Are you having trouble finding a home that fits your budget and offers enough living space? Do you want a house that will give you room to grow? It may be time to look deeper. Renovating an unfinished basement can be an excellent way to increase both your living space and your home’s value. After all, a finished basement can provide additional bedrooms or bathrooms, a playroom for the kids, a game room, a hobby room, or a home theater. Learn how to renovate a basement to expand your options.
How to Renovate a Basement
According to Remodeling Magazine‘s 2017 “Cost vs. Value” report, homeowners ready to remodel their basement tend to spend around $70,000 to get the job done. Naturally, the price tag varies depending on the home’s location and the work completed. Regardless, doing the job properly will add to the property’s value because a finished basement provides more livable space. In fact, the same report indicates that homeowners can expect to recoup around 70% of their investment in their basement when they sell their home. When the subject of how to renovate a basement arises, it’s important to keep a few things in mind if you want to get the best value.
Features to Consider When Renovating a Basement
Blame it on horror movies, but basements have a reputation for being dark, creepy spaces full of forgotten things and lumbering mechanical systems. The reality can be far different. Finished basements can be attractive, comfortable spaces filled with inviting features that encourage people to stick around. What features will you need to include in your project? The Real Seal suggests installing or upgrading the following elements in a finished basement:
- Windows: Basements without windows can feel like caves; they can also be dangerous in an emergency situation. Adding windows, including at least one egress window, lets in natural light and provides an escape route if disaster strikes.
- Lighting: A lack of light can make a basement seem small, dreary, and cave-like. While lamps and task lighting can add some warmth, built-in lighting is the best way to banish shadows and create a more appealing atmosphere.
- Waterproofing: Because they’re located below ground level, basements are vulnerable to water damage. If you intend to use your basement as living space, installing top-notch waterproofing is a necessity.
- Insulation: Effective insulation allows you to keep your basement comfortable while using less energy. And if you invest in quality insulation now, you’ll have lower utility bills in the future.
- Plumbing and Utilities: Speaking of utilities, many homes have pipes, ducts, wiring, and mechanical systems in their basements. During a basement remodel, some of these features may need to be rerouted to provide adequate space. In certain cases, you will need to decide whether to tie into your existing systems, install separate ones for the basement, or use this as an opportunity to invest in an upgrade.
- Flooring: Concrete can be cold, and hardwood doesn’t withstand moisture and humidity well. Carpeting offers an affordable way to add warmth, softness, and safety to a renovated basement.
- Furnishings: Choosing multitasking furniture that suit your sense of style and the space is an excellent way to put your own stamp on your finished basement. With the risk of water damage, it is generally best to stick with simple, inexpensive decor that adds color, personality, and storage space.
Tips for Getting the Most Value from a Basement Renovation
If you want to maximize the value of your basement renovation, HGTV has a few suggestions:
- When installing permanent features, aim to create an environment suitable for many purposes so that the space will appeal to a wide range of people.
- Opt for an open-plan concept to avoid creating a claustrophobic space.
- Choose durable materials that suit the environment and can withstand a little dampness and humidity.
- Don’t skimp on headroom; low ceilings can make the space seem cramped.
- Keep it light. Have lots of lighting available and choose colors that brighten the space when decorating.
- Ensure that mechanical systems, circuit breakers, and similar features remain accessible for future repairs or upgrades.
Are you ready to buy a home? Does the idea of buying and renovating a fixer-upper appeal to you? Would you like to remodel your current home to better suit your needs? Turn to the loan experts at PrimeLending of Kansas City. We offer a wide selection of loan products, and our team of friendly professionals would be happy to guide you through the mortgage process. Contact us today to begin your journey to homeownership.