No doubt, an upgraded basement has a way of adding financial value to your home.
It also helps you free up more space for a living room or even “a work from home space.”
However, sometimes we may just have them loaded up with all sort of old junk we aren’t using again.
Hence, is it a waste to have only your junk stuffs stored up in a basement or not?
The answer lies in this post. Keep reading. You’ll find out the answer.
Have an Additional Bedroom
You can increase the size of your home by finishing your basement. Finishing your basement space can allow you to add one or two rooms more to your house.
Of course, an additional bedroom can increase the financial value of your home before potential buyers.
An Extra Bathroom can be added
You can also add an additional bathroom space to your home by finishing your basement.
However, it’s important you note that it can be quite expensive and tedious to create a bathroom from your basement space, but it’s quite rewarding in the long run.
Thus, you’d have to spend money getting a professional plumber to give you the professional touch desired to get the best results, as you definitely won’t get the work done by yourself.
Ensure you also factor the cost of repairing the broken pipes, and fixing other critical plumbing issues.
The functionality of adding a bathroom to your basement givesyou incredible and amazing offers, even though the cost of doing it may be on the high side.
Nevertheless, it’s a great investment for you that will speak tomorrow.
Great Return on Investment
A finished basement offers you a great return, though it may not be measured as a “habitable square footage” by the MLS.
On an average, finishing a basement will give you a return of 70 to 75% of your investment in the United States.
For instance, if you expended $1,000 on improvements, it would raise the property’s value by about $700.
Thus, the value of the property would increase to about $7,000, if you spent $10,000 on improvements.
Income Property
Finishing your basement can enable you to augment a rental unit, whether you’re trying to retain it yourself as a multifamily or hastily flip an investment property.
However, you must note that the unit would have to be accepted by your town’s zoning department.
Also, the local fire code of your town has to affirm that the new unit meets their standards.
Your newly finished basement must have at least 2 forms of egress and 1 form of entrance.
In some towns, at least 1 devoted parking space for each rental unit will be required, thus, you must endeavor to get familiar with the code of your locality.
Having this rental unit will definitely appeal to any prospective buyer who wants to reduce mortgage load.
A reasonable portion of the tenant’s monthly lease will help you in paying either some or most of the monthly mortgage.
If you’re not selling the property anytime soon, it’s still great because the cash flow of your property will increase enormously by adding an extra rental unit.
Thus, you’d be able to make residual income, rather than just leave your basement idle.
