Remodeling a basement can seem like a tedious endeavor, although its benefits can be beyond incredible if performed correctly. One of these pros is the fact that your home’s value can increase, especially if its total square footage is increased because an extra bedroom was added, for example. (This generally does not apply in resale cases, however.)
According to The Balance, finishing a basement in the United States yields an average return on investment of 70 to 75%. The National Association of Realtors also estimated in its 2017 Remodeling Impact Report that the average value of a property recovered from various renovation projects is 63% from basement remodels, compared to 50% for bathroom renovations and 62% for kitchen projects.
Analyzing The Value Of Finishing A Basement
Given these facts, here is an analysis of how much value finishing a basement can add, depending on how this part of your home is renovated.
Raise Your Bed & Bath Count
Installing an additional bedroom or bathroom can be an excellent way to raise your home’s value. However, it’s important to note that several states and cities require these types of spaces to contain two forms of egress — i.e. an unobstructed pathway from one occupied area of a home to a safe space for emergency situations like fires.
Most egresses typically comprise three parts: an exit access, an exit, and an exit discharge. Windows also often have to meet specific size requirements as part of this concern, and egress doors should not need a key to be opened from inside. In order to create an egress, a home’s foundation walls usually need to be broken into. For bathrooms, plumbing work and fixtures are obviously important, as is tiling the floor.
Depending on lot size, certain zoning restrictions may be in place on your property that prevent you from completing some additions because you may end up encroaching on your neighbors’ space. If your home already has two stories, you may also be limited in terms of plans for vertical expansions due to restrictions on building heights.
The major types of zoning in the U.S. include residential, commercial, industrial, and historic. Be sure to check what the zoning codes are in your area.
Add Storage or Rec Space
If your basement is dark and plain and you simply are not interested in having an extra bedroom or bathroom, consider turning it into a recreation area for kids (that can contain boundaries) or an organized storage space. This idea for a finished basement will likely make any guests you have feel welcome.
Materials Cost Less
It’s honestly difficult to have an extremely elegant basement finish. Many experts recommend against using hardwood for a basement because of the moisture that can arise. Choose instead to use carpet or tile (ceramic, stone, or porcelain) for your basement flooring. Carpet serves as a good insulator and can help reduce energy payments, while tile is fairly easy to clean, durable, and water resistant.
Create an Income Property
You can also add a rental unit as part of your basement finish. Obviously, this space must comply with local zoning codes and should have at least two forms of egress. If you are selling your home, a rental unit can draw interest from potential buyers who hope to reduce their mortgage payments.
Consult With The Basement Remodeling Contractors Today
Speak to the experienced basement remodeling professionals at Monumental Contractors to learn more about how much value finishing a basement can add to your property. MC is a family owned-and-operated contracting company that serves clients in the DC Metro Area. They strive to ensure every project they take on reflects their core values of integrity, quality, respect, and accountability.
As it concerns basement remodels, Monumental’s professionals will work hard to provide you with expert recommendations and guide you through the renovation process until your basement looks brand new (and meets all your interests). Their process involves an initial consultation and design contract, selections for the project (including lights, flooring, paint colors and permits), a prep and pre-construction meeting to oversee timeline and logistics, a construction and quality check via an inspection walk-through, and then one more walk-through. Monumental also provides restoration services in the event your home sustains fire, storm, or water damage.
Monumental’s work is founded nearly exclusively on client referrals, a business model that has proven to be extremely successful for them. Call Monumental today at (703) 552-9626 or contact them online for more information about their services or to schedule a free design appointment.