How a Finished Basement Can Increase Your Home’s Value

Remodeling

a finished basement can increase your home’s value

All too often, a basement is left as a damp, dark, dirty space that feels more like a dungeon than part of a home. A finished basement, however, is a completely different story—a finished basement can be the most exciting part of a house! Remodeling your basement will enhance your living space in a multitude of ways, and ultimately, a finished basement can increase your home’s value when it is time to sell.

If you are willing to put in the time and money to get the job done right, a finished basement can definitely increase your home’s value. It will increase the desirability of your home for buyers and open up a floor of useful space for you to enjoy. Whether you use it for guest bedrooms, a bar, a game room, or a home theater, a finished basement creates a whole new world of possibilities for your home.

How a finished basement can increase your home’s value

A finished basement is extremely desirable for buyers, especially for a full family. However, you want to keep in mind that the condition of the finished basement matters. Even if you do have a finished basement, it won’t do too much good in terms of resale value if it is in poor condition—a potential buyer may just see it as a future project they’ll have to deal with. You want to make sure it is functional. 

An extra bedroom or bathroom (or both) is guaranteed to make your home more valuable. High-end basement remodels are around $85–$100 per square foot, and the average return on investment for a finished basement is about two-thirds to three-quarters of the total cost to remodel. So if you are willing and able to make the investment, hire a proper finished basement contractor, and go about remodeling in the right way, it will be well worth it down the line. 

One good rule of thumb for if you really want to get the most value out of the project: don’t finish your basement right before you move out. If you finish a basement just because you’re about to sell, it may increase the value a little bit, but ultimately, in that short of a timeframe, you aren’t going to profit as much as you would have if it were done earlier. You may also risk rushing a project and end up with something low quality, which really won’t give you the bump you were looking for. You will be much better off starting the project if you plan on remaining in your home for at least another five years. 

Benefits of a finished basement

In addition to receiving a nice return on investment when you eventually sell, having a finished basement will provide you with plenty of benefits while you still own your home.

As most homeowners know, extra space is everything. Most basements are dingy, cluttered messes that are only really used to store junk and holiday decorations. A finished basement takes all that space sitting right under your feet and utilizes it to its maximum potential. Think of how much use you’ll get out of that space with an extra bedroom, bathroom, or even a kitchenette. You can still use it for storage, but you can create designated closet space or shelving units to be more efficient. You could potentially turn your basement into a new source of income by renting out the living space! A finished basement is a way to get the absolute most out of every inch of your home.

Finished basements can even help you save on energy costs! There’s a reason unfinished basements are often cold and damp: they often lack proper insulation. Most homeowners overlook the fact that a lack of insulation leads to air leaks that cause the heat you are paying for to exit your home. With a finished basement, you can ensure proper insulation and even utilize windows that are energy-efficient to prevent this from happening. Proper insulation and cleanliness will also help keep unwanted pests out of your house, and what homeowner doesn’t want that?

What is possible in a high-end basement remodel?

With a finished basement, the sky is the limit! Here are some exciting trends for high-end basement remodels in 2022:
Open Concept: Utilize the wide-open space of your basement with a fashionable open floor plan. You can still have designated spaces for different purposes, i.e., a kitchenette, an entertainment center, an office space, etc., but they will naturally lead into each other. No walls will need to be put up, and your finished basement will have an expansive feel. This is an in-style option that is also likely to take a little less time to complete. 
Basement Bar: Turn your basement into the hottest bar in the neighborhood! This is a fantastic option if you often host gatherings—there is hardly a better space you could have for entertaining guests. Whether it’s sports themed or feels like an old-timey saloon, you can create a bar in your style and set the exact vibe you are looking for.
Theater Room: Live every movie buff’s dream (or just blow your guests’ minds) with your own home movie theater! The real theater experience can include enclosed walls, a projection screen, comfortable seats on escalating levels—you can really go all out. Of course, you can keep it a little more reserved and simply create a comfortable entertainment room, but this is a prime example of how a basement space can truly be used to turn fantasy into reality.

Bring your basement to life

A basement is an extremely versatile space, and utilizing it properly can greatly improve your home. A finished basement done right will lead to a worthwhile return on your investment. Kick your home up a notch and get in touch with Remington Builders Group today to get started on remodeling your basement!

To search and vet contractors in El Paso County, visit the Pikes Peak Regional Building Department website here.

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