Home & Garden
Boost Your Home's Value In Ohio And Finish Your Basement
Here's how much you can expect to get back on your basement remodel investment.
If you're considering a basement remodel but are hesitant to spend your savings, consider this. In Ohio, homeowners can expect to receive more than 50 percent of their investment back in added home value. According to Remodeling Magazine’s Cost vs. Value Report 2017, the average basement remodel has an average return of investment of 53.3 percent.
That's a higher yield than other home projects, like adding a patio. And in the meantime, you get to enjoy a lot of added square footage to your home. Plus, these renovations can be done quickly — just in time to host out-of-town guests for the holiday season. Enlist the help of a professional contractor to hang drywall, add flooring, and encase exposed duct work or pipes. These basic steps can be completed in just a few days for a livable, usable space.
Depending on the size of your home and the extent of your renovations, a basement refinishing can cost anywhere between $6,500 and $18,500. Different from refinishing, remodeling is more intensive. It can include things like moving walls and adding plumbing and electrical lines.
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Typically, done on an already-finished basement, remodels can cost anywhere between $10,000 and $30,000. You might add a bathroom or divide your open basement into several living areas. Create an in-law apartment, install a theater room, designate your home office, or design a kid's craft area.
The options are endless, not to mention extremely attractive to buyers. Adding a bedroom and bathroom in your basement can tack thousands of dollars onto your home's value. Plus, basement remodels are much cheaper than a home addition.
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When deciding on a schedule, be sure to pad a little time for your remodeling crew to work with sub-contractors and allow for materials to be ordered and delivered. All in, most projects can be done in as little as 45 days. Consult with a professional on HomeAdvisor now to have your basement apartment up and ready by the time extended family arrives for turkey dinner.
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