Finishing Your Basement Adds Value to Your Home

Basements have the potential to significantly increase the value of your home. By finishing your basement, you can add the amount of usable living space to your home. here are seven advantages of finishing your basement.

1. Create Additional Bedroom(s)

Finishing a basement will increase the size of the home. Depending on the square footage of you basement, you may be able to add one or two bedrooms by finishing your basement.

In most cities, in order for the space to be considered an actual bedroom, it must have two forms of egress. Egress is a way to exit the property. For a window to be considered a form of egress, a firefighter in full uniform must be able to fit through it. It also must also have a closet to be considered a bedroom.

Most newer homes already two forms of egress, while older homes may not. Adding the form of egress does involve some work. It often involves breaking into the foundation walls of the property to create or widen existing openings. The addition of the bedrooms, however, can increase the value of your property and help you appeal to a wider range of buyers.

2. Create Additional Bathroom(s)

Finishing your basement will potentially allow you to add an additional bathroom. It can be a big sales point to have a 2-3 bathroom home instead of just one bathroom. Adding additional bathrooms will be more expensive than simply putting up drywall to divide other rooms.

You need to spend money on a plumber if you cannot do the work yourself, as well as on the various plumbing fixtures. Tiling the bathroom will also cost money. While the initial cost may be greater when adding a bathroom, the functionality it offers to the homeowners may be an invaluable investment and therefore help you get the property sold quickly.

3. Way to Add Space if Zoning Codes Don’t Allow Other Additions

Based on the lot size, there is usually zoning restrictions on your property which restricts you from making additions to the home. Typically, you cannot build out because it will make your home too close to the neighbors. You may not be able to expand higher either, especially if the home is already a two story.

Therefore, your basement space becomes very valuable. It allows you to add more functional living space to your home without imposing on any zoning restrictions.

4. Income Property

Whether you are trying to quickly sell your home or keep it yourself as a multifamily, finishing a basement can allow you to add a rental unit. Keep in mind, this potential rental unit would have to be approved by the zoning department in your city.

Any living space would have to conform to your local fire code. This typically means at least one form of entrance and two forms of egress. Some cities will even require at least one dedicated parking space for each rental unit, so familiorize yourself with your local code.

Selling Property:

This rental unit can attract prospective buyers who are looking to lessen the load of their mortgage payment. The monthly rent would possibly cover all or a portion of the monthly mortgage.

Keeping Property:

If you are adding the rental unit for a home you are planning on keeping, finishing the basement will increase the cash flow of the home. While basement units do not command as much as main level units, you will still be able to generate a significant income from a space that would have otherwise sat vacant.

5. Adding more Recreation, Storage or Guest Space to Home

Although finished basements do not typically count when calculating the square footage of the home for resale purposes, it definatly increases the value of your home and prospective buyers love to see a finished basement. Finishing a basement adds usable space to the home.

An otherwise cold and unfinished space can be transformed into a recreation area, kids play area, organized storage space or a little retreat for your visiting guests. It is an unexpected pleasant bonus to buyers and they love the options that a finished basement gives them.

6. Don’t Have to Use High End Materials

People do not expect the highest end finishes in a basement. In fact, hardwood is a terrible choice for a basement, as moisture issues can cause it to warp. Therefore, you can save money on the caliber of materials you are using compared to the finishes for the rest of the home. People are just happy to have a finished functional basement with heat, light and flooring.

7. Sweat Equity

If you are handy, you may be able to save a significant amount of money by finishing all, or most, of the basement by yourself. Even if you have to outsource more complex issues, such as electrical work or plumbing, if you are able to lay flooring yourself, frame out walls, put up drywall or even paint, you can still save a significant amount of money. Some do not want the hassle of finishing their basement on their own. i that is the case, please Contact Evergreen Basement Finishing and we can get you a quote.

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