If you want to remodel your basement, you may be wondering how to get the most resale value out of it. You may also be interested in learning the requirements for a finished basement and how to determine the cost of a midrange basement remodel.
Walk Out Basements Are More Valuable Per Square Foot
A walkout basement is a good way to improve the value of your home. It adds functional and attractive space, but it does not require permits or additional upgrades to the home. You can get a lot more money for your home if you build one.
The most obvious implication of this is that a walk out basement will be more valuable per square foot than a conventional basement. This is particularly true in areas with a competitive housing market.
The main reason is that these basements have the same finish and design as the floor above them. So you will have the same kitchen, bath, and other perks you would enjoy if you were living in the actual house. And as you can imagine, this makes the basement feel even more like a real home.
Another benefit is the additional storage space. Many homeowners create an additional livable space in the basement. They can use it as an extra bedroom, a playroom, or a storage room.
Walk-out Basements Are More Valuable Than Garden Level Lots
If you are considering building a new home, you may want to consider a walk-out basement. This type of basement is a little more expensive than a standard lot basement, but it can also add considerable value to the property.
Walk-out basements are partially above ground, and typically feature huge windows for natural light. They can be a perfect solution for families with adult children. They can be used for an in-law suite, as a studio, or for any number of other purposes.
Walk-out basements are a great way to increase the value of your home, and they are especially beneficial if you live in a sloping lot. A slope allows for a door from the basement to the backyard, which makes the area more functional. In addition, a lot’s slope can improve curb appeal, too.
The average cost of finishing a basement is around $50 – $100 per square foot. Some MLSs will include the basement in the total square footage of the house. this is even more likely for walk out basements.
Cost of a Midrange Basement Remodel
A basement remodel can add up to 70% to the value of your home. However, the cost of finishing a basement depends on several factors. For instance, the type of basement you have and the location of your home are factors that will affect the return on investment you’ll receive.
Remodeling magazine compiled a report comparing the costs of various types of renovations. They found that the cost of a midrange basement remodel can reach upwards of $70,000 nationwide.
Midrange basement remodels typically include the addition of a bathroom or kitchen, and other upgrades such as insulation and flooring. In addition, a finished basement can offer a variety of different uses. It can be used for storage, an in-law apartment, or even a playroom. The resale value of your completed basement will depend on what your family needs, and whether it is a standard lot or an oversized house.
A finished basement can also help your home stand out in a competitive market.
Requirements for a Finished Basement
Finished basements can provide a huge boost to the resale value of a home. However, there are certain requirements that must be met to make sure that the basement is suitable for the buyer.
Whether it’s a guest room, an in-law suite, or an office, finishing a basement can increase the resale value of whichever type of space is used. Before tackling any project, though, it’s important to know what is expected and what isn’t.
One of the key benefits of a finished basement is the storage space. Whether it’s games or toys, a finished basement provides a space for storing items that won’t fit in the garage or above ground.
In addition, a finished basement can be an income property. Many buyers like to workout or play in their own space, and a finished basement can provide a gym. Another option is a mini in-law suite. A basement with a bedroom and bathroom can provide a good amount of space without the expense of an additional unit.