4 Basement Finishing Projects That Can Add Value to Your Home

4 Basement Finishing Projects That Can Add Value to Your Home

Your home is probably your most valuable asset. The home can be used as collateral on a mortgage loan. The equity can be borrowed against in a home equity line of credit. When you are ready to move, the property can be rented to generate a stream of revenue or sold at a profit.

However, like any asset, your home requires investment and management. In addition to your initial purchase price, you will invest in maintenance, improvements, and renovations.

Some of these will maintain the value of your home. For example, it may be difficult to sell your home if the roof is damaged or the furnace is broken.

Other investments will increase the value of your home. Here are four basement finishing project that may produce a net positive return on investment (or ROI):

Plugging Leaks

If your unfinished basement leaks, you may need to invest in plugging those leaks before you finish the basement. However, your investment in sealing your basement may produce a positive ROI in at least three respects.

  1. The home’s selling price will be lower if your basement shows obvious signs of water leaks.
  2. Your home may fail a home inspection if water leaks have damaged the foundation or facilitated mold growth.
  3. Waterproofing a basement is relatively inexpensive and allows basement finishing without concern about water leaks destroying your basement renovations.

Adding Livable Space

Home buyers are obsessed with square footage and larger homes command a higher price. According to one study, your home’s value will increase by 30% for every 1,000 square feet of space you add. In practical terms, if your basement is about 32 feet by 32 feet, basement finishing could turn your $200,000 home into a $260,000 home.

Keep in mind that this is independent of what you do with that space. Certain renovations, discussed more below, are in higher demand than other renovations. But a simple basement finishing project to add a basement family room and fireplace increases the square footage and, as a result, increases the value of the home.

Adding a Bedroom

After square footage, the next number most home buyers scrutinize is the number of bedrooms. Turning a four bedroom home into a five or six bedroom home not only increases your asking price but expands the market for your home. Many home buyers search for a home with an extra bedroom or two for use as a home office, guest bedroom, craft room, or playroom.

In terms of the exact ROI on a bedroom addition, estimates vary. However, most agree that your ROI on a bedroom addition will be between 150% and 180%. This means that for every $100 you spend on the bedroom, your home’s value could increase by as much as $180.

New Bathroom

It may surprise you, but adding a bathroom can add even more value to your home than a new bedroom does. The explanation for this is relatively straightforward. More than half of the homes being sold are over 40 years old. Older homes were built with fewer bathrooms than newer homes. To compete with newer homes, older homes usually need another bathroom.

Bathroom projects during basement finishing can be complicated by plumbing and sewage work. However, a new bathroom could add 8-9% to the value of your home. Again, for a $200,000 home, this could mean an additional $18,000 on your asking price.

Second Kitchen

Another basement remodeling project that can add value to your home is a second kitchen. Kitchens and landscaping are the areas that home buyers use to form their initial impressions of a house. Most families spend a majority of their time in the kitchen, followed closely by the living room.

The ROI on a second kitchen depends on many factors, including the size and usability of your first kitchen, the size and features of the second kitchen, and the quality and types of materials. For most kitchen additions you will at least recoup your investment, meaning that your home value will increase by exactly what you spent on the new kitchen. However, some kitchen renovations can increase resale value by 200% of the renovation’s cost.

Basement finishing can not only add to your enjoyment of your home, it can also increase your home’s value.

2 Great Ideas for Your Basement Remodel

2 Great Ideas for Your Basement Remodel

fireplace

Every year, millions of Americans renovate or remodel at least one room in their homes. To ensure any structural changes made on buildings do not compromise the safety of the occupants and public, there are building codes that act as a guideline.

In fact, the concept of building guidelines has been in existence for thousands of years. The Code of Hammurabi, which dates from circa 1772 BC, is the earliest known written building code.

One of the popular trends right now is converting basements into family rooms. By using some creative and out-of-the-box thinking, you can come up with designs that breathe new life into your home. Just make sure you follow the building codes.

Here two must-have features in your basement family room.

1. A Fireplace

One of the critical features of a family space is a relaxing area where everyone can gather and talk. To make this meeting place even cozier and even more aesthetically appealing, add a fireplace.

There are several options to choose from when adding a fireplace in your basement. You can choose between the natural feel and thrill of a wood-burning fireplace or a gas-powered one.

Whichever you choose, here are some of the benefits you will enjoy:

Alternative light source

Basements usually do not receive enough natural light. This forces homeowners to rely on electricity for lighting purposes, even during the day. The glow of a fireplace can be used to light up and heat the room. As a result, you will reduce the reliance on electricity and thus lower your energy bill.

