Thinking About Finishing Your Basement? Here’s What You Should Know.
Every one of us with an unfinished basement has thought at one time or another, “We could really use this space!” Rather than moving to a larger home at the moment, it may be a better strategy to optimize the space you already own. But is finishing the basement actually worth your money? Here are some factors to consider:
1. More Space Can Make a Big Difference
Maybe you need a home office. Maybe your kids need more room to play. Maybe you want a guest room, a workout space, a media room, or simply somewhere to escape when the house gets a little too busy. But there’s an important distinction here. More finished space does not automatically mean the same increase in home value. According to Realtor.com, whether finished basement space is included in a home’s official square footage and how it affects appraisal value depends on local rules. Those regulations can vary from one city or county to another. But along the Front Range, it can certainly increase a homebuyer’s appeal as one less major project weighing on their budget. Turn-key homes are the major preference. If you are planning to sell in the next few years, it is worth talking with your RE/MAX Alliance professional agent.
2. What Will You Actually Use the Space For?
Having a clear answer to this question is crucial before spending money on a remodel. For example, a flexible family room might make more sense than building a highly specialized home theater that only appeals to a small group of future buyers. It’s important to think about what your household needs today and how it may change over the years. A basement that can function as a home office today, a guest space tomorrow, and a family room later allows your basement to adapt better to your needs.
Read: Younger Buyers vs Baby Boomer Sellers: Solving The Tug-of-War
3. Don’t Ignore Moisture
Along the Front Range, we get our share of snow, rain, temperature swings, and the occasional major storm. That makes moisture one of the first things you’ll want to address before finishing your basement. An unfinished basement gives you a chance to spot potential problems before they get covered by drywall, flooring, and finished walls. If you’ve experienced dampness, water stains, musty smells, or previous signs of water intrusion, deal with those issues first. After all, a basement that looks beautiful but smells musty is pretty uninviting (and unlikely to impress a future buyer).
4. Think About Natural Light
Another reason finished basements are less used is if they feel dark or gloomy. If there are windows, make the most of them. Using light-colored / glossy finishes, thoughtful lighting, mirrors and an open layout can make the space feel brighter and therefore more comfortable. If you want to build out a bedroom, bathroom, or other rooms, check your local requirements for windows, egress, ceiling height, and other construction standards first.
Read: Remodeling Your Home? Read This First
5. Will You Get Your Money Back?
This is where homeowners need to be realistic. A finished basement can make your home more enjoyable and potentially more appealing to buyers, but there is no guarantee that you’ll recover every dollar you spend. That doesn’t mean you shouldn’t go for it. More Front Range homebuyers are expecting a finished basement. If you were to list your home and there are 2-3 other homes in your area with a finished basement, they will likely have the competing edge over your property.
So, Is Finishing Your Basement Worth It?
For most Front Range homeowners, the answer is yes. But you should make the decision based on both your personal needs and future goals. If your basement is dry, structurally sound, reasonably bright and you’re confident you’ll use the additional space, finishing it could make your home significantly more comfortable. If you are mainly considering the project because you believe you’ll make your money back when you sell, you may want to do more research first. Talk with your RE/MAX Alliance Agent as they can help you think through how a finished basement may fit into your home’s value and what buyers in your area are looking for.
Source: realtor.com