Finish Your Basement, Expand Your Living Space
If you are on the fence about whether to finish your basement, consider this fact: In its 2013 Cost vs. Value Report, Remodeling Magazine states that finishing the basement is one of the most cost-effective projects available to a homeowner. Assuming a job cost of $56,432, a finished basement improves (on average) the resale value of a home by $44,949, yielding a cost recoupment of 79.7 percent. Click here for additional information about how these numbers are calculated.
Of course, you probably don’t want to finish your basement strictly to increase the resale value of your home. Although that is certainly an attractive side effect, what you likely desire most is additional living space that can be enjoyed by everyone in your family. This is the essence of what you receive when you finish a basement. You can transform what might be a dark, underutilized space into an area of your home that is comfortable, inviting, well-lit, and suitable for a wide variety of family activities – not just doing laundry or storing belongings. A finished basement can dramatically increase the amount of livable square footage in your home, and what you use it for is entirely up to you and your family. It can function as a safe play area for your kids, a home office, a movie theater, a game room, living quarters for a teenager – you name it.
Sure, it might be a big investment, but remember that when you finish your basement, you are not only improving the value of your home, but also the quality of life for everyone in it.