The Top Benefits of Renovating Your Basement
For most of us, the thought of the basement brings an image of a dank, dark, and unfinished space. This is because the basement is the most ignored place in the home. When it comes to home renovation, basement remodeling is rarely on the priority list of the homeowner. But over the years, the basement has come a long way, and it’s no longer a simple storage area. These days, homeowners are remodeling their basement to look more like the first floor of the home. Basement renovation has become a popular home improvement project because people realize the benefits of using this space judiciously.
A basement remodeling project not only adds the extra living space you need but also increases the value of the home. Finishing this space is also important because the basement constitutes the foundation of a house. If left dark and damp, your basement will become a breeding ground for mold. Also, water damage may pose several other dangers to the overall structure of the house. Rather than allowing that space to remain unused, you can use it for several purposes and activities. A well-finished basement is warm, inviting, as well as immensely useful. So, before you avoid renovating your basement to save money, consider the potential benefits of getting the basement remodeled. Here are some of the key advantages of upgrading an outdated basement or finishing a basement for the first time.
Get Extra Space
When you renovate your basement, your home’s livable square footage space gets doubled. As compared to a major home addition project, basement remodeling is less expensive. By spending less money, you can get that much needed extra space for you and your loved ones. Your newly remodeled basement can be used for several purposes. It is up to you whether you want to use this space as an additional bedroom for guests, home office, gym area, a home theatre room, or a playroom for the kids. You may also put a pool table and use this space to entertain guests.
Add Value to Your Home
If you’re looking to sell your home in today’s competitive housing market, your home must stand out from the rest. Remodeling your basement is the best way to make your home attractive than other available options. It is seen that homes with a finished basement have a higher resale value. This is because every homebuyer prefers additional living and storage space attractive. Even if you don’t want to sell your home right now, you may consider it in the future. And when you make that decision, you’ll realize that finishing your basement was a good investment. Potential buyers will be more attracted to a house with a finished basement, and your cost of remodeling could pay off in the future.
Create Additional Income
Finishing a basement can allow you to add a rental unit in the home. If your renovated basement gets approved by the zoning department in your town, this space can become your income property. Many homeowners remodel their basement to create a secondary suite and receive a steady revenue stream. You can also offset the upfront cost of finishing your basement by renting it. The rental income can be used to pay off the mortgage and assist you with everyday expenses.