Many people don’t realize how much adding a finished basement to your home can affect property value. While it is often an idea that gets talked about for years, finishing a basement is a project that takes both time and money to do and often finds itself sitting on the back burner. While it may seem like a large undertaking, it is an investment that can prove invaluable to the resale value of your home, and can increase both how much you enjoy your home and how comfortable you feel in it. Adding a finished basement is never a bad idea, and should be considered for anyone who plans to sell in the near future.
A WHOLE NEW FLOOR
While most people know that adding a finished basement will positively affect the resale value of their home, many do not think about why. One prominent reason is that finishing your basement is like adding a whole new livable floor to your home. For instance, a two-story home with out a finished basement has two stories. Upon finishing, however, the basement is no longer just a place for storage, and the home can be viewed as having three stories. A finished basement can be completely livable, with bedrooms, bathrooms and even a kitchen if one sees fit. For those looking to expand their home to create resale value, finishing the basement is both the most economical and most practical solution.
UNFINISHED BASEMENTS ARE A DETERRENCE
Anyone who has shopped for a home has been in this situation before. You tour the house and everything looks to be in good order. In fact, you’re thinking this home might be the one. That is, until you tour the basement. It’s unfinished, and loaded to the top with the current tenant’s boxes. Cobwebs fill the corners of the room and water damage is omnipresent. This can be a massive deterrence when it comes time for someone to make a decision, and is often considered to be a deal breaker. No one wants to move into a home where the basement is considered an uncared-for afterthought. For many buyers, an unfinished basement equals an unfinished house, and it’s time for them to move on. Finishing your basement can keep this situation at bay, and can ultimately aid in the selling of your home.
A FINISHED BASEMENT IS HIGHLY DESIRABLE
More so than anything, many people purchase homes these days contingent upon the fact that the house contains a finished basement. The basement can be an excellent part of the house to set up an entertainment room, as well as other things that may not fit in the rest of the home such as exercise equipment or a private office. Having this luxury in the home can make or break someone’s will to purchase the house, as most people aren’t interested in spending the time and money to finish a basement on their own if they can find a home that already contains a finished basement. By finishing your basement, you can dramatically increase the resale value of your home, and the benefits far outweigh the costs of doing the job.