Improving an existing home rather than moving to a larger house sounds better to a lot of families. A finished basement, for example, can create a new living space for family members, along with numerous other advantages. Prepare to love your home even more once you get a basement remodeling or finishing. However, having a finished basement doesn’t necessarily mean that you will stay in that home forever. It’s normal to move, whether you are upsizing or downsizing. But, what about the expenses that you have accumulated to renovate your basement?
Here is the good news. Some remodeling projects can help you recoup a good portion of the costs. As for the basement remodeling cost, according to the Cost vs. Value Report published by Remodeling magazine, homeowners can recoup roughly 70% of the basement remodeling cost when they sell their property.
Finishing the basement can increase the comfort and functionality of a home while increasing the resale value of your home. In fact, you might even consider a basement remodeling as your first course of action to increase the sale value of your house. If so, you might be wondering, “how much does basement remodeling increase the value of a home?”. In this article, you will find useful tips to make the most of your basement remodeling regarding the return on investment for a finished basement (ROI) and the buyers’ perspective. If you feel overwhelmed by the questions like “Does my basement remodel increase home value?”, or “Should I use expensive materials or not?”, this post can help you in many ways.
What is Basement Remodeling?
Basement remodeling usually refers to structural changes made to a basement’s layout, design, or function. It can be considered a basement overhaul, so you can expect remarkable changes such as additions to the existing basement, adding or removing the plumbing, or underpinning the basement. If a basement functions similarly to that of the living spaces upstairs, it is called a finished basement. Typically, there are three types of the finished basement:
Standard Lot Basement
A standard lot basement is probably the most common basement type. Lot basements are under the ground, and there are usually small windows up near the top of the rooms. Remodeling this type of basement is still a good idea, but it may not look as attractive as other basement types.
Walk-Out Basement
Walk-out basements are always attractive for buyers since they offer a good amount of natural light, and give access to the outdoor space through a full-size door. The main floor is usually at street level at the front of the house, and the basement door opens to the backyard. Remodeling your home with unique walk-out basement ideas can add extra space to the existing square footage of your property.
Garden Level Basement
The height of a garden-level basement is usually between that of a lot basement and a walk-out basement. Though the connection between the basement area and the garden is a bit limited, a decent basement remodeling project can turn such spaces into lovely living areas since they offer some natural light through full-size windows.
How Much Does A Basement Remodel Cost?
Depending on the basement’s type and size, the remodeling cost varies. According to a popular home design website, BobVila, the national average basement remodeling cost is around $21,541.
When it comes to making a budget for your basement renovation, knowing the national average might help to some extent, but you should still consider all the details particular to your project in addition to the type and size of your basement. You can always find ways to stay within your budget if you take a look at your project more carefully.
How to keep costs low during your basement remodeling project?
There are some ways to economize your basement remodeling. You can implement many ideas, as long as you make sure your project does not violate the building codes of your neighborhood. Incorrectly done remodeling may need to be repaired or redone afterwards, which will cost you more time and money in the long run.
Here are some simple but effective ways to cut down the expenses during a basement remodel project:
Opt For A Prefabricated Egress Window And Well
Custom egress windows and wells usually cost a lot. By choosing prefabricated windows and wells, you can save $2,000 per egress window (including the well).
Check The Exterior Walls Before Finishing
If your house has a moisture issue in the basement or in other parts of the home, inspecting at the final stage can save you a great deal of money and time in the long run.
Use Less Studs Where Possible
Load-bearing studs usually have certain specifications, and you cannot remove any of them. However, you can reduce the number of studs from the non load-bearing walls.
Use Drop Ceilings
Using drop ceilings instead of drywall brings a plethora of advantages, including the economic savings. Keeping the plumbing and electrical system above the drop ceiling makes it easy for you to reach them anytime you need to.
Install Vinyl Tile
Basement bedroom floors can have moisture issues, and the carpet can be ground zero for further humidity. However, luxury vinyl tile is a more affordable and practical option in the case of moisture problems.
Add A Bathroom Near The Plumbing
If your basement remodeling doesn’t cover the renovation of existing plumbing, but you still want to have a bathroom, try building that bathroom close to existing plumbing so that you can save time and money.
Is A Basement Remodel Worth It?
To put it more concisely, finishing a basement will increase the value of your house when you want to sell it in the future. Remodeling the existing basement can help you recoup a big portion of what you spend on the project. Here are some of the most prominent reasons why a basement remodel is worth the effort:
A decent basement remodel…
- increases the home’s value
- provides customized living spaces
- opens space for noisy activities
- expands the home size
Does Basement Remodel Add Value to A Home?
Basements have great potential to add value to a home. First of all, not all houses have a basement, and second, not all basements are finished. Therefore, having a large basement, preferably one that gets enough natural light, and finishing or remodeling it can increase the resale value of your house tremendously.
