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Should You Finish Your Basement? The Pros and Cons
August 27, 2020
With families all over spending more time at home this summer rather than heading off on family vacations, home renovations have steadily been on the rise. One of the areas seeing the most growth are basement remodels! There are tons of homes with unfinished basements out there, even in homes that are otherwise very modern and nicely finished.
Why is this? In the past, basements haven't been thought of as a place to spend a ton of time. Rather, basements were thought of as dingy utility and storage areas, which left many homeowners unaware of all the possibilities a finished basement offers.
With the COVID-19 Pandemic giving all of us a new outlook on how to utilize our space, that dingy basement could just be the perfect space for your home office, classroom or "She-Cave," (yes, I said she! Business owner and Mama of two writing here!)
As with any major home renovation there are pros and cons to each decision. Below are some specific pros and cons to think about as you make your decision.
The average basement in the average American household is around a thousand square feet. (You can read more about your specific basement type here.) Finishing all that valuable space in your home can vastly improve your lifestyle and give your family more room to stretch out! Whether you want to create a fun place to entertain, build that playroom you've always wanted or just want to add more bedrooms to your home, finishing your basement comes with endless opportunities. According to the National Association Of Realtors, 81% of homeowners said they've enjoyed their home more and had a greater desire to be home after completing their basement project.
Not only will you increase the value of your home, according to cost versus value surveys conducted annually by Remodeling magazine, the average return on investment for a basement project nationally is currently around 75 cents on the dollar.
When and if the time comes to sell you're home, your finished basement will absolutely stand apart from the rest of the homes on the market! A home with a finished, functional basement is likely to sell faster and at a high price than one with an unfinished basement.
As with most remodeling projects, the costs of completing the job can sometimes be daunting and almost always show up in the con section of any blog post. A basement remodel is no small remodeling job and you can be looking at investing anywhere from $10,000 all the way to $40,000 to get the job completed. Check out this article to view the average costs of a wide array of basement remodeling projects.
Another downside to finishing your basement is that you are going to increase the amount of taxes you pay because you've increased your usable square footage. Also, with more lights, more heat and a/c, your utilities may show an increase as well.
One last thing to consider is where to put all the stuff you've previously stored in your basement after remodeling! Do you want to frame up a smaller storage room, add in hidden shelving or have that yard sale you've been meaning to have for years? Whatever you choose to do, it's an important factor to think about.
These pros and cons are all important factors to consider when deciding on whether or not a basement remodel is right for you and your family!
If you're thinking about moving forward with a basement remodeling project and are looking for a contractor, we would love to walk you through the process and work with you to create a Free Personalized Estimate.