If your basement is just out of date or you are finally ready to turn it from unfinished to usable, a basement remodel will be an asset to your home. A finished basement can almost double the available living space in your home, and that can only add to an upgraded value at the time you decide to sell.
Basement Renovations Cost vs. Value
Reading cost vs. value reports will give you valuable data about remodelling costs and the resulting increase in home value. It is estimated that if you spend $70,000 on a basement renovation, you will recoup $50,000 of it in resale value. It also makes your property more marketable because it will be enticing to more buyers.
Additional Space
A basement renovation is a smart move at any time. It can provide additional living space for a growing family through bedrooms or lounging area. It can function as a workout room or home office. It can be turned into a small apartment for rental or for an older adult. It will be another space to hold some of the items from the main part of your home, reducing clutter.
Revenue
Adding a full suite of rooms to your basement can mean extra income from its rental. This will help offset the cost of the remodel as well as help to pay off any mortgage debt you may have. It has an added advantage of being attractive to the next buyer as an investment opportunity.