Deciding whether or not to finish your basement is an important consideration. Some people view a finished basement as a total necessity and others view it as a major nuisance. Basement remodeling is one of the best kept secrets of space expansion. It is prime remodeling territory from a financial investment as well as improving your quality of living. If you own a 2000 square foot home and finish your basement, you may get 1000 square feet of extra space. That’s a 50% increase in space. As a result, that extra space increases the market value of your home substantially. Here are all of the reasons that finishing your basement can be to your benefit.
Income: Do you need to add more income to your household to add more flexibility in your current lifestyle? Finishing your basement can add to your income. Basement apartments are very popular these days because people are downsizing from their current living spaces. Many basements rent at 75% of the cost of your monthly mortgage, quickly offsetting the upfront cost of finishing the space. In addition, finishing your basement offers the best price per square foot of any home remodeling project.
Comfort: Finishing your basement can offer your whole family a more comfortable living space by staying nice and cool in the summer and toasty in the winter. Having a finished basement will offer you a room in your home that is very energy efficient compared to any other room in your home saving on added energy bills that an addition would cost. Unlike your main level living space, your open basement offers you a blank slate in choosing a floor plan that you wish you had on your main levels such an extra bathroom or possibly an added bedroom or two. Many people would agree that they would prefer to spend time in their finished basement than any other room in their home.
Family & Entertaining: If you have your extended family in town a lot or you are the entertainers of your group of friends, finishing your basement will allow your family to have separate living quarters whether they are there for the weekend or the month. Having a space where you and your friends can congregate to watch football on Sundays on your big screen or adding a pool table and a bar to entertain on the weekends is also an added bonus.
Storage: Do you wish you had more storage in your home? If so, finishing your basement to be the creative and organized haven you desire is right at your fingertips. Finishing your basement will provide you more storage and shelving space.
Resale Value: Many consumers in the home buying market will tell you that having a finished basement in a prospective home will make or break their will to purchase it. A lot of people don’t want to finish a basement themselves and want that added living space to already exist in their future home. The benefits from a resale point of view far outweigh the cost associated with completing the job. According to annual surveys by Remodeling Online, homeowners who invest in a major basement remodel can expect to recoup 79.3 percent of their investment.