By: Katarina Knoff
Whether you want a more livable area or you’re thinking of selling, finishing your basement is a great way to add space and value to your home. Here are some of the main advantages of finishing the basement.
1. Additional Bedroom or Bathroom
With the extra livable space, the potential for putting in a bedroom and bathroom becomes an option. Adding a bath would be more expensive as you will most likely be hiring a plumber and a contractor to tile. Although it is significant cost upfront, it could be a very valuable investment as the home will increase in value and most likely sell quickly with this addition.
2. Provides Relief to Overcrowded Households
If a family is living on top of each other, a finished basement can offer more than just a high return on investment when selling. The renovation can result in a variety of spaces for the household, whether the bathroom and bedroom mentioned above, a children’s play space, a man cave or other – the added space can provide much-needed breathing room.
3. It Adds Space When Zoning Codes Prohibit Exterior Additions
Zoning violations often limit your ability to expand your home outward or upward. This can be especially frustrating if you are ready for more space but still very happy with other aspects of your home. When this is the case, a finished basement could be the perfect home expansion.
4. Hosting and Additional Income
The addition of a finished basement can make the difference for your home to host family or friends when they come to town, or it could even be rented out on Airbnb to make some extra cash.
5. It Doesn’t Require the Most Expensive Materials
In general, people do not expect the most exquisite details and finishes on a basement renovation. Remember, when renovating a basement, hardwood flooring is not a good idea, as moisture can cause it to warp. When finishing a basement, you can easily cut costs for opting for less expensive materials and still have a very comfortable and stylish space.
6. Check Your Coverage
Finishing or remodeling your basement will add value to your home, so make sure to call your insurance agent to increase your dwelling coverage. Another good thing to note is if you use any part of your house for Airbnb or Vrbo, for income purposes, this can also effect your homeowner’s insurance.