If your home’s basement is unfinished, there may be a better way to utilize that space. A finished basement is a popular home improvement project among homeowners and could attract more buyers in the future. If you are considering a space upgrade, here are five potential benefits of a finished basement for your home.
Finish Your Basement
1. Versatile Space
There are endless ways you can use a finished basement. Many homeowners like to add a full bathroom and use this space as a spare bedroom. Other popular uses include:
Dining Room/Home Bar
Regardless of how you like to use extra space in your home, a finished basement can help. Its function/utility is only limited by your imagination.
2. Increased Home Value
One of the most enticing benefits of a finished basement is the added value for your home. In fact, this is a benefit with almost any home remodeling project. According to some reports, a finished basement can provide an average of 70% return on investment. In other words, if you spent $15,000 on a finished basement remodel, your home’s appraised value may increase by $10,500. Of course, there are other factors that will influence the value, such as your local real estate market.
The added living space may also attract more interested home buyers than if your basement is unfinished. If you believe resale is in your future, this may be especially appealing to you.
3. Energy Efficiency
A finished basement can help your home become more energy-efficient. In many cases, an unfinished basement with insufficient insulation allows air to escape.
A finished basement’s added layers of insulation and drywall help keep the temperature consistent and reduce the energy needed to heat or cool your home. If you struggle with high energy bills or want to limit your carbon footprint, finishing your home’s basement can help.
4. Storage and Organization
Do you sometimes feel that your available living space is cluttered or disorganized? If so, finishing your basement may be the solution. This space provides additional storage space for holiday decorations, toys, exercise equipment, and more. With smart storage solutions like cabinets or built-in shelving, a finished basement lets you store items safely and securely.
5. Added Income
If you are interested in earning some additional income, a finished basement can help. Turning this space into a spare bedroom with a full bathroom and kitchen or kitchenette can allow you to rent out this space to tenants or short-term renters.
If you are interested in this option, make sure that you work with a trustworthy contractor. Communicate your vision for this space and consider their professional input and recommendations.
From added value to additional living space, there are many benefits of a finished basement for homeowners. If you own a home in NY, NJ and CTand want to finish your basement, Prime Home can help. Our team has decades of experience helping people transform their homes into the spaces they’ve always wanted. If you are interested in learning more, contact our team and start upgrading your basement today!