Basement Finishing Adds Living Space, Boosts Marketability and has a High Return on Investment when Selling. Create that Poolroom or a Play-Area for the Kids. It may not be as Costly as you Think – Basement Finishing is Worth the Time and Money.
Basement Finishing: Transform Unused Space… It’s Worth It
CraftPro received countless calls in the fall and winter of 2012-13 and now it’s the same for 2013-14: homeowners are increasingly interested in basement finishing, and for good reason. In fact, at the time that this article was originally written (November of 2012), we were in the middle of our third basement finishing project in a row. Pictured in the right corner of this paragraph is a basement finishing project we were executing in the winter of 2012-2013, around when we wrote this article about basement finishing and its benefits. Almost 2,000 square feet of unfinished walls and ceilings encapsulated a large, unused space that the homeowner in Madison, NJ wanted to make use of by finishing the basement. By doing so he not only added marketability to his home but that basement finishing remodel changed the way his family can use their home. CraftPro finished this Madison basement by framing, installing XPS insulation, hanging drywall, installing molding, boxing windows, and more basement finishing tasks that got this homeowner started. Click here to view this Madison, NJ 07940 basement finishing. It seems to be a growing trend, and it’s easy to see why. Check out our Morristown, NJ 07960 basement finishing that involved a simple installation of false-walls over masonry, drywall over the false walls, and more. Alright, it wasn’t that simple but it was extremely cost effective. Wait until you see the entertainment room in this home now. Click here for the details. Speaking of entertainment rooms: In one of our basement finishing projects in Randolph a homeowner DIY’d almost all of the project – including the fully functioning wet bar. He was smart enough to hire CraftPro to do the drywall installation and finishing. But he cut costs on his basement finishing project by learning how to do some of the other finishing trades himself, for example the suspended ceiling, the doors and molding, etc. Click here to view his Randolph, NJ 07869 basement finishing project details.
Basement Finishing: Add Living Space, Increase Value
Basement Finishing Return on Investment National Average is 72.8% per Remodeling Investment Source
Basement Finishing Adds Property Value: Adding more square footage of living space can increase the price of your home, but there are a lot of factors that come into play when considering how much value might be added: ingresses and egresses, window locations, whether or not there is a bathroom, walk-out basements vs. underground basements, the region and neighborhood, and of course the quality of the renovation. On average, at the time of this article’s release, according to the Remodeling Magazine almost 73% of the renovation job cost can be recouped by the property value increase (national average). Other sources online, specifically realtors, agree that a finished basement can add anywhere between $20-$30 per square foot. For example, when we wrote this article we were working on a 1,900 square foot basement, which could add anywhere between $38,000 and $57,000 to the home value. But this is very hard to predict, and the best way to make an accurate prediction is to have an appraiser come and look at the house and ask him or her how much they added for the basement.
Adding Livable Space to a Home Boosts Marketability
Quantifying the actual property value increase can be tricky and sometimes highly inaccurate. However, you can invariably count on basement finishing (or adding more livable space in any area) to add marketability, or selling potential, to a home. Almost all realtors agree that if a buyer is stuck in a tough choice between two houses they will purchase the home with the finished basement more often than not. If you’re selling your home in a buyers’ market, marketability is important. Basement finishing is not usually considered as adding another floor by appraisers, but if the basement has a door to the outside appraisers have been known to add even more value to the home.
Basement Finishing for YOUR OWN Enjoyment
So far all we’ve talked about is the relationship between basement finishing and the selling potential of the home. But what if you never intend to sell? To be sure, we at CraftPro have done a lot of work getting homes market-ready: we got started by teaming with local realtors and working on their listings to boost their selling value. But we also work with plenty of homeowners who are using their money to improve their homes for their own enjoyment, and all the basements we’ve remodeled have been for customers who were NOT selling their homes. The “during-and-after” photo above is a basement finishing project in Morristown, NJ that ended in a full bar and kitchenette, entertainment room and more. View details about this Morristown basement. If it’s in your budget, it’s a good move. Add some living space, add a bar or pool room, get that Man-Cave you’ve been dreaming about. Got some little ones running around? Create a play area for them. Got a teenager who likes to have friends over? Provide a little comfort when you lock them in the basement (just kidding). Or simply add another bedroom to make room for your growing family. It’s all for you, but it helps property value and marketability also. Win-win.
Finishing Unused Space: Endless Possibilities
The possibilities are virtually endless with basements – the canvas is blank, the slate clean. Make use of this unfinished space and essentially add another floor to your home. The appraisers may not look at it that way, but all of our customers have been thrilled with their basements. And by all means, do not go with one of those one-size-fits-all, big basement finishing companies. Their costs are too high and they are deflating the recoup rate. The Remodeling Magazine used the example of a $69,106 basement renovation that added $40,215 (58.19%) to the value of the house. Using a smaller contractor with less overhead can bring that same basement price down significantly, thereby boosting that 58.2% to maybe 70% or 80%. Imagine that. Always explore your options: get several quotes, do a little research, ask friends or family about their finished or unfinished basements, etc.
Contact Me for a Basement Consultation
Do you live in or around Morris County, New Jersey? Are you interested in a cost-effective way to turn your unused basement into a finished, livable space? Send me (Richard D’Angelo, founding owner of CraftPro) an email via the form below (or call me at 973-610-8763) so we can discuss your ideas for your basement. Maybe you want a bar room, another living room, a guest bedroom – the possibilities are virtually endless when you finish your basement. Let’s talk about it!
Find me, Richard D’Angelo, President of CraftPro Home Improvements and this article’s author on Google+. You can also visit CraftPro on Google+ and join our community of home improvement, maintenance and renovation professionals.