The decision on whether to remodel your basement can seem rather mind-boggling, especially when you are not sure if the return will be worth it. There are tons of reasons for doing a basement remodel – from dollars to improvement in quality of life. The right answer lies somewhere between your family's unique needs and the general pros and cons. From the general side, we’ve narrowed down some top considerations to make before for a basement remodel. And of course, if you're still not sure, the team at Blackwood is happy to help you decide.
Return on your investment
From a dollars perspective, according to realestate.com, you can expect a potential return of about 77% of your original investment in your basement remodel. With complete typical costs around $50,000 (including a bathroom) for about a 500 square foot space, that's a hefty return. This is comparable to other popular updates such as kitchen remodels and adding an attic bedroom. The only remodel that beats the basement in returns, according to realestate.com, is landscaping and hardscaping - which can produce up to 150% in return on your investment! Buyers in the Western Pennsylvania area appreciate the extra square footage space, so a remodeled basement could be an advantage if you'll be selling.
When you consider the quality of living and space, you also get a significant return on the original cost. For instance, when you remodel the basement of a 3,000 square foot home, you may get 1,500 square feet of additional space! This extra space in turn, increases the market value of your house significantly (in many cases), and makes it more appealing to potential buyers.
There are endless possibilities on what you can do with a finished basement: rental property, guest suite, home gym, entertainment center, organized laundry room, home office, and the all time popular: movie room. While you can certainly dedicate the basement one purpose, basements differ from other conventional spaces in your home in that their usage is versatile. You can even combine several ideas to make a single multi-purpose space.
If you're leaning to the not-so-common usage of your new basement, such as a deluxe play room or private dance or art studios, consider how these spaces may be unappealing to some potential buyers. In other words, if you think you might be selling soon, stick to generic drywall, carpet, and painting, and ensure there is quality and proper lighting, heat, plumbing, and wiring.
Cost effective way for adding livable space
When you start looking at your remodeling space as an addition, rather than a basement, you'll realize that it often costs much more to create an addition to your house than remodeling your basement. Since remodeling does not include the additional footprint (even if you're adding livable square footage with the basement remodel) you get extra space with less costs. The process of the basement remodel is also often less intrusive than an addition since a lot of the work is done out of the way - of course, this depends on the type of work in the basement and access.
-image source: architecturendesign.net