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Should You Finish Your Basement?

ron1609


An egress window I installed
An egress window I installed

In truth, it's up to you.


Many homeowners want to increase the re-sale value of their homes and wonder if finishing their basements is a good way to increase value. The answer isn't as simple as a yes or no.


A finished basement does add value to a home, but it may not add as much value as a homeowner invests in it. Instead of finishing a basement to resell the home, consider your lifestyle and how you want to use your basement.


Some homeowners want to add another bedroom and bathroom in their basement, for example, while others may want an entertainment room. There's always an option to finish a basement in order to rent out the space for increased income. Maybe you have small children and want to turn the basement into a play area in order to contain the chaos of toys.


You should finish your basement for your needs and wants.


The first step in basement remodels is to find a reputable contractor who will pull a permit. Why?


Remodeling a basement requires many steps homeowners may not know. For example, a basement may have to be rewired to bring it up to code. A permit requires an inspector who will make sure everything is up to code and safe.


Older homes with basements do not have egress windows, windows that provide a safe access to outside in case of fire or other emergencies. It is a building code requirement that all basements used as living spaces have egress windows. The cost, depending on contractor, is about $4000-7000.00.


Most basements, mine included, are not well-insulated, and when upgrading, insulation is important. Consider how chilly your basement is currently; it may not be a place you want to linger. Insulation does require an inspection by your city or county building department to make sure it's done correctly by your contractor. It costs approximately $1000, depending on your basement's size.


Framing and drywall are also important when adding rooms or sectioning a basement. These also require inspections by your city or county building department to ensure the work is done correctly. Framing and drywall costs vary based on basement size.


Energy code upgrades are based on what is present in the basement. Does the furnace need to replaced? Is your water heater in good shape? Based on your answers and a contractor's evaluation of this essential equipment, your furnace or water heater might need to be replaced in order to bring them up to code.


Smoke and carbon monoxide alarms must be brought up to code as well. Smoke alarms must be on every floor of a home and can be battery operated or hard-wired into the home's electrical system with a battery back-up. Carbon monoxide detectors must also be on every floor of a home and within 15 feet of a bedroom doorway. Basements must also include a smoke detector and a carbon monoxide detector.


Finally, basements will need paint and flooring to complete the project and make the space what you want it to be.


A basement remodel, based on size of basement and what the homeowner wants to use the space for, costs approximately $8,000 and $40,000. If you plan to live in your home for a while, it might be worth it to finish your basement and turn it into a livable space.


However, if you want to remodel your basement in hopes of increasing the sales price of your home, you may want to see what the housing market is like before investing your money. If it's a buyer's market and your home is one of the few for sale with a finished basement, you might see a return on your investment. If it's a seller's market, whether or not your basement is finished may not matter.


Finishing a basement will provide you, the homeowner, with livable space to enjoy and use. Maybe that "man cave" you've always wanted can be yours in a finished basement? Maybe you need an extra bedroom and bathroom. Whatever your reason, a finished basement will make you happy.




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