Jon
All Around the Home

The American family is requiring more and more space to spread out. Basements fill this need and add value at the same time. If you’re lucky enough to have one, you are ahead of the game in terms of resale value.

But, what if it’s unfinished or you want to remodel it? Following are four things to consider when taking on a basement remodeling project to get the most value for your money.

Basement Remodeling: The Proper Use of the Space

One of the very first things you want to consider is what kind of basement remodeling project it’s going to be. Are you putting in a home gym, a media room, an in-law suite, a game room, etc.?

To properly answer this question, it’s important to figure out your family dynamic, eg:

Do you often have stay-over visitors who have to sleep on the pull-out couch (in-law suite); or

Do you work out a lot and wish you could give up the commute and the membership fees to your gym (home gym); or

Are you starting a new business and need a home office separate from the rest of the house (media room/office).

This is what is meant by figuring out your family dynamic.

Basement Remodeling Costs
Once you decide on the use of the space, figuring out how much your basement remodeling project is going to cost is a simply matter of getting quotes from several contractors.

When remodeling your basement, you can save some money by tackling some of the simpler projects yourself, eg, hanging sheetrock and drywall (if your basement is unfinished); painting; and installing basic cabinetry and sinks.

You can call in professionals to handle things like electricity, waterproofing and plumbing.

When you are contacting basement remodeling contractors for quotes, make a list of things you absolutely want them to handle. Each one is different, so check several for the best price.

You may want to get quotes on things like electrical wiring, plumbing, painting, ventilation systems, insulation, waterproofing, floor installation choices, etc.

Basement Remodeling and Resell Value

According to a 2006 annual cost vs. value report by RemodelingOnline, the average cost for finishing a basement ran about $51,000. But, you recoup 90% of that upon resale. So, it’s an investment worth making.

Basement Remodeling and Length of Time in the Home

As cited above, basement remodeling is not cheap, but is well worth the investment. This comes with one major caveat: how long you plan to stay in the home.

If you plan to sell, make sure you will recoup the money you spent on your basement remodeling project. While it’s easy to recoup $1,000 spent on landscaping, it takes a steady, strong real estate market to recoup $50,000 (if you spend the average).

If you plan to move within the next 3, 5 or 7 years, ask yourself if a basement remodeling project is financially prudent.