Distributed heat

A significant portion of residential energy costs can be attributed to heating and cooling. By installing a fireplace in your basement, you will be able to reduce your reliance on the HVAC unit, even in the upper areas of the house.

This is because the heat will travel upwards and is easily felt on the floors in the upper section. For a greater heating effect, you can have the basement remodeling company install the fireplace near the basement stairs.

Makes the basement usable during the winter

During the winter, most basements become very chilly and can be uncomfortable to be in. This can be attributed to the lack of sunlight, which carries some heat, and the fact that warm air rises.

Both these phenomena occur throughout the year, but their effect is more significant during the winter as it is colder. With a fireplace, you will be able to heat the basement and your family can enjoy all the amenities of your basement family room during winter.

2. A Fun Zone

The whole idea of a basement family room is to have a space that’s suitable and fun for everyone. As such, a fun area is a must-have. If you have little children, set up an area where they can play with dolls, toys, and practice some art.

For teens, you can have a game area equipped with their favorite console and big screen TV that can also double up as a movie theater. Give them the opportunity for physical activity as well with a section with a foosball or ping pong table, darts board, and arcade games.

To make the basement the perfect bonding place for the family, add a board games section. This can be a great way to start a family game night culture. For things to remain exciting and the culture to become permanent, ensure that you keep changing the games.

For the adults, you could have a wet bar in the fun area. Rather than going out to drink with your buddies, you can have them over during weekends.

When it comes to basement renovations, there are many ideas that one can use. However, for you to have the ultimate basement family room, it should have a fireplace and fun zone for everyone. These two features will ensure the basement is desirable to be in, and also hospitable throughout the year.

Part 3: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

Part 3: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

basement family room

Financial experts in the United States have been discussing the potential of an impending recession for several months now, but that doesn’t make the possibility any less intimidating for the average American. Luckily, there are plenty of ways you can prepare for a recession and one of them is remodeling your basement into an apartment.

In this series, we’ve discussed why a recession may create an increased demand for rentals and how your basement remodel can provide an affordable place to live for those in need. But what does the cost of such a project actually look like and will you profit from it in the end? Let’s explore the costs of finishing your basement and what it will take to pay it off.

Part 3: The Cost Breakdown of a Basement Renovation and Paying it off With Tenants

Each basement remodeling project is going to cost a different amount, depending on the size of the space and a variety of other factors. On average, the cost to finish a basement is $55 to $65 per square foot. This means that a 500-square-foot basement will cost about $30,000 to refinish and a basement of 1,200 square feet would cost about $70,000.

A basement with an open floor plan will be the most cost-effective way to remodel it into an apartment. The more walls you put up, the more you have to pay for drywall and framing. If you keep the space between the kitchen and basement family room open and simply section off rooms for a bedroom and a bathroom, you’ll have a viable apartment to rent without extremely high costs.

If you already have a finished basement family room with insulation, waterproofing, plumbing, and electricity, you’re most of the way to creating an apartment. The living room alone accounts for about 41% of the costs, so you’re not spending too much if that area is already done.

As each element of a remodel costs a different amount, let’s look at a breakdown of the different projects you may need to do during a remodel.

  • HVAC: $3,300 to $5,900
  • Flooring: $6 to $10 per square foot
  • Drywall: $1.60 to $2.35 per square foot
  • Electrical panel: $850 to $1,700
  • Interior painting: $1.50 per square foot
  • Plumbing: $2,000 to $5,000
  • Bathroom addition: $2,500 and up
  • Kitchenette or wet bar addition: $3,000 and up
  • Closet addition: $1,000 and up

These numbers may seem high, but here’s some perspective: finishing your basement costs about 80% less than buying a larger home. When you consider that you could transform your simple basement family room into an entire apartment, the price of the remodel is a steal.

When you rent out your finished basement apartment, you can pay off the costs fairly quickly with your tenants’ contributions. If the remodel costs you $40,000, you would be able to charge your tenants just over $1000 per month and recoup your costs in a little more than 3 years. For a couple or a small family, this would be a pretty affordable monthly rent payment.

If you’re interested in starting your basement remodel before the recession’s effects are noticeable, contact Elkstone, Inc today. By having experienced professionals working on your basement apartment, you can rest easy knowing that you will have high-quality work that lasts for years to come.

