The Many Ways Finished Basements Add Home Value
Basements might not receive the same level of prestige as kitchens, living rooms, or full bathrooms, but these lower-level spaces can offer more than meets the eye. Indeed, your basement is the ultimate underdog, so to speak -- in its unfinished state, it’s not much more than a hollow, concrete storage space. When finished, however, a basement can bring value to your home in more ways than one.
How Basements Improve Home Value
Strong ROI for Smaller Investment
Return on investment (ROI) is the most common metric for a renovation’s value proposition. This rubric describes the amount of money a homeowner can expect to recoup after making a particular investment. The average ROI for a major kitchen remodel, for instance, is about 54%, meaning an owner can expect to receive $54 back from every $100 they spend on this project. A basic basement finishing project can yield a 70% ROI, which is relatively high compared to other home improvements. Of course, the precise ROI you receive will depend on the extent and quality of your renovation -- if you want that 70% ROI, you’ll likely need to install wall insulation, redo the floors, perform interior painting on walls, ceilings, and trim, and so on. Still, most basement finishing projects don’t cost nearly as much as kitchen or bathroom remodels upfront, making this ROI all the more enticing.
A Finished Basement Is Versatile
For many, the number of bedrooms plays a big role in a decision to buy a home, especially for families. While an unfinished basement can technically count as an additional room, it doesn’t really act as one. A finished basement, on the other hand, can be rendered into virtually any type of room you desire -- an extra bedroom, a home office, a recreation space, a home theater, a second living room, etc. This space isn’t as set in stone as the other areas in your home, filling it with potential and value.
More Secure Storage
Of course, you’re not obligated to turn your basement into more than a storage space. That said, leaving your basement unfinished can diminish its storage capabilities. For instance, trying to store paint and other climate-sensitive materials in a basement without proper insulation or humidity control can ruin these objects over time. By adding insulation, installing a quality basement floor coating, and so on, you can turn your basement into a proper, more effective storage area for a variety of materials, retaining their value.
Deal with Potential Environmental Hazards
There are many steps to finishing a basement, but the first is assessing the area for potential health hazards like radon and asbestos. It’s a good idea to inspect your home for these toxic substances anyway, but embarking on a basement finishing project will force you to take care of it. In doing so, you decrease your home’s liability which, in turn, increases its value.
Many Buyers Are Looking for Finished Basements
Finally, the hard numbers associated with assessing home value aren’t everything. While a basement renovation can certainly increase your property’s market value, it might not yield the seismic boost you expected. That said, investing in a finished basement will allow you to attract more buyers when it’s time to sell your home. After all, many prospective buyers are actively looking for a home with a finished basement, and those who aren’t will still be pleasantly surprised by this additional space. Read our previous article, “Basement Floor Painting: An Essential Step for Homesellers,” to learn more about the power of basement floor paint/coatings and basement finishing projects more broadly.
A “Cellar’s” Market
It’s easy to overlook your basement, but this space in your home is worth more than you might think. If you’re thinking about finishing your basement to add value to your home, Anderson Painting can provide multiple relevant services, from basement coating installation to interior painting to popcorn ceiling removal and more. To learn more about us and all we do, call today at 919-610-1855 or email us at info@andersonpaintingnc.com!
