How a Finished Basement Adds Value to Your Property

How a Finished Basement Adds Value to Your Property

December 13, 2019

There are many ways to boost your home’s curb appeal and value. Some ideas cost more money than others, or may take more or less time to complete. Whether a big upgrade or a small change, the key to any home improvement project is planning. Take finishing a basement, for example—this particular project not only adds additional living space, it also has the potential to increase the value of your home. Even if you finish your basement and use it mostly for storage, you’ll always have the option to utilize it differently in the future.

You don’t have to be a handyman to start designing your new living space. Go look at your basement, picture what you want and think about your budget. Here are some ways a finished basement in your Wheeling, IL home adds value to your property:

  • Spare bedroom: A growing family calls for more bedrooms, but creating more space in your existing home is cheaper than moving to a bigger house. Depending on the size of your basement, you may be able to transform it into one or two additional bedrooms. Check with your city’s building codes department to find out what is required for a converted space in a home to be considered an actual bedroom. In most cases, it must have two forms of egress (ways to exit the property), like windows and doors.
  • Additional bathroom: If you don’t need another bedroom, maybe your household can benefit from an additional bathroom. Adding a bathroom to a one-bathroom house can help its resale value, as long as you do the remodel correctly. The initial cost for a new bathroom includes installing plumbing, electricity, fixtures, drywall and tiling. Doing as much work yourself as you’re capable of doing can save you money. Hire professionals for the things you cannot do.
  • Adds recreational or guest space: Instead of turning your basement into a basic bedroom, consider whether a general recreational space for games, watching movies or for the kids to play is a better idea. You can also update the basement to be a temperature-controlled storage space. A bedroom/bathroom combo space is a great option for people who host overnight guests often, or you may even be able to rent it out as a studio apartment to make a little extra cash each month.
  • Not a room addition: Finishing a basement is a way to add space when local zoning laws don’t allow a traditional home addition (building an all-new room onto your house). Converting a basement space is not an expansion of your property—it’s changing an already-existing space for the better.
  • Good return on investment: Similar to a garage conversion, a finished basement may not be recognized legally as being livable square footage. However, it still offers a great return on investment: 70 percent, on average!

Many basements have untapped potential. Instead of letting yours become wasted real estate in your home, remodel it into a livable, functional space that your family can enjoy. If you’re ready for a finished basement in your Wheeling, IL home, contact Arch Pro LLC!

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