Here, we have listed some tips for you to maximize the value added from a basement remodeling.
Check Your Local Laws
Simply adding drywall, flooring, and some nice furniture doesn’t make a successful basement remodeling unless everything is in accordance with the local permit requirements and laws. Some homeowners might think home improvement, like a basement remodel that is not visible from the street, can be done without a permit. However, skipping the legal permit regulations might cost you a hefty fine if you get caught. Recouping such a fine in a potential resale is not guaranteed either.
Choose A Function Wisely
If you really want your basement remodel to add some value to your property, you should consider what sells best around you. This means you might want to add a guest bedroom, a laundry room, a playroom, or other alternatives. There are almost an inexhaustible amount of options. You and your family might like to have an extra guest room, for example, but a playroom might be in high demand in your neighborhood. So, if adding a resale value is more of a concern, then following the trend is the way to go.
Select A Feasible Layout
The great majority of buyers are looking for open floor plans nowadays. Then following this trend can translate into a higher sale price. Nonetheless, you shouldn’t ignore the architectural specifications of your basement. For example, knowing the number and position of the load-bearing walls are critical before deciding on a layout, because you may not be able to remove all the walls you wanted. Therefore, you should discuss the layout with an experienced contractor so that you can get the most practical use out of your home.
Check The Ceiling and Lighting
The standard building codes will specify the ceiling height for houses. However, most basements are already below the minimum limit. Therefore, try to get the maximum ceiling height possible in the basement because higher ceilings look better and attract more buyers. Also, lighting is closely linked to the ceiling height. Depending on the amount of natural light in your basement, try to find creative and effective lighting techniques by consulting professionals. For example, recessed lighting will help illuminate the entire basement.
Get The Right Basement Flooring
Hardwood floors would be nice, but unfortunately, it is almost impossible to use them in basement remodeling because of common moisture issues in basements. However, you can use high-quality carpets, tiles, or vinyl. They can be more functional and beautiful at the same time. Remember that potential buyers aren’t only interested in aesthetic beauty. They will be looking for a low-maintenance basement that they don’t have to worry about for a long time.
Top 5 Basement Renovation Ideas Increase Home Value?
Each home is unique, and going with a one-size-fits-all approach might be cumbersome for most homeowners. Although expecting a high resale value is still an understandable and important point, you should also consider what you and your family need in the basement. The best ideas are the renovations and upgrades that fit both resale value and the family’s expectations. Here we have listed some basement remodel ideas we think might address both considerations for a lot of homeowners. You can also see more ideas in another post, “10 Small Basement remodel Ideas: Make The Most of Your Small Basement”.
Have A Home Theater
Basements are usually darker than the rest of the house, but you can take advantage of this. Setting up a home theater won’t break the bank and also gives an excellent watching experience. Especially watching movies or sports matches on hot summer nights will be great fun with your family and friends. Buyers will like the idea, too.
Get A Play Area For Kids
Remember that basements are not only for storage. You can create a space for kids where they can play freely without disturbing other people in the home. You can also move their bulky toys into the basement after a proper basement remodeling. If the potential buyers of your house are large families with kids, they will love this kind of renovation in the basement.
Create Entertainment Space
Spending time with friends in the comfort of your home is always a great experience. Your basement can be the hub of entertainment for such gatherings. Installing a bar, a wine cellar, and some nice flooring can make the basement an excellent attraction for your friends and potential buyers. You can even boost the entertainment and functionality with a walkout basement. Depending on the extroverted character of the potential buyers, you can make a huge profit by creating a space for fun.
Add A Garden Utility Storage
If you are into gardens and gardening, you can easily understand that the equipment used for horticulture takes up a lot of space. Also, they tend to always be dirty. Your basement can provide you with the perfect space where you can clean and store everything for gardening. Installing a utility sink with a French drain and some shelves under the counter is all you need. Depending on your budget and potential buyers, you can make your renovation even more functional and complex.
Adding A New Family Room
The upstairs might be too small, or a particular décor and function might stop you from creating a different type of family room. Why not use the basement, then? The basement is a good place to enjoy in a less formal way with family members. You can tile or carpet the floors, and finish walls and add other details to your liking. Buyers generally prefer a nicely finished basement to an unfinished one.
Increase Home Resale Value With KBR!
KBR is a leading contractor in Northern Virginia, Maryland, and Washington, DC. Our award-winning team is dedicated to offering you the best solutions with excellent service and quality materials. We hire only skilled and experienced professionals. From in-house workers to managers, the team always gives you the feeling that you are in good hands. For any type of home improvement, when you contact KBR, you are only in contact with us. You will not have to deal with subcontractors. This brings you direct, efficient, and affordable service with smooth communication. We assure you of clean workmanship and a long-term warranty on our services. You can simply give us a call and get a free consultation of your remodeling project.
