Basement remodeling has become increasingly popular over the years, because it is one of the easiest ways to add usable space to a home. However, did you know that it is also one of the best ways to increase the value of your home?
Once you see what we are talking about, you may decide that you need to remodel your basement sooner than later, so that you can reap these major benefits as well.
A basement remodel receives on average a seventy percent return of investment for homeowners. That means that if you have done everything that you should during your basement remodel, you will receive seven hundred dollars for every one thousand dollars that you spend. This ROI makes a basement remodel more affordable than many people think.
Here are a few things that can affect the return of investment for your basement:
- Your Neighborhood – Every neighborhood is different, so you will want to see the values of the homes in your area to see what type of return you will see for your investment.
- Materials Used – Choosing cheaper materials may seem like a great way to save money, but you are definitely not going to see as high of a return on those materials. We do recommend spending a fortune on your materials, but please make sure that you choose ones that are of higher quality.
- Workmanship – You may think that you can DIY your basement remodel, but if you do not know what you are doing, the end result is not going to look as good as it should. We do recommend hiring a quality contractor, so that you can reap the rewards when you sell.
- Utilities – If you do not take the time to update the utilities in your basement when you do your remodel, you will not see the highest return that you could for this space.
- Moisture – It is imperative that you prevent moisture from creeping into your basement now and in the future. Once moisture starts entering your basement, or you start to find standing water, you have a higher chance of mold growing.
We encourage you to look into remodeling your basement as soon as you can, because you will be able to reap the benefits for years before you finally sell. Of course, when it is time to sell your home, you will see the additional benefit of selling for a higher price and getting the best return of your investments.