The other day, you descended those semi-treacherous basement steps to grab that very specific item that you only occasionally need…
…So it’s in storage…in your dark, cold basement.
That’s when you decided that—the basement could use a little facelift. Or what’s better? A complete restoration.
Built to Last Co., your home remodeling contractor in West Lafayette, IN, is here to show you how to make the most out of your basement, giving you the greatest value for your buck!
What’s so Great About a Finished Basement?
To start, a finished basement is just plain cool! It gives you a brand new, usable part of your home that was previously just used for storage and housing your furnace.
If you’re planning to stay in your home for a number of years, then finishing your basement is an inexpensive way to give you more space and ultimately make your home a more comfortable and interesting place to be.
This is particularly important if you don’t have the ability to build an addition. You may have limited space, zoning problems, or other architectural complications that prevent you from adding to your home any other way.
People use finished basements for a wide number of different things, and the options are up to your imagination.
- Another bedroom
- Mother-in-law suite
- Child playroom
- Home theater
- Hobby room
- Space to rent out
Of course, it depends on the nature of your basement. Not all basements are built the same way, and it may require some extra renovation, depending on what style of basement your home has.
Finished Basement Increases Value
Whether you’re planning to stay awhile or you’d like to sell, a finished basement increases the value of your home.
Estimates place the value of a basement remodel at around 70 to 75%. That means, if you spend 1,000 dollars, you’ll increase your home’s value by 700 dollars.
And you can increase this value with the help of some planning.
Save on Materials
This may seem like cutting corners, but when it comes to basement remodeling, you have to remember that it’s still a basement.
It’s not that you shouldn’t aim to make your remodel nice and cozy, but people generally don’t expect the same level of quality and comfort as your regular living space, upstairs.
This means you can save money on your remodel with cheaper materials that aren’t going to be a visitor’s first impression of your home.
That being said, better materials and attention to detail will add value as well. So if you’re still wanting good, quality or aesthetically pleasing materials, and you don’t mind paying for it, your home’s value will increase proportionately.
Keep in Mind: It’s Still a Basement
Of course, we’re not saying that you shouldn’t put any care or attention into your new space. In fact, you should be careful to consider the nature of a basement as you plan your remodel.
Consider how your basement is designed and the environment of this subterranean space. You’ll want to stay away from hardwood flooring in about any basement. These spaces have a tendency to flood, making expensive flooring options a bad idea. That sets you up for hardwood that warps and needs replaced. Even carpeting is a recipe for inviting foul smells, mold buildup, and worse should some moisture make its way in.
If your concrete is in good condition, you could just have it cleaned up or painted. You can also put down ceramic, porcelain, or stone flooring for a prettier water-resistant option. And if you still want a cozier space, the use of rugs can give you plenty of extra warmth and comfort.
The main thing is transforming the dark, damp storage area into a usable, functional space for you and your family to enjoy!
Is a Basement Considered in Square Footage?
This is a complicated question, and there’s no one, simple answer. Most of the time, the answer is no. Basements are generally not considered in the square footage, because it is below ground, and thus, it isn’t considered to be usable living space.
Despite that, there are exceptions to consider. And depending on the layout of your basement, you may be able to make some alterations to increase its value or even count as square footage.
For instance, if your home is built in the side of a hill, has a door to the outside, and has finished living space equal to the rest of the house, you may be granted an exception.
Also, if you have bedrooms or an entire apartment down in the basement, and the market accepts this arrangement as suitable living space, you may also enjoy an exception.
There are unique situations where you can either count your finished basement as square footage, as an extra apartment, or otherwise, but at the end of the day, it’s up to the appraiser and their best judgement.
So regardless of how well your basement is finished, most aren’t going to add on to your square footage. But as stated above, your finished basement does retain up to 75% of its value. Talk with an appraiser to really get the scoop on what can be done to ramp up your home’s resale value.
Your Home Remodeling Contractor – West Lafayette, IN
As you can see, finishing or remodeling your basement is an easy and inexpensive way to boost your home’s resale value while giving you a beautiful new space to spend time.