How a finished basement can increase the value of your home
Cheaper than adding an addition
When considering more options for space, you might think that it’ll be easier to add a second story or an additional room to your home rather than finishing your basement. With your new story or added room, you can add more windows to make it brighter, and you don’t have to worry about the placement of your water heater and furnace.
But an addition isn’t usually cheaper. Your basement already has four walls, a roof, a floor and all the wiring and insulation. A home improvement contractor will have to start from scratch with a new addition, which can add up very quickly and cost you much more than a regular finished basement renovation.
Of course, it’s always important to speak with a home improvement contractor when deciding between a new addition or a finished basement, but don’t be so quick to dismiss your basement just yet. There’s a lot of hidden potential down there.
More bedrooms and bathrooms
Any realtor will tell you that more bedrooms and bathrooms can be the difference between one and six months on the market. When your home has more bedrooms and bathrooms, you add to the number of people who may be interested in your home.
More bedrooms also increases your chances of finding buyers who are able to pay higher prices. A newly-wed couple might not have the savings or income as a more established family with a child or two. With more bedrooms, you increase your home’s attractiveness to more types of buyers.
Possible rental potential
If you’re looking to build more value into your home, then there’s no better way to do so than giving your home rental potential. A finished basement can easily be sectioned off from the rest of your home and become a great space for a renter.
Depending on where you live and your city’s zoning laws, your finished basement could become a separate apartment. Young professionals and college students are always looking for great renting options, and the money they pay in rent can help offset your mortgage or contribute to bigger home improvements, such as solar panels.
Though this renovation has more upfront costs, it can be a huge selling factor for buyers. If a buyer is leery about paying a high mortgage, a rental income opportunity can make them feel more comfortable about making their payments.
A fully finished basement can change the way your home functions. Basements can make great spaces for long-term guests, and they make excellent playrooms. Don’t let these spaces go undone. Add value to your home and finish your basement.