Design & Return on Investment
The first thing to remember is that basements are one of the five best home projects that pay back the most, but in order to maximize that investment:
- Do not overbuild. Finishing off more than an average square footage could mean a lower return in your part of the country.
- Leave plenty of space for storage. At least 50% of the basement should be left for storage, as it is one of the most important things buyers look for.
- Multiple rooms mean 50% more in cost for the same square footage.
- Think twice about bathrooms, bars, and built-ins, as many surveys show that they are unused and/ or abused. They can significantly increase cost, and can always be added at a later date.
- Always go with neutral colors on the walls, floors, and ceiling, as they are never dated, and can accommodate any buyer’s décor.
Investment
The good news is that a a Standard Best Cellar Basement Finishing Systems can be installed for much less than you might think- not much more that standard dry wall in fact!!
Return
If a home’s value grew 5% per year, a $40,000 investment would be recovered in only 5 years! However, we are all aware that home values have been falling in recent times. Looking at the home value chart below, we can see that although values are falling now, it is only a matter of time before they reach the green growth arrow again. What is the cost of the project, if in the end, you get it returned back to you?
Also, the real question to ask when considering return, is why the space is being finished to begin with. Building a kids “play room” translates to “knowing where and with whom your kids are playing”! A “home gym” translates to “the ability to reach your fitness goals”! A “home office” means that “you can spend more time at home without interruption”! Whether 100% of your investment is returned back is not the only question to consider when finishing the basement. Peace of Mind is worth much more!
