Should You Finish Your Basement?
18 April 2008
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Are you looking to add extra space to your home?
Are potential buyers turned off by the small size of your home’s interior? Would a finished basement help capture their attention?
There are pluses and minuses with either finished or unfinished spaces, so you’ll want to do your homework before jumping into a lengthy project. However, it makes sense that by transforming unused spaces into functional living areas, you could give your home a leg up against the competition.
Should you finish your basement? You decide.
Tip #1: Do some comparison shopping
It’s Basic Selling 101 to know your competition. Learning what your neighbors offer will give you a good idea of how your home stacks up. What asking price are similar homes in the area, with and without finished basements, going for? If the difference in price is very small, remodeling your basement may not be a worthwhile project. However, if it looks like you can reasonably expect a large return for your work, it’s worth the investment.
Of course, if you’re considering the remodel for more immediate needs-your own increased living space, for example-that should take priority over whatever statistics you find.
Tip #2: Talk with professionals
Talk with a few contractors and get quotes to find the best deal for your project. Especially if you’ll be adding a bathroom or completing other major renovations, you’ll want to find experts who can help.
Your contractor will be able to help you get a clear plan in place, take care of plumbing and electric needs and ensure the work is done to industry standards.
Also, be aware that when you undertake a basement remodeling project, your city may require certain permits, so you’ll want to check with your local governmental authorities before beginning work.
Tip #3: Make design choices that blend with the rest of the home
If you do decide to remodel, by all means do it right. This means choosing good-quality materials that will match the rest of the home in style and design.
If the basement looks better than the other levels, buyers will wish the whole home had been redone.
If it looks worse than the other levels, having been completed with shoddy materials, buyers will know. Instead of adding value, the project will only reveal the work buyers would have to invest.
However, if the basement has been finished with the same trim, moldings, walls and doors as the rest of the interior, the basement will seem to maximize the total living space. This adds value in the mind of the buyer.
So the choice is yours:
Leave your basement unfinished, and you give buyers current storage areas, with the potential to create finished spaces in the future.
Undergo a remodeling project, and you increase your home’s living spaces for yourself and for future buyers.
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If you finish your basement, Leave your basement unfinished, and you give Home Buyers current storage areas, with the potential to create finished spaces in the future.
18 April 2008 at 2:05 pm