If you’re thinking of adding some extra room to your house, it might be worth it to consider its actual value. With a finished basement or attic, you can sell your home for more money than its initial worth. But unlike your costly above-ground space, a basement is inexpensive and easier to remodel.
How Are Finished Basements Valued on the Market?
The above-ground area of your home is overall more expensive to remodel, but it does add more value to your property than a finished basement. It’s only natural that appraisers consider the living conditions of each area individually, after all. Having no natural light, basements have less real value.
But that doesn’t mean that a finished basement won’t add any value to your home. Basement renovation costs will be slightly lower than above-ground area renovations, of course, but a basement renovation will still increase your property’s overall market value so that you can sell it faster even though it will be priced a little more.
Are Some Basements More Expensive than Others?
Not all basements are appraised as equal in value. The basic requirements for having a finished basement are good lighting, walkable space, and proper drainage. Ceilings need to be a minimum of 7’6” high as well, though 8 feet or higher is preferable. Every other additional feature adds more value to your home.
A full walk-out basement, for instance, is one of the most expensive types of basement space. In general, natural light is the most valued commodity when selling a basement space, and it usually beats out all other popular basement features.
How to Remodel Your Basement Space for Buyers
When considering a basement space, a prospective buyer first looks at the three aforementioned qualities – lighting, walkable space, and proper damage. Keep this in mind when you’re remodeling your basement space since anything less will fail to give you the proper return on investment.
If you’re not planning to sell your house in the near future, try to find a middle ground between what you need or want and what potential buyers would find worth in paying extra for. Home offices, home theaters, and playrooms are all good options, as they are always in high demand.
Does Less Personalization Equal More Resale Value?
Unfortunately, yes. If you transform your basement into a man cave or a wine cellar, there is always a chance that a prospective buyer won’t be interested in paying extra for the basement features they don’t need. Making a good use of a guest bedroom or storage space is so much easier and will have a higher potential value to buyers.
If you really want to make something unique and special out of your basement space, consult your builders and realtors. Buyers looking for properties in a nice neighborhood probably don’t mind spending extra money on basement gyms or wine cellars, so think about it in terms of selling points.
If you’re at a loss about what to do with your old and unused basement space, contact CMH builders to help you create something you’ll love while improving the total value of your home at the same time.
“All the people I worked with at CMH were very friendly and went out of their way to help us get the job done the way we wanted it done. I would recommend them without reservation.”Tim S. in Fishers
“From start to finish this process could not have been better! CMH provided my wife and I an amazing experience to get our basement completed! Every step of the process was flawless and we would recommend CMH to anyone!”Tim O. in Avon
“We were very impressed with CMH Builders from the beginning and throughout the entire process. They are a well-organized company with great attention to detail and very prompt and responsive.”Rosanne O. in Carmel
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