If you think remodeling your basement might be a good move, you’re probably right. These days, many families are looking for additional space where they can entertain house guests or just sit and relax after a long day.
But you’re not the only one who could enjoy a basement remodel. At some point in the future, the investment made in the cost of finishing a basement could really pay off. In fact, when it’s time to put your home on the market and make a future move, potential buyers who can see themselves living in that beautiful, comfortable space you created will have the incentive they need to make an offer—and make the place their own.
Finishing a basement nearly always pays off, especially in Colorado. Though buying materials, getting permits and hiring contractors to do quality work can be expensive, the value added to your home makes it well worthwhile. In fact, experts in our state say you can expect to reap an 80 to 100 percent return on every dollar you spend on your remodel. And the nicer and more professional the finish, the higher you’ll fall within that range.
To add maximum value to basement space, you should consider not only how you plan to use it yourself, but how someone else might enjoy it too. For example, if you live in an area full of young families, a game room or second living area might be in order, whereas a neighborhood containing a majority of young, professional singles might bring more return if it contains a home gym, home office or basement bar.
How much should you spend when finishing the basement? Though it’s never wise to max out your budget, spending your money wisely can help ensure you eventually get back what you put in. And, depending on the price of homes in your neighborhood, you may even be able to make a profit—a good reason not to skimp in favor of something cheap.
Your home will also carry a higher price tag if your basement is a walkout. Basement areas with entrances separate from the rest of the house offer owners options they don’t have otherwise. If money is tight and a family needs more income, a walkout basement allows them to rent it out and apply that income to the cost of their own mortgage. Yet, with a private entrance, everyone can come and go as they wish without having to worry about strangers tromping through their personal space.
Some people who own their own businesses prefer homes with finished basement designs. Many live on the upper floors and run home businesses from the basement—which means they can leave business behind at the end of the day and return to a space made just for living. For this type of person, the value they find in a home with a remodeled basement is unmatched by a home without a finished basement.
Converting your basement into a space that fits your needs just makes sense. But while you’re wondering how to go about it and hoping to get the biggest return for your money, request a free estimate from Basements and Beyond so you’ll know the cost of finishing a basement. We have the professional know-how to ensure the job gets done right—and you’ll love the value added in your new, personalized space.
Penny M. Hagerman is a communications expert and marketing professional living in Denver, Colorado. Penny lends her talents to businesses nationwide and enjoys helping them grow and prosper.