Author: All Roofing Solutions

Here is an unfinished basement, a shell of what could be virtually anything. It is currently being unused- a waste of perfectly good, usable square footage. It isn’t even being used for storage or a workshop – the homeowner has other areas of the basement for that. Is this similar to your basement? Well, don’t despair. You can get this finished for much less than you think, and you can do anything you want with all that space.

Boost marketability and increase selling potential for less than you think. Add living space by turning your dark and unused storage space into a poolroom, a play-area for the kids, or that man-cave you’ve always dreamed of. The return of investment on basement finishes is better than most home improvement projects.

Our contracting company, CraftPro Home Improvements, received countless requests for bids on basement finishes this past fall and winter. It’s a growing trend among homeowners and it’s easy to see why: it’s cost-effective and extremely rewarding.

Marketability & Selling Potential

There are so many variables that precisely quantifying the increase in property value is essentially impossible. However, you can invariably count on a finished basement to add marketability, or selling potential, to a home – and in a buyer’s market, marketability is very important. We work with a lot of realtors – we got our start that way – and they almost unanimously agree that if a buyer is having a hard time choosing between two homes they will go with the finished basement nine times out of ten. Why wouldn’t they?

Increase in Home Value

Realtors don’t consider a finished basement as an additional floor. We think they should, but the fact is they don’t. However, adding more livable square footage always increases the financial value of the house. There are a lot of variables, however, that must be considered when estimating how much value might be added: ingresses and egresses, window locations, amenities like a bathroom, bar or kitchen, walk-out basements vs. underground basements, the region and neighborhood, and of course the quality of the renovation.

On average, however, according to the Remodeling Magazine, the return of investment on basement finishes is approximately 58%. From our research online, other realtors estimate that as much as $20-$30 per square foot can be added to a home when a basement is finished.
NOTE: The image on the right depicts on section of the aforementioned basement. Insulation, framing, drywall, molding and paint were the tasks we were charged with executing, and the final price came out to a small fraction of what the ROI could be.

Forget the Sale, Do it for Yourself

So far all we’ve talked about is the relationship between basement remodels, their return of investment, and the selling potential of the home. But what if you don’t intend to sell at all? If it’s in your budget, it’s a good move.

Add some living space, add a bar or pool room; add another bathroom or kitchenette, or even build that Man-Cave you’ve been dreaming about. Got some little kids scrambling around a home that doesn’t quite fit them? Create a play area for them. Got a teenager who likes to have friends over? Or simply add another bedroom to make room for your growing family or guest room for your parents, in-laws or other house guests.

It’s all for you, but it helps property value and marketability should you ever choose to sell. It’s a win-win scenario.

This article was authored by Richard D’Angelo, founding-owner of CraftPro Contracting LLC and author-creator of their Home Improvement Blog.