Basements can be a fun, functional area in any family’s home. However, many homeowners neglect to finish the space, so it’s left empty and useless underneath the rest of the house. According to the 2013 United States Census, over 29 million single-family homes have a basement, but a significant number of those are unfinished. Unfortunately, many homeowners continue to leave them unutilized when an attractive, finished basement is entirely attainable.
Basement remodeling projects might seem like a tricky undertaking, but they can transform the bottom level of your home into a beautiful space for family and friends to spend time. You can work with a contractor to create a custom design and implement functional features, so the basement quickly becomes your favorite area in the house. The benefits of a finished basement are innumerable; Let’s take a look at five reasons why completing this construction project can be such a great choice for homeowners:
1. Take Advantage of Extra Square Footage
Most homes with unfinished basements are allowing tons of extra square footage to go to waste. What might look like a dark, damp, and sometimes moldy space can transform into a totally unrecognizable living space that your family can utilize for years to come. There are tons of unique ways to take advantage of all the extra square footage after finishing your basement renovation. Homeowners can consider turning their cold, unfinished basement into any of the following functional spaces:
- Kids playroom
- Home gym
- Entertainment room or home theater
- Wet bar
- Craft or hobby room
- Home office
- Laundry room and storage
- Guest living space
Finishing your basement provides an entirely new level within your home for you and your family to make your own. Build the basement bar you’ve always dreamed of or install an incredible home theater where you can hold family movie nights filled with laughter and happiness. If entertaining isn’t really your thing, you can also create a basement craft or hobby room to focus on your passions in some peace and quiet. The possibilities are truly endless when it comes to a basement remodeling project.
2. Save on Energy Costs
Unfinished basements can be a big burden for many homeowners, as they’re often dark, damp, and prone to molding. If you ever spend time in your unfinished basement, you probably require a fan or air conditioner in the summer and a space heater in the winter to regulate the temperature. Having to replace the cold and warm air in your basement constantly throughout the year can waste a lot of energy.
Fortunately, finished basements are well-insulated and sealed up tightly, so your HVAC systems don’t have to work so hard to adjust the internal temperature throughout each season. Reducing your home’s energy consumption puts money right back into your pocket and helps to reduce mold, too, so finishing your basement is a surefire way to start saving.
3. Increase Your Income
Finished basements provide yet another potential benefit: additional income. Work with a well-seasoned contractor to create a basement apartment complete with a bathroom and kitchen or kitchenette. If you opt to add an alternative entryway, you can utilize the basement as an Airbnb or rent it out as an apartment for an extra influx of income each year.
If you’re comfortable welcoming another human into your household, you can reap the additional benefits of regular monthly payments from your tenant. With a little more padding in your pocket, your family can pay off bills, take care of other home improvement projects, or go on that tropical vacation you’ve been dreaming about for the last three years.
4. Invite the In-Laws Over
If allowing strangers to enter your house (even if it’s through a separate entrance) seems unappealing, you can still use your basement as an additional living space for family or other guests.
It’s widely accepted in an array of different cultures to allow elderly family members to move in with their adult children as they get older. These smaller, attached apartments are often referred to as in-law suites because they are ideal locations to house a spouse’s aging parents. Add a bathroom, kitchenette, and guest bedroom to your basement to provide the perfect living space for your parents, in-laws, or other potential long-term guests. They’ll surely be grateful for the comfort and privacy throughout their stay.
5. Improve Your Property Value
Finally, perhaps the most positive impact a basement remodeling project can have on your home is the vast improvement in your property value. Many modern homes come equipped with additional living spaces or exciting entertainment areas that add to the potential resale value. Before you start looking for buyers, update an older home’s basement with beautiful craftsmanship from a trusted contractor.
Remodeled basements have a significant impact on your home’s resale value and are the perfect selling point for your real estate agent. Make your home stand out from other houses on the market with a game room, home theater, or other eye-catching addition to your underground fortress. Potential buyers will recognize that the renovations are already complete, and they can enjoy the move-in ready space right away. That’s an attractive benefit for any new homeowner.
Enhancing Your Existing Space
Dealing with the dark, unkept underground level of your home might seem annoying, but making time and room in your budget to finish your basement can prove particularly beneficial. Although there are upfront expenses involved with updating your basement, once the work is complete, you’ll enjoy the return on your investment.
A beautiful, finished basement can vastly improve you and your family’s life. Whether you want to provide privacy to parents and other guests during their stay, start renting out a room for extra income, or create a comfortable atmosphere for your family to gather and enjoy time together, it’s an excellent addition for any home. Schedule a consultation with your trusted remodeling contractor to develop an attractive design for your extra space at an agreeable price. With added amenities for eating, drinking, and relaxing, your basement will easily become the best room in the house.