Finishing your basement is a great idea, and it can add a lot of value to your home. This is a popular home improvement among home renovations done by homeowners. Take advantage of your unfinished basement to increase your property value. Here are some reasons why you might want to finish your basement this year.
Versatile Space
An unfinished basement offers you an opportunity to create a livable space that you can transform into virtually anything you desire. You can create another bedroom with a bathroom, game/family room, home bar, home office, or home gym. When it comes to what you can use the space for, your imagination and creativity are the only limits.
Increased Home Value
Finishing your basement is among the home renovations with the best returns. According to Zillow, finishing your basement can provide a 70% return on investment. For example, the average cost of a basement remodel is around $65,000. By undertaking such a project, you will increase the value of your home by about $47,000. Apart from that, the added living space may attract more buyers for your property if you want to sell.
Expanded Square Footage
By finishing up your basement, you expand the square footage of your home without adding another room. This is a great way to utilize existing space without doing some major home renovations. No matter what you turn your basement into, you will be adding valuable living space to your home.
Extra Income
Depending on local laws and zoning, you could turn your basement into a self-sustained apartment with a kitchenette, bedroom, and bathroom. When you are done, you can then rent out this space and earn some extra income.
Energy Efficiency
An unfinished basement without proper insulation can allow air to escape, making your home consume more energy than necessary. Finishing your basement will, therefore, help your home be more energy efficient. The added layers of insulation and drywall will ensure that temperature is regulated, which effectively reduces the energy needed to keep your home warm or cool. That way, you will be able to reduce your energy bill and carbon footprint.
If you feel your home is cluttered, finish your basement and turn it into additional storage space. This is a great project that will give you some good returns.
