Are you wondering why you should finish your basement? Many people argue that renovating or remodeling their cold, dark and damp basement space is a waste of money. However, leaving this space unfinished is a mistake in reality. This is because an unfinished basement is simply an untapped resource that could have been used as a great living space.
Most of us have grown up with the idea that the basement is a cluttered and dark area that has no productive use. But those were old days when the basement was the abandoned space in the house. The modern homeowners of today are transforming their basement with an innovative idea to utilize it in multiple ways. There are several significant benefits of basement finishing and a perfectly designed basement can become the most admired spot of your home. A basement finishing project will not only enhance the potential value of your property but can also increase your income by renting it out as an apartment.
So if you’re pondering over the idea of remodeling or finishing your basement to create a new and comfortable space, this post can help you make a final decision. Here you’ll find some amazing reasons or benefits of a basement renovation project.
Create Additional Living Space
The biggest benefit of finishing a basement is creating extra usable space. If you think you need an extra room for your growing family or want a second bathroom, you should think of remodeling your basement. It is possible to transform your basement into anything you can imagine. Whether you want a home theatre, a playroom for the kids, home office or laundry space, a basement can be used in the way you like. Basement renovation is also a great idea for adding a guest room or setting up a home office. This extra room can also be used for parties and relaxing with your family members.
Increase Value of Your Home
Homes that have finished basements are more appealing to homebuyers and sells quickly at better rates. Finishing the basement is the latest trend and there is a high demand for homes with modern facilities. When you have a finished basement it will make your home more marketable. Everyone appreciates more living space and well-maintained property. A damp and dark basement will give an impression of poor maintenance and buyers may even try to negotiate price on this basis. A finished basement is perceived as an added luxury and improves the resale value of your home. In fact, according to experts, a mid-range basement remodel project will recover 70 percent of its renovation costs.
Generate Extra Income
You may create a recreational room or guest room in your basement. But if you’re looking to get some extra money every month, it’s a good idea to build a basement apartment. Constructing a legal suite in your basement can give you a steady revenue, in addition to increasing the resale value of your home. Even if you mortgage this home improvement project, your basement suite can be rented out at 75 percent of the cost of the monthly mortgage. Basement apartments are a great way to receive extra income that can be used for meeting daily expenses or for saving. However, before you begin this project make sure that the basement has a separate entrance and parking space for residents.
If you leave your basement moist and cold, it will create several issues such as damaging the foundation of your home. Also, without proper insulation and sealing, unwanted cold air will seep into the rest of your home, thereby reducing the energy-efficiency of your home. Moreover, the unfinished basement is vulnerable to flooding which results in several other issues such as mold growth and pest infestation. Therefore, renovating the area ensures that it is properly protected, sealed up, and insulated to reduce energy use and control drafts.