home improvement projects, you’re not likely to lose any of your investment if you decide to sell in the future.
Better resale value
Another big benefit of finishing your basement is the added resale value it can provide. Finished basements are always appealing to potential buyers, and can help you to sell your home faster and for a higher price.
According to the National Association of Realtors, homes with finished basements sell for an average of 10% more than similar homes without finished basements. And, in some cases, the added value can be even greater.
Helps save money
A finished basement can also help you to save money on your utilities. This is because the additional living space can be used to spread out and reduce the need for heating and cooling the entire house.
In addition, a basement is typically cooler in the summer and warmer in the winter than the rest of the house. This means that you can often keep the temperature a few degrees lower (or higher) in your basement and still be comfortable.
A finished basement is also a great way to reduce noise from the rest of the house. This can be especially beneficial if you have young children or frequently entertain guests.
Can be an additional living space
If you ever find yourself in need of extra living space, a finished basement is a perfect solution.
This is because it can easily be converted into an apartment, in-law suite, or even a rental unit.
This can provide you with some extra income or simply give you a place to house visiting family members or guests.
Establish a budget
No matter how you plan to use your finished basement, it’s important to establish a budget before you get started. This will help you to determine what type of finishes and fixtures you can afford.
It’s also a good idea to set aside some extra money in case you encounter any unforeseen problems during the project.
Closing
A finished basement can provide several benefits for your home, including additional storage space, improved resale value, and the ability to easily customize the space to suit your needs. If you’re considering finishing your basement, be sure to contact the pros at Moose Basements for all your basement renovation needs.
Our team has been crafting custom basement solutions for clients across the Greater Toronto Area for many years. With expert contractors, quality materials, and industry-leading pricing, we’re confident that we can help craft the basement of your dreams. Contact us today to learn more about our basement renovation services or to inquire about a project of your own!