Finishing your basement can be one of the easiest ways to add value and square footage to your home. Compared to an addition the house, the basement already has walls, ceilings, and floors, putting the savvy homeowner ahead of the game in terms of construction costs.
Homeadvisor writes, “The average cost to finish a basement is about $6,500 to $18,500. Basic costs include hanging drywall, painting, installing crown molding and flooring, which total around $7,500. The return on investment for refinishing your basement can be as much as 69 percent.”
Read on below to find out how to plan and execute a basement finish that meets your needs and extends your home to the next level.
Does finishing the basement make sense for me?
Firstly, if you are about to sell the house in the next two years, finishing a basement doesn’t make a lot of sense. Many homebuyers are more excited about the “blank slate” aspect of an unfinished basement than something specific.
“Adding things like a living room, bedrooms, and a bathroom may be relatively boring options,” writes Bill Gassett of Max Real Estate Exposure. “But they are going to be the easiest to sell later on. People like having extra space and basic rooms allow buyers to decide what they will use the basement for.”
That being said, personalizing a finished basement can be one of the most enjoyable home projects you can engage in. Some ideas for the extra space include:
- In-law suite or guest bedroom
- A play room for kids
- Home theater or man-cave
- Bar or pool table
- Home gym
- Home office
- Climate-controlled storage
Do you you have the finances to begin a project like this and don’t plan on selling your house for a few years? Finishing your basement is probably a great investment for the long-term. However, before you do any work, test for radon in the basement (some homes have radiation that seeps in through the soil) and be sure any leaks or moisture points are sufficiently sealed.
Additionally, ensure sure you are aware of the permitting regulations for your area. This may include whether any bedrooms need access to a window and how much head room your municipality requires.
How to DIY a basement finish
Depending on your skill, many aspects of finishing a basement can be completed yourself. Framing and insulating requires moderate skill over the course of several days. Checking and sealing for water leakage can also be completed by the average homeowner.
A few things to not attempt on your own include wiring and plumbing, as they require a professional. This is due to the intricacies of keeping the structure up to code and having the special equipment necessary.
Regardless of how you choose to populate your basement space, a home warranty can cover almost all appliances that keep the place cozy and and safe. Take a look at the options today.