Remodeling Your Basement: The Long-Term Returns of More Space

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The Extended Benefits Of Remodeling Your Basement

Creating a warm family room out of a cold storage space is a thought that comes to mind this time of year. Especially after you notice that your relatives and friends are crammed into the corners of your living room, kitchen and dining room this holiday season. You might find yourself contemplating your options. Remodeling your basement is certainly one which would yield high returns. Deciding whether to make an investment starts with considering all of the potential benefits of a newly renovated space—both long-term and short term.

The Top Two Long-Term Benefits

A spacious living area yields more than superficial aesthetics or the pleasures of convenience; it yields lasting returns that can be measured and contrasted against prior costs and values. Familiarizing yourself with these positives will reinforce your renovation decisions. Renovating a basement will prove to be a choice for:

  1. Reducing utility expenses: In the summer, air conditioning is a huge expense that homeowners are painfully aware of. A renovated basement stays naturally cool, and offers a comfortable living space without the cost of expensive air conditioning. Likewise, heating a basement during the winter—which seemed an unnecessary extravagance when it was a lowly storage area—now increases the comfort of your first floor, stairwell and entry as heat rises up from the basement into the rest of your house.
  2. Increasing home value for resale: On average, the costs of remodeling a basement will more than break even on resale. Two years ago, a Remodeling Magazine survey indicated that on resale, 90% of basement remodeling expenses were covered. It’s prudent to mention two things regarding this citation. Chiefly, without the remodeled basement the resale price would be far lower to begin with, meaning simply this: when you put money into your home, your home will produce a higher return on investment. Secondly, the expense of remodeling is considered primarily to be a short-term development; something you and your family will enjoy for years. But when the time to sell rolls around, you gain another tangible return—this time in capital.

Considering Home Improvement

Before the next holiday season rolls around, you’ve time to think and reflect on developing your property. Whether you’re planning on doing work outside, inside, or anywhere in between be sure to consider the long-term benefits of each project. Some expenses will provide far more perks than others: prioritizing is key. For more information on remodeling, consult our previous posts, including: CHANGES IN BATHROOM REMODELING: BATHROOM VENTILATION 101.