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If you can’t afford to move house in 2023 but need additional space, it’s time to consider renovating.
Most guides will tell you to build upwards to add more value to your home by extending into the roof. But have you ever considered increasing the space in your home by renovating your basement?
Are you considering finishing your basement to add home value? Here is everything you need to know about adding a finished basement to your house and whether it will help increase the value of your property.
What Will the Finished Basement Be Used For?
Before you decide on renovating your basement, it’s vital that you have a clear idea of what your room’s function will be.
A finished basement will only add value to your home if there is a clear purpose for that space, and it offers something to your home that you don’t already have.
The space that will add the most value is an additional bedroom, especially if you have a property with plenty of living space to appeal to large families.
If you have enough space in your basement, an additional en-suite bathroom to go with the extra bedroom will be a great selling point. It also means you have an area in your home perfect for guests or paying lodgers.
Add Value by Sticking to a Budget
You will only add value with home renovations if you set reasonable budgets from the start and keep an eye on costs. Many home renovation expenses can quickly spiral out of control.
To set a budget, first, measure the space. These measurements will give you a guide when getting quotes from contractors.
You’ll also need to decide what you will do yourself and what work will need to be carried out by professionals like https://home-solutionsllc.com/.
Allow up to $3000 to prep the basement and another $10,000 if you need to expand the house’s foundation. If you plan to do any remodeling, allow an additional $3000 for that, depending on the complexity.
What you spend on flooring and walls will depend on your finished basement ideas and the type of look you want to achieve. Allow for a cost of anywhere between $5000 and $15000.
Don’t forget to allow for electricals, and if you are adding a bathroom, you’ll need to set aside money for plumbing. Expect these two costs to be in the region of $10,000 to $30,000.
What Type of Return Can You Expect?
The average finished basement adds around $50,000 to the sale of a property. In a large house or a property in a sought-after area, this figure could reach as high as $85,000.
Before you finalize your budget, it’s worth considering current sale prices on similar properties in your area. You could even talk to a real estate agent for advice on the local property market.
Plan Your Renovation Today
As long as you can keep costs under control, expanding your home with a finished basement is an excellent way of adding value to your property. Of course, it will also create more living space for you and your family.
If you found this post helpful, visit some of our other home improvement posts on our websites for different ways to increase the price of your house.