Basement Renovation Value
No matter why you need the extra space, a finished basement can almost always benefit you when you decide to sell your house. Surprised? When you compare basement renovations to kitchen or bath renovations, your kitchen and bath will typically always increase your value by 1 or 1.5 times the amount you spend. And while that doesn't always stand true for finishing a basement, it's important to consider this:
A finished basement can be the difference between selling your house and not.
Particularly if you have 1, 2 or 3 bedrooms. Why? Often times a finished basement can be the substitute for the additional bedroom, office space or playroom that your buyer is looking for. Consider newlyweds with plans to have children in the future. A 2-bedroom home may not fit what they're looking for. However, a 2-bedroom with a finished basement allows more possibilities for office space, play space or a guest room that could make the sale for them in the end.
So what are some benefits for you as the owner of the home?
Well, it's an investment that you can enjoy while you're in the home for the same reasons your buyer may like it. But it's also a big change by way of more space that doesn't involve a large amount of construction like adding a bedroom would. It not only increases the value of your home, but it broadens the pool of buyers who will consider it. Your home becomes more marketable. Renovating the kitchen or bath increases the value of the home, but it does not increase the number of shoppers particularly. If we consider a two bedroom home, a finished basement can attract families looking for 2, 3 or even 4-bedroom homes depending on how large the basement space is.
Finishing a basement can cost anywhere from $10,000 to $60,000 depending on your plans. Remember that the most important part of finishing a basement is simply making it functional. You don't need to overextend your budget in order to increase your pool of buyers. Sticking to drywall, paint, carpet, molding and making sure it's properly wired to accommodate electronics like computers and TVs should really be the main focus of the development in order to make your renovation most economical.
In a buyer's market, it's always important to consider renovations that will be economical, functional and broaden your pool of buyers. With the house shopping season under way given the start of spring, stay on your toes as a homeowner and always consider yourself a seller even if you are not currently selling your homel
If you would like to discuss the benefits of finishing your basement, or just some ideas as to what should be done, fill out the form below with correct information and I will call you. Without correct information, there is no way for me to contact you.