How Much Value Does a Finished Basement Add?
“Should I finish my basement?” “Does a finished basement add value?” These are questions homeowners often have when planning a home improvement project. The truth is that finished basements can absolutely increase home value while extending your living space.
In this article, we will explain why a finished basement adds value to your home and whether you should attempt this kind of project.
What Is a Finished Basement?
Before we get into whether finishing a basement is worth it, let’s first answer the questions, “What is a finished basement?” and “What is an unfinished basement?”
An unfinished basement typically has exposed concrete and no proper flooring, walls, or ceilings. Finishing a basement involves adding drywall, flooring, plumbing, electrical systems, and more to make the area more habitable.
Does a Finished Basement Add Value to a Home?
There are numerous reasons why a contractor or homeowner might decide to leave their basement unfinished. They might be worried about flooding or believe that these areas of the home are simply too uninviting.
Moreover, many across the United States do not consider underground space habitable, which is why you'll notice that basements are often not included in the home's square footage when advertising a property.
However, the average basement size ranges from 500 to 1,500 square feet, so converting it into a living space can increase the square footage of your home. This means that you can increase the amount you get for the home, ensuring that you receive a higher finished basement return on investment when it’s time to sell.
This means that the appraisal value of a finished basement will increase. Plus, a homebuyer who sees houses for sale with a finished basement is more likely to make a purchase.
Well, how much does a finished basement add to home value? The truth is that many homeowners are able to get between 50 and 75 percent more for their property if they have a finished vs. unfinished basement.
Are basements worth it? The answer is absolutely.
What Is the Average Cost to Finish a Basement?
As we have seen, the value of a basement vs. no basement or a half-finished basement differs greatly, but what is the unfinished basement cost per square foot to convert this area of the home?
Cost is undoubtedly one of the most important things to consider when renovating a space and determining the final value of a finished basement per square foot. However, the reality is that because every basement is different, the price you pay will differ greatly.
That’s why it’s important to talk to a reliable contractor to determine whether it is a worthy investment.
Ready to Start Refinishing a Basement?
If you are looking for a seasoned basement remodeler, then your search ends here. We have many years of experience boosting the value of houses with finished basements, and we are confident that we can help you take care of your basement finishing project.
To learn more about our services, contact State Drywall Arvada today!