Many people have a love/hate relationship with their unfinished basements. Whether updating your basement has been looming on your to-do list, or has become a home for displaced things that you’re not totally ready to let go yet, Bright Star can help.
Why a basement and not a home addition?
When deciding how to expand your home, resources like time, money, and space can truly make the decision easier for you. If you’re lucky enough to have the space to expand with a home addition, it is a great option, however contractors have noted that finishing a basement could cost a homeowner only half or even one third of the price as an addition.
An article by HGTV states that square footage in a basement is often valued at about half what the above ground cost is, meaning if the first floor is $200/sqft then a basement would estimate $100/sqft. While the price per square foot may not be as much as the rest of the house, the ability to add another living space could greatly increase the value of your home. Current homeowner trends include large, open layouts, making a basement finish a great way to add space and satiate those goals of wide, open spaces. Some reports from Remodeling magazine boast up to a 70% payback when finishing a basement, truly giving you the best bang for your buck.
There are some thing to consider up front:
Is it a wet basement?
Understanding the plumbing of your basement is important because you wouldn’t want to spend a few thousand dollars on some nice wool carpet, only to have a flood and have to replace it shortly thereafter. Every basement is different and plumbing will depend on the year the house was built, but there are several options to waterproof and seal off your wet basement.
What type of room should we add?
If you have children, a play area is always a great option to get all of the kids’ stuff in one place. Some studies have shown that younger kids who still need parent stimulation will not utilize the basement as well as, say an older child or teen. If your kids already have a space (or you don’t have kids) some other ways to utilize the basement are as a gym, workspace, extra bedroom, or extra living room. Since basements are typically low light, keep that in mind while choosing and redecorating. Unless you want a home theater, it will be important to optimize the light of the space if you plan to spend more time underground.
If you do not have a need for an extra bedroom, etc. refinishing the basement as storage is also a great option. It is still important to waterproof the basement, but remodeling the basement to a more attractive storage space or laundry room could still improve your home’s value. Especially in smaller homes, creating organizational tools to maximize the use of the space, like cabinets, shelving, modular organizers, & hanging racks, can be incredibly attractive to a home buyer.
So whether you’re looking to expand your family or increase your property value, utilizing the space you already have in the basement will be one of the best options when it comes to money well spent. Every basement is unique and Bright Star is happy to consult you for free to address your home needs!