A finished basement can add a lot of extra living space to your home. This makes it a great option for homeowners looking to increase their property’s value.
But, there are several things to keep in mind before finishing the basement. These factors can help you decide if it’s worth the time and expense.
- Increased Home Value
Homeowners who finish their basements often see a significant increase in their homes’ value. This is a great benefit for those who are looking to sell their homes in the future.
According to the National Association of Realtors (NAR), a finished basement can add up to 70 percent of your investment back on the property. This is because it provides more livable space to your home and increases its marketability.
However, you should know that the square footage in your basement won’t always be added to your listing’s MLS count. This is because appraisers evaluate basements differently than above-grade spaces.
In addition, a finished basement can provide energy savings. This is because the additional insulation and drywall layers help keep the house warm in the winter and cool in the summer.
- Extra Living Space
The extra living space that results from finishing the basement is a real asset to homeowners. Whether it be a recreation room, playroom, office or hobby room, this additional space can provide a great place for a family to gather and spend time together.
The finished basement is also a great addition for those who wish to rent out their property. It is much more cost effective than an above grade addition and can greatly increase your income.
While finished basements do not count towards calculating the square footage for resale purposes, they do add value to your home and are often appreciated by prospective buyers.
This added value can help you sell your home more quickly, especially if the finished basement is a unique space that is in high demand among buyers. This can make a big difference in how you are able to receive your desired price when it comes time to sell.
- Income Suite
A finished basement is an attractive option for those who want to increase their property value, as they can be converted into a home theater or workout area. The finished basement is also a great choice for those who wish to create additional revenue by renting out the space.
Buying a home with an income suite is not for everyone, but it can be an excellent way to increase your mortgage qualification if you are able to find the right property and negotiate the terms of the lease. However, assuming the role of landlord isn’t easy and should be done with caution.
Finished basements help with the equity in your home but be sure that it is designed and finished correctly. You will need professional help with electrical and plumbing to ensure wiring and water lines are all working properly. For help with blocked drains in Geelong visit plumbing sites online to find a reputable plumber.
- Entertainment Area
The entertainment area that results from finishing the basement is a great bonus to your home. It can be used for many different purposes, such as a game room, movie theater, or playroom for the kids.
You can even turn your finished basement into a home office, which is a popular choice for homeowners. This can be a great space for you to work from home without having to worry about interruptions from the rest of your family.
It can also be a great place for you to host parties, games, and social gatherings with friends and family. You can even install a bar in the entertainment space to create a fun and relaxing environment for your guests.
The best part about the entertainment area that results from finishing the basement is that it can be personalized to fit your specific needs and hobbies. However, it’s important to remember that this type of custom design can be a challenge for you to sell your home if and when you decide to move.