A fully finished and functional basement is a dream for many homeowners. Such a space, when completed, can serve as an entertainment space, a man cave, an artist’s studio, or any number of additional functions.
Despite their usefulness, finished basements are something of a rarity. Homeowners who do not currently have a finished basement but are considering such a project can approach the remodel with a few key factors in mind. Careful consideration of these factors can ensure the project is budget-friendly and worthy of homeowners’ investments.
Investment value
Conventional wisdom among home renovation and real estate experts suggests that a basement remodel is best if done to satisfy current inhabitants and not necessarily to appeal to prospective buyers once the home is put up for sale. Remodeling magazine reports that a midrange basement remodel costing around $70,000 will provide a return of around $49,000 (or 70 percent) at resale. Though that’s not a poor return on investment, homeowners who are remodeling a basement solely for the potential ROI at resale can find other projects that provide a greater return.
Foundation
The foundation of the home must garner ample consideration before beginning a basement remodel. Certain foundation issues, such as soft concrete, cracked or curved outside walls and cracks in the flooring, are indicative of significant issues with the foundation. These issues can be costly to address, and they must be remedied before the basement remodel can begin.
Existing space
Some homeowners may have bought their homes with partially finished basements or even finished areas that they simply want to remodel. In such instances, a pre-remodel inspection from a licensed home inspector can save homeowners lots of money and heartache over the long haul. Partially finished or even aging finished basements might not have been renovated in adherence to codes, which could lead to costly violations down the road. An inspection in advance of a remodel can give homeowners an idea of what they will need to do to bring the basement up to code. Local officials also can provide a list of necessary permits and a detailed description of requirements to ensure the remodeled basement adheres to code.
Finished basements are valuable spaces. Homeowners who want to finish or remodel their basements should consider a host of factors before beginning the renovation.