While a main-floor room addition or expansion will probably add more value to your home than finishing your basement, the cost of main-floor additions could be more pricey, depending on the project. When it comes to finishing their basement, there are typically two main reasons why most people opt for it: for their family’s own enjoyment, and to boost the value of the home so they can sell it for a higher price on the real estate market. If you’re planning on finishing your basement, review the tips in the infographic below, and then continue reading to learn more about how finished basements impact the value of a home.
How Finishing Your Basement Boosts Your Home’s Value
It is typically recommended to finish a basement for your family’s personal enjoyment and leisure, then if you plan to sell the house several years down the road, you can recoup some of that investment — on average, about 70%. With that being said, many buyers specifically look for properties that have finished basements, so you may get to enjoy a wider pool of potential buyers when your home has a finished basement.
How a Finished Basement Impacts Appraisal Value
An appraiser might begin by gauging the value per square foot of your home. The amount of above-grade living space (the portion of a home that is above the ground) versus below-grade living space can have a major impact on your appraisal value. Below-grade living areas are worth about half of above-grade spaces. So, if the price per square foot of your above-grade living spaces is $200, the price per square foot for your finished basement would be roughly $100.
Contact Hertz Home Remodeling for Help Finishing Your Basement
Whether you are planning on selling soon and you want to boost the value of your home, or you simply want to deck out your basement so your family can use it for recreational activities, Hertz Home Remodeling can provide the best value you will find on the market. To learn more about our home remodeling and basement finishing services, contact us online or by phone today for additional information!