As homeowners, we have this insatiable itch to build constant improvements to our home. There isn’t enough room in the house to enhance and the long list of home upgrades stretches on. While our list depends on our priority and personal preferences, we can all agree that the basement is part of that list.
The basement is at the bottom of the list and often overlooked by homeowners since it’s not a popular room in the house. But just imagine the endless possibilities of your unfinished basement aside from acting as an added storage unit.
Remodeling your basement can significantly improve the value of your property, not to mention increase space in the house. With that said, is it really worth the cost?
You can turn your basement into a bedroom or two. The extra room can be an excellent addition to your home, like a spare room or a room for your growing family. Makes more sense to convert the basement than buy a bigger house.
Some people prefer to keep their houses despite the growing family. If this is you, then this is the solution. Although some areas may require you to add an egress or an exit per building regulations. It’s tricky to add an exit so it’s valuable to look up building codes in your location before you start.
If it’s not a requirement you can achieve a less claustrophobic feel with the use of a realistic faux window with artificial sunlight. It’s quite simple to design and a fantastic way to brighten up the place.
Another amazing way to make use of the space is to convert it into a bathroom. It would be further complicated than other basement projects. However, it’s worth the add-on value to your home. Building a bathroom will demand a greater amount of labor and funds to accomplish but will be a terrific upgrade nevertheless.
The truly challenging part of converting a basement into a bathroom is the plumbing. Specifically, completing the DWV system job (drain, waste, and vent). If you DIY, materials cost about $250. Licensed pros would charge roughly around $1,200 to $2,000 for the labor.
Other cool possibilities to convert the room to is a media room, a bar, a game room or a room to entertain guests.
Granting you are in the market to sell, upgrading your basement will inadvertently upsurge the value of your home. Although speaking from a real estate point of view, a basement is not considered as a livable square footage; but an upgrade still appreciates the value of the property.
According to the 2017 remodeling magazine report, the return on investment (ROI) of an average basement remodel is at 70.3%.
Veer away from loud eccentric colors or styles and stick to the standard remodeling. Probably a bedroom or a bathroom with regular colors may be your best bet to not drive off buyers.
The real estate market and your area are other things to consider. It’s a good idea to survey your neighborhood to see if your house is aligned with others in terms of upgrades in the house. Bring your house into the line and it will appeal more to buyers based from broker’s observations.
An alternative route is to take the money train by transforming your basement into a rental. It may seem like a slippery slope but once the access plan is figured out, it’ll be smooth sailing. You can create a separate pathway inside the house that doesn’t disrupt with the flow or create a totally separate passageway leading directly to the basement.
Set up a monthly rental or completely furnish it as an Airbnb listing. Earn an additional profit to cut down on your mortgage premiums. Extra space, extra income!
With all the pros comes the cons. So what are the drawbacks we are to face?
Any remodeling job seems overwhelming, particularly if there’s a chance that water leaks can spoil the entire set up. Before you set off with your renovation plans, ensure that the water pipes are in check.
Additionally, basement areas normally have moisture issues. This can be solved by a wall in- setting with paneling or a drywall installation.
Basement remodeling costs as low as $5,000. However, it may go up to about $40,000 for a first-class renovation. Moreover, cost versus added value is not 100%, unlike a kitchen or bathroom remodel and added expenses for the connection of new electrical networks and framing must be anticipated . The material for framing costs about $2 per square foot based on this source.
DIY advocates typically battle the high costs by buying the right materials and cutting on labor costs with some elbow grease.
Then again, provided you are not an enthusiast, simply laying down flooring or painting the walls yourself can save you plenty. An extravagant makeover is not always necessary. Even small improvements can go a long way.
Taking on a basement remodeling project may seem daunting. However, it doesn’t have to be. If you don’t have the time nor the patience, you can always opt for professional work.
Do a thorough homework on your end, talk to a few contractors and get several quotes and hire the right contractor for the job. Ask details of all the inclusions and remember the cheapest isn’t always the best.
Finalize all your major decisions before the onset of construction to keep it within the project timeline and budget.
Think blank canvas and a remodel can be a fun and exciting project. Tap in the potential of your basement and it can positively bring forth plenty of gains. Despite the additional costs, if you’re looking to improve your home or increase value to sell, a basement remodel is indeed worth it.