Often when homeowners are looking to expand their home, the first thought that comes to mind is an addition. Although an appropriate solution at times, we often overlook an easier and more cost effective solutions right before our eyes (or under our feet). Creating an addition often requires structural engineering as well as increased building cost. Finishing a basement on the other hand requires very little if any structural work, as the basic structure is already constructed. Basements are often used for utility and storage, these spaces offer huge opportunities when it comes to livable space. Often adding 30% additional Sq. ft to your existing home, they are a very practical addition to your home. Finishing your basement is a fantastic and cost effective way to expand livable space. Here are a few advantages why you should finish your basement.
1. Return on Investment
According to Better Homes and Gardens, the return on investment of finishing your basement is substantial. National cost versus value surveys show the average return on investment for a basement project is around 75 cents on the dollar. Having a finished basement makes a big difference when bringing your home to market. This contributes to the many home equity loans that offer low interest rates, as the bank has security in increased equity.
2. Increasing the Number of Bedrooms or Bathrooms
Finishing your basement could be a wonderful opportunity to increase the number of bedrooms, and bathrooms in your home. Not only does this come in handy when family are in town, but it also helps someday when bringing your home to market. Often buyers have a minimum number of bedrooms/bathrooms for their family needs, and exclude houses under that number. An additional bedroom/bathroom can allow you to appeal to a larger group of home buyers.
3. Lounge-Worthy Spaces
Often we don’t have enough room for the things we would like to do and when a pool table doesn’t look great in the family room, a lower level could be the perfect space. Unlike main level living spaces, a basement allows for further customization and personalization considering it is well stowed away from the unexpected houseguest. Lower levels make for for perfect craft and game rooms, as well as home gyms and theaters. When your family room doubles as your game room and entertainment space, you have to layout and decor accordingly. When your family room is solely used as a general congregation space you can decor accordingly.
4. Zoning Codes Don’t Allow Other Additions
There are many situations where a homeowner can not expand their home due to zoning codes and setbacks. If you are looking for additional livable space yet can’t add to your existing homes’ footprint, a basement project could be something to consider.
Not only does a basement project yield a great return on investment, it also provides the best value regarding useable space. In comparison, structural additions typically are more costly as you need to build the foundation as well as roof. When finishing a basement the skeletal structure is already complete, costing less to create useable space. Although bathroom and kitchen projects have a good return on investment, basement projects are where you can get the most bang for your buck.
6. Improved Storage
Although plastic bins under the stairs might fit all your storage, it certainly will not effectively let you access things when you need them. Often homeowners use a remodel as a great time to organize and progress storage solutions which allow year round access to everything.
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