Friday, March 17th
Remodeling Magazine's Cost vs. Value Report confirms remodeling the basement makes financial sense. But make sure you protect your investment!
A remodeled or finished basement can add home value and space.
Sheltering in place during the coronavirus pandemic has inspired homeowners to tackle home improvement projects to give them a home that better suits their needs. This could mean creating a designated space for working from home or a room that serves multiple functions, such as a space that can be used as both a home gym and a family room.
Here's good news about that potential basement remodel you've been dreaming of. Finishing or remodeling your basement offers great value, expanding your livable space at a fraction of the cost of putting on an addition. But that's the old news. Here's the new news.
Each year about this time, Remodeling Magazine issues its Remodeling Cost vs. Value Report (costvsvalue.com) comparing the value of different remodeling projects. Specifically, the report looks at how much value different projects add to your home. Put another way, this analysis gives you an idea of how much of your remodeling costs you can expect to get back when you sell your home. The report shows that remodeling your basement is a good investment with an average 70 percent return on investment.
Placing in the top ten best home improvement projects,
a basement remodel pays back an average of 70% of its cost.
Compared to other major remodeling projects, basements offer a higher return on your remodeling dollars.
The report is issued by Remodeling Magazine and is based on two surveys:
Does that make your dream of a basement bar or exercise room more attractive? As fans of finished basements, we think it should.
While finishing the basement is a great idea, it's still the basement. If you're putting in plush carpets, drywall/sheet rock, comfy couches and wall hangings, everything is at risk - furnishings and fixtures alike. Even if you choose waterproof, mold-proof components like our own wall paneling and flooring options, underlying water issues should be addressed before remodeling. Besides protecting the time, energy and investment you've made in remodeling, signs of water damage or mold in a finished basement can seriously slow down or hinder the sale of a home.
Updated: December 17, 2020
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