Many homeowners choose to remodel or renovate some portion of their home at some point in time. While kitchens remain the most popular room in the house to remodel, basement remodeling is also a fairly popular choice. The current cost for basic basement renovations is about $35,000, which is a decent sum of money, but it pales in comparison to the benefits that can be gained by finishing the basement. “Finishing” a basement refers to sealing and renovating the basement in such a way that it can be lived in just like any other room in the main part of the house. This article will take a look at the benefits that can be gained by finishing the basement of your home.
- It Increases the Value of Your Home: One benefit of going through the process of basement finishing is that it can significantly increase the value of your home. Finishing your basement can give you a return on investment (ROI) of over 75 percent, which is a huge return when even a basic renovation costs over $30,000. Increasing the value of your home can make it more attractive to home buyers if you ever choose to sell it in the future.
- It Increase the Usable Space in Your Home: Another benefit of basement remodeling is that it can increase the total usable space in your home. A standard, unfinished basement, is typically only good for storage or for use as a laundry room, but not much else. However, a finished basement, with painted walls, carpet, and furniture, can be used as a fully viable basement family room or game room. Finishing your basement and using it as an extra room costs 80 percent less than going out and buying a larger home. In other words, you get the benefits of a larger home without having to buy one.
- Finished Basements Can Be Rented Out: And finally, a third benefit of basement remodeling is that finished basements can be rented out to a tenant. Provided your home is zoned for multi-tenant use, a basement can be rented out for anywhere between 50 and 75 percent of the cost of your monthly mortgage, which can be a huge benefit in the long run.
In conclusion, there are several benefits that come from finishing the basement in your home. These benefits include increasing the value of your home, increasing the usable space in your home, and once finished, a finished basement can be rented out to a tenant. These are all benefits that can come from finishing the basement in your home.