Doing a total home renovation is difficult; it can be pricey, and staying within the parameters of your current home can be a struggle. For those that have a basement, you already have a huge untapped space that can be converted into livable space with just a few tweaks.
Basement Renovations
One of the biggest things to keep in mind when you start your basement renovation is that there is no set number or formula that determines how expensive it is going to be. There are a few major factors that go into cost like the overall square footage that you are going to be renovating, things like ceiling height and waterproofing, plumbing, forms of egress and more. These are all factors that are going to affect the cost of your renovation and that your contractor will have to keep in mind when working on your project.
A basement renovation can help you make a space where you can just hang out, bedrooms for sleeping, a space for guests to stay, and so much more. Total home renovation projects can be pricey, but you can add square footage to your existing blueprint without shelling out hundreds of thousands of dollars. Using the space that you already have in your basement can help you add usable square footage to your home.
Do Finished Basements Make a Home More Valuable?
Finished basements do add considerable value to your home overall. If you have an unfinished basement, most people realize that it can be finished down the road, but having it finished lets them see the potential of the space and allows them to envision what they would do with it if they owned your home.
A finished basement can bring a 70-75% return on the investment that you make, which is a very large amount in terms of home renovation. That means that if you spend $10,000 on renovations for your basement, it can add up to $7,500 overall value to the price of your home. For a bathroom renovation, the return on investment is only about 60% while the return on investment for new flooring in the home is about 70%. If you are looking for a great reno project that will make your home more livable while you are there, and that will help increase the value of your home dramatically, a basement renovation is a great way to do both.