Finished basements are becoming more popular now than ever before. In fact, many new-build homes are designed with a finished basement that’s ready to go.
If you’re living in an older property with an unfinished basement, is it worth taking on that project? How much value do finished basements add to your overall property value?
If you’re wondering, “Should I finish my basement?” you’ve come to the right place.
Read on to learn more about finished basements and home value–and why it’s worth it to turn your basement into usable space.
What’s the ROI on a Finished Basement?
It’s hard to pinpoint an exact number when it comes to the return on investment on any home improvement project. Factors that can affect this ROI include:
- Location of property and local real estate market
- Size of the home improvement project
- Size of investment on the home improvement project
Experts tend to state that a finished basement will yield a return of about 70% of what you put into it. In other words, if you pay $10,000 on your basement renovation, you can expect to see your home value go up by about $7,000.
That may not be the answer you were hoping for, but finishing your basement is still a worthwhile investment. Let’s take a look at why that is.
Why Finished Basements Are Worth the Investment
A finished basement isn’t going to increase the square footage of your property–the basement was already there. However, it will increase the usable square footage, which gives your property a competitive edge.
Because we’re seeing an increase in desire for finished basements, you’re going to have an easier time selling a house that already has one than one that doesn’t. Chances are, you’ll find a buyer faster and a buyer who is willing to pay closer to the asking price.
Why? Offering a desirable amenity like a finished basement tells sellers that your property is more “move-in ready” than others. It also reduces their own need to invest in home improvement projects, and some buyers are willing to pay big money for homes that won’t require a ton of labor.
Selecting the Right Contractor to Finish Your Basement
How do you find the right contractor to finish your basement? We always recommend going with a company that works in your locale, rather than a major chain. They’re going to better understand your needs as well as the aesthetic and functional preferences in your region.
To get a sense of what we’re talking about, take a look at Vineyard basement finishing. They offer high-quality services, reasonable prices, and a regional touch.
Don’t Underestimate the Value of a Finished Basement
Some property owners are surprised to find that the ROI on a finished basement isn’t as high as they thought. However, finished basements give your property a competitive edge that will make your sale go quickly and smoothly. At the end of the day, finished basements are well worth the investment.
Are you looking for more tips and tricks that will help you navigate your next home improvement project? Take a look around for top industry advice.