Home & Garden
5 Basement Renovation Ideas That Pay Off Big Time
Starting from the bottom can add serious value to your home.
Basements haven't always gotten the love and respect they deserve. We used to think of this part of the home as little more than a glorified crawlspace. But these days, a finished basement is a major asset for homeowners — and it can be a big draw for potential buyers, too.
Ready to see how starting from the bottom pays off? Here are five basement remodeling projects that can significantly increase the value of your home.
1. Finish It
If you already have a finished basement, consider yourself lucky. But if your current basement is made up of concrete and exposed pipes, you're going to need to finish it before any further remodeling can occur.
The finishing process begins with basics like hanging and painting drywall and installing plywood floors. Depending on your space, you may also need to install a ceiling, reroute ductwork, seal the basement, install outlets and complete any number of other projects that make the space inhabitable and ensure its compliance with fire code requirements.
On average, the cost to refinish a basement is between $6,500 and $18,500 or more for larger spaces.
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2. Light It Up
No one wants to hang out in a dark space that feels like a dungeon. That's why proper lighting is so important. If your basement has windows that don't allow much natural light in, consider replacing them with windows that maximize the amount of light that's able to filter in.
Another option for getting more natural light into a basement is opening up the staircase. Depending on the layout and structure of the space, removing the door at the top of your staircase may allow some much-needed natural light to filter in to the space below.
The right light fixtures and lamps can also significantly brighten up a space and make it feel bigger. This may require adding to or upgrading your electric system.
If you're unsure what lighting changes will work best in your remodeled space, it's a good idea to ask your basement remodeling contractor for his or her opinion or consult with a lighting designer.
3. Add a Bathroom
Adding a bathroom opens up the possibilities for your remodeled basement. A full bath gives you or future owners the option to transform the basement into a guest suite or semi-private living space at any point down the line. Even a half-bath is a great addition if you plan to entertain in your basement or utilize the space on any regular basis.
Installing a bathroom will require buying materials, hiring a plumber and potentially opening up walls to access the necessary areas. It will also require paying for the proper permits as well as a final inspection to ensure the plumbing and electrical installation are done correctly.
On average, installing a new full bathroom in a finished basement will cost between $6,000 and $15,000. You can decrease these costs considerably if you choose to only install a half-bath or powder room.
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4. Break It Up
Depending on what kind of basement remodel you're doing, you may find you want to divide one large space into a few separate rooms. This may involve the demolition or addition of walls, leaving areas open for doors or closets and other kinds of framing work.
The main material cost here will be the wood, plus any hardware needed to secure the framing. On average, homeowners can expect to pay about $1 per square foot for these materials.
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5. Transform It
The kind of basement remodel you choose to do depends largely on the space itself, personal preferences and your budget. Basements can be turned into playrooms, recreation rooms, home offices, laundry rooms, guest suites and more. The average homeowner spends $18,858 on a basement remodel, with most paying between $10,603 and $27,265; the price varies based on the size and type of remodel.
Basement remodels are on the rise — and for good reason. According to the National Association of Realtors, remodeling your basement is among the most valuable investments you can make in your home. In fact, the average basement remodel project can yield returns of up to 70 percent on investment.
Most home buyers prefer a house with a finished basement, so they may increase their offer for a recently updated or remodeled space. A finished basement also creates more living space without the homeowner having to spend significantly more to construct an entirely new addition.
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More Home & Garden:
- Remodeling Done Right: A Cost Guide For Every Room In The House
- 6 Simple Fixes To Boost Your Home's Value
- Top 7 Renovations To Increase The Value Of Your Home
Photo by Charles Deluvio on Unsplash
