Whether you want to update an out-of-date basement or finally renovate your unfinished basement, a basement remodel will add value to your home. Not only can a basement renovation nearly double your usable living space, it also has a good return on investment compared to other home renovations. Hiring a company that specializes in basement renovations will ensure your basement renovation will add property value.
Basement Renovations Cost vs. Value
According to Remodeling Magazine’s Cost vs. Value Report, a basement remodel will recoup over 70 per cent of its original cost. That means if you spend around $70,000 on finishing your basement, you can expect your home’s value to go up by $50,000. You can also add marketability to your property value as homes with finished basements are more attractive to buyers, sell faster and get more qualified offers.
More usable living space.
Even if you are not planning on selling your home, a basement renovation is still a smart one. It can provide more functional living space for a growing family by adding a family room or rec room. You can add bedrooms, another bathroom or use the space for a home office or fitness room. You can also optimize your storage space, freeing up space and clearing clutter from your upstairs living areas.
Additional revenue opportunity.
Homeowners that want to create an investment opportunity with their property can consider building a secondary suite in the basement. Having a rental suite downstairs can provide a steady stream of income that can be put towards the mortgage of the home or other living expenses. Once you have a renter in the basement, the revenue will quickly start to off-set the cost of putting in the suite. Homes with legal secondary suites are also valuable and attractive to potential investors when put on the real estate market.