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The Value of a Finished Basement

Most homeowners with an unfinished basement often consider remodeling the area into a fully finished basement. Not only would a finished basement create a ton of extra room and space in your home, but the remodel will also add equity to your house value. A basement remodel can contain an additional living room, playroom for the kids, man cave, additional half or full bath, an office, and the possibilities go on. The big question is when should you finish your basement and is it really worth the money?

Cost to remodel a basement will vary quite a bit depending on the room layout, additional plumbing, flooring, weatherproofing, and also your location. The national average cost to remodel a basement is in the range of $20-$25 per square foot. Adding plumbing and electricity will add significantly more cost to the project.

Residential appraisers typically add finished basement square living space into the assessed value of the home. In addition, if you are in an area with many newer homes then those homes are likely to already have a finished basement so you can get an idea of home value by checking out your neighbors. In addition, a finished basement usually helps the home sell faster.

According to a survey completed by Remodeler magazine, a finished basement will provide an average return of 66%. That means that for every dollar you put into the finished basement you will get back $0.66. Of course that varies quite a bit by location, project, and timing. Finishing a basement adds 2-3x more value than a whole new addition to your home, and a finished basement is ranked as one of the top home remodeling projects.

In addition to the value a finished basement adds to your home think about how much intangible value you can gain by having the extra space! Always contact multiple remodeling pros so you can get a number of quotes to compare services and prices.

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