If you’re looking to increase the size of your home, the answer may be right beneath your feet. Remodeling unused basement space is a good way to gain living area without building an addition. A basement remodel is also a good investment. According to Remodeling Magazine’s annual Cost vs. Value report, a basement remodeling project returns more than 75% of the original cost, based on national averages.
Basements are good candidates for remodeling projects because the basic structure—walls and floors—are already in place. This lowers construction costs per square foot, saving 10% to 15% over the cost of building an addition with comparable features and amenities. Remodeling a basement also avoids the complications of property line setbacks and other restrictions that sometimes affect additions.
A concern when remodeling a basement is moisture. Any chronic moisture infiltration, condensation, or history of flooding must be addressed before the space can be converted to living area. Remedial measures will cost anywhere from a few hundred dollars to thousands—effectively reducing the return on your investment.
In the Midwest and Northeast regions of the country, where basements are common, a remodeled basement provides less than the national average return on investment. In the West, where basements are more rare, a basement remodeling project returns more than 90% of the original cost.
National average cost, 20x30 ft. basement remodel, with wet bar and full bath:
Job Cost: $67,067
Resale Value: $46,825
Cost recoup: 75.4%
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(1)I Did This!
I have learned that the internet and sites like youtube offer countless videos that will educate you on how to go about finishing a basement. I was able to do every aspect of the job and saved tons of money.
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