The Benefits of Basement Finishing
Increased Home Value/Great Return on Investment
Although it may not be considered “livable square footage” by the MLS, a finished basement does offer a great return. In the United States, on average, finishing a basement will give you a return of 70 to 75% of your investment.
If you decide to sell your home, it will have a significantly higher market value with a finished basement. The sale may be easier, as well. Potential buyers may not be thrilled at the prospect of an unsightly basement. Your pool of interested homeowners will grow significantly with a renovated basement.
Adds Recreation, Storage, and/or Guest Space to your Home
An otherwise dark and dreary space can be transformed into a recreation area, kids play area, organized storage space or a little retreat for visiting guests. It is an unexpected pleasant bonus to buyers and they love the options that a finished basement gives them.
Things you don’t use all the time like Christmas decorations, seasonal wardrobes, and even bulk items can be easily stored and accessed as needed. Plus, good insulation will keep any unnecessary damage from happening and keep it all organized
Take a look at some of our recent projects!
Who Doesn’t Love Additional Bedrooms and Bathrooms?!
Finishing a basement can allow you to increase the size of the home. You may be able to add one or even two additional bedrooms by finishing the basement space. In addition, you can add an additional bathroom. It can be a big draw to have a two bathroom home instead of a one bathroom home.
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.
It’s a Way to Add Space if Zoning Codes Don’t Allow Other Additions!
Based on the lot size, there may be zoning restrictions on your property which prohibit you from making certain additions to the property. Often, you cannot expand out because it will bring your property too close to the neighbors. You may not be able to expand upwards either, especially if the home is already two stories.
Therefore, this basement space becomes very valuable. It allows you to add functional space to the home without interfering with any zoning restrictions.
Basement Renovations on Income-Generating Properties
Whether you are trying to quickly flip an investment property or keep it yourself as a multifamily, finishing a basement can allow you to add a rental unit. It’s quiet and isolated so your guests will have the privacy they need.
Any living space would have to conform to local fire code. This usually means at least one form of entrance and two forms of egress. Some towns will even require at least one dedicated parking space for each rental unit, so make sure you become familiar with your local code.
Save on Energy Bills!
Unfinished basements can be an energy drain due to their lack of insulation. Having a room that siphons the heat or air conditioning from other rooms requires much more energy overall. It may be in small increments, but it adds up over time. A finished basement with proper insulation, however, contributes to maintaining a moderate temperature in your home by reducing energy inefficiencies and air leaks
Add some Egress Windows and Let the Light Shine!
An egress window is a window designed to be large enough for an adult to climb in or out of, as an escape route in case of an emergency, which also doubles as an access point for firemen and emergency personnel.
While typically found in basements, windows installed in “every sleeping room” (as defined by the International Residential Code (IRC) are categorized as egress windows. Apart from being a building requirement, there are many reasons why your home should have egress windows, including: Enhanced Safety (extra escape routes); Generous Sunlight (large windows allow for natural lighting); Ventilation (let your basement breathe!); Style (add a little flair to your new room)