Whether you’re thinking about buying a new home or selling your current home, consideration must be given to added-value home improvements. One of the best returns on investment upgrades continues to be finished basements. Finished basements add value to your home and make them stand out on the market.
Livable Square Footage vs. Square Footage
Before we discuss the specifics of finished basements, we need to explain the difference in square footage and livable square footage. According to MLS, creating livable square footage adds the greatest value to your home. In the US, finished basements with livable space give you a return of 70-75%, on average. Livable square footage refers to the living area of a home or any area you spend your time that is temperature regulated.
While basements give you additional square footage, but the specific design plan makes it livable. For example, standard lot basements are underground concrete walls, containing little natural light let in only by the small windows near its ceiling. These basements add height to the main level of the home but have no livable square footage. Their main purpose includes storing HVAC units, electric boxes, and water heaters.
Long-term Savings
Finished basements not only add value to your home, but they also save you money in the long run. Unfinished, unsealed basements rely completely on your home’s heating and cooling appliances. Finished basements are sealed and insulated, giving your HVAC unit a break and saving on the cost of your utility bill. Additionally, when you want to add more livable square footage, it costs less to repurpose an existing space than to expand your home above ground.
Aside from saving money, finished basements have the possibility of generating extra income. Many homeowners opt to create a lower level apartment to offset the cost of their home. Basement apartments with a private entrance rent at up to 75% of your monthly mortgage payment, freeing up money for other projects and leisure activities.
Finished Basement Features
To save and earn the most money on your finished basement, consider the following design options and look for other ideas on our website!
- Additional Bedroom: Adding bedroom space increases the resale value of your home when done properly. To be considered an actual bedroom, the room must contain two forms of egress or exits and a closet.
- Extra Bathroom: Extra bathroom space is a big draw for home buyers. Plumbing and drainage systems open the possibilities to a basement kitchen or bar area as well.
- Home Theater: Many homeowners opt for a home theater to create a family-friendly escape without having to leave the house.
Finished Basements by Joseph Douglas Homes
Joseph Douglas Homes offers expert basement designs and remodels. If you’re looking to freshen up your existing home or incorporate a finished basement in your new construction project, our team can do it. Our solid reputation and award-winning designs guarantee your satisfaction. Visit our website to view our finished basement project gallery and to schedule your consultation with our expert design team!
