A basement remodel is one of the best home improvement projects for boosting your home equity while also boosting your home lifestyle. With up to 78% return on investment, a basement remodeling project yields better value than just about any other major home improvement—including full kitchen and bathroom remodels.
3 Reasons Homeowners Invest in Basement Remodels
1. Converting an unfinished basement adds more than resale value.
If you’re considering selling your Minneapolis home, basement remodeling can add great value. But it has other benefits, even if you plan to stay where you are for years.
Imagine the memories created by having movie nights, hang-outs, and other family gatherings in your beautiful finished basement. Picture having a space you can rent out for extra income. Both are possible with a basement remodel. You can even add a kitchenette for greater usability when entertaining.
2. Remodeling a basement is less costly than an addition.
When you want to add space to your home, upgrading your unfinished basement is a great option. Since the basement is already there, it is simply a remodeling project instead of a building project (requiring excavation and a new foundation). As a result, finishing a basement generally costs less than a build-out addition and can be done in a shorter time frame, yielding more square footage more easily.
3. Basement remodels offer tax benefits.
If you have your own business, adding a home office in your basement can bring an annual tax benefit. If your home office is 10% of your home, for example, then 10% of your electric bill becomes tax deductible. The same could also apply in areas such as mortgage interest, property taxes, and homeowners insurance.
Tips to Guide Your Unfinished Basement Conversion
As you consider remodeling your basement, keep these tips in mind:
Plan Your Return on Investment
A basement remodeling project can be a good investment—yielding close to 80% ROI. To get the most value for your investment, plan to spend 5-10% of your home’s current appraisal value on the remodeling. More than that, and you might not get as high of a return.
Address the Basement’s Moisture
Unfinished basements can often be too humid due to insufficient ventilation. Remember to open any available windows and run fans for several days of air circulation before remodeling. Add ventilation with better windows if possible, and consider installing an exhaust fan as well.
Comply with Local Ordinances
Local building codes will require a certain number of emergency escapes for a basement living space. Make sure you and your basement remodeling company are fully aware of what is required for safety in Minneapolis.
Leave Room for Lighting
Lighting in a basement cannot be an afterthought. If you do not leave enough headroom for lights, ducts or a new ceiling, you’re either going to experience a dark basement or one that feels cramped. Being creative and keeping lighting at the forefront of planning is important to a spacious, bright, finished living space.
Be Careful What You Seal Off
When remodeling a basement, it can be tempting to seal off unsightly mechanical systems, plumbing pipes, circuit breakers and other exposed utility features. However, for maintenance and repairs, they may need to be accessed from time to time. Look for ways to creatively conceal them and yet keep them accessible.
Keep the Room Open
Like the rest of any modern home, keeping an open, airy space in your remodeled basement is appealing and practical too. Having a wide-open concept gives the basement a roomy, spacious feeling. Just remember not to remove existing walls below the house that could be load-bearing fixtures.
Choose Moisture-Resistant Materials
Vinyl flooring in a basement is not recommended due to moisture and humidity. Wood may be an issue for the same reason. For flooring, choose non wool carpet tiles. Drywall or sheetrock are good for walls and ceilings.
Make Good Style Choices
Do you want your basement to have the feeling of a continuation of the rest of the house, or do you want it to have a different style and sense of quality from the rest of the home? Experts recommend the same or higher quality as the rest of the home and a style that is comparable and certainly complementary to the rest of the house.
Plan for Staircase Changes
Consider the staircase as an important part of the remodel. The existing staircase down to an unfinished basement typically will not be one that you’ll want to keep as is. Think about ways you can upgrade it or finish it to complete a polished look for the entire basement area.
Add Extra Storage
Even a partly finished room in a basement can add value to a home—especially when you turn it into high-quality storage for clothing. Your upgrades can also include tidy, moisture-resistant storage units for kids’ games, exercise equipment, books, or other household items.
Remember, You Get What You Pay For
The materials you use in the basement remodel—and the workmanship of the remodeling company you use—have everything to do with how much the finished space and the rest of your home is worth. A subpar finished basement can end up preventing you from getting as much ROI as possible. It could also scare buyers away if they feel they have to redo the work.
Add Lasting Value to Your Home with a Basement Remodel
Enjoy a home that enhances your lifestyle. At Iron River Construction, we’re an award-winning remodeling company that is proud to serve the Minneapolis area. Our team of experts will work with you to bring your vision for your Minneapolis basement remodel to life—giving you ample additional space and providing you with the increased home value you’ve been longing for.
We make it easy to get started. Contact us to schedule an appointment and describe your vision to us. You’ll love the results.