Part 2: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

Part 2: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

basement finishing

For adults across America, the possibility of another recession is an intimidating one. While experts don’t expect the next recession to impact the housing market as dramatically as it did during the great recession of 2008, it still has the potential to affect the lives of millions of individuals.

In the first part of this series, we discussed how renting out your basement as an apartment during a possible recession can protect others during hard times. This section will look at why a recession may cause more people to seek opportunities to rent a home rather than own one. With more people choosing to rent, you will have more reason to invest in basement finishing and rent out your home’s basement.

Part Two: You’ll Have A Place To Stay For The Growing Number Of Renters

People choose to rent for a variety of reasons, from wanting the freedom to move cities with ease to not having the funds for a large down payment. If a recession does come within the next couple of years, the challenge of qualifying for a mortgage will play a large role in the number of people who rent.

Household incomes tend to be squeezed a bit more tightly during a recession. For people who are currently renting, a tighter budget could mean that they are not able to make the jump to homeownership as they had planned. They’ll have a lower price point for a potential home and that decreased price might not exist in the housing market during a recession.

Younger generations of potential homebuyers may also face the delay of their homeownership dreams during a recession. To qualify for a mortgage you need good credit, stable employment, enough money for a substantial down payment, and a favorable income-to-debt ratio. This last requirement is tough for many millennials who have considerable student loan debts from pursuing a college education. Unless these former students have a job that pays them enough to fund a down payment and offset their student loan debt, they will have to continue renting throughout the recession.

The renting demographic is also changing to include older Americans as well. Recent research shows that the number of renter households aged 60 and older increased from 6.5 million to 9.4 million between 2007 and 2017. As an increase of 43%, this outpaces the 7% increase of people in their 20s and early 30s jointing the renting demographic. This increase in older Americans renting likely comes from them not wanting to deal with the costs of maintaining a large home now empty of children and from the lower incomes that many people face after retirement.

Cater To The Renter’s Market With Professional Basement Finishing

With more people of all ages choosing to rent a home rather than buy it, now is the perfect time for you to invest in basement finishing. By performing basement renovations that transform your downstairs space into a comfortable apartment, you can meet the needs of the increasing number of renters in the United States. As basements are typically rented out at 50% to 75% of the monthly mortgage cost, you can see financial benefits from a basement remodel as well.

Contact ElkStone today to learn more about how basement remodeling can benefit your family. If you start your basement finishing project before the recession hits, you’ll be ready to provide an affordable home for the many renters in your area.

Part 1: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

Part 1: How a Basement Remodel Can Help You Prepare for the Possibility of a Recession

Since the great recession of 2008, many people have coped with the fear of a financial crash coming back around. While we all endured the difficulties that followed, we also learned how to thrive in times of trial.

At the end of the day, there’s no telling when a recession will strike. While we can keep a keen eye on the markets, the best way to help your family prosper in times of hardship is by investing in your home. In this series, we’ll touch on some of the primary benefits of a basement remodel and how this transformation can protect your family — and your assets — from financial difficulties.

Part one: Protecting others

If you own a house, you’re already doing better than many other people in the housing market. In fact, more people rent than own nowadays, but it isn’t because the thought of a mortgage is scary; this trend is especially prominent in young people who are coping with the burden of student loans and debt. While many might be working to improve their credit, others simply don’t have the ability to get a sizable loan from the bank for a mortgage. When rent costs increase, it’s not uncommon for families to fall on hard times.

Here’s where your basement remodel can help. When a family begins to struggle, they often need to downsize their living space to survive. The thought of a basement apartment once struck fear or distaste in the hearts of renters, but this option has become an increasingly valued piece of real estate. Many basement remodels lean toward luxury and even feature fireplaces, wet bars, and full bathrooms.

Your basement remodeling project can give them that place to stay.

For families who need to get back on their feet during a recession, a basement in-law suite or remodeled family room can help them thrive. Better yet, it can ensure that your family has a steady source of income during an otherwise unprosperous time. This recession-proof idea is a great way to protect your family and the livelihood of your renters.

Renting out a remodeled basement typically costs less for the landlords and renters alike since these spaces are easy to heat and cool, especially if you choose to install a fireplace.

Additionally, many basements are easily equipped with a separate entrance to ensure the privacy of both parties involved. You can rent on a month-by-month basis to help encourage the family to get back on their feet — some renters who opt for a year-long lease or more might feel trapped by their landlord in times of financial struggle. By renting your space and accommodating their needs, you’re proving that you want to see the renting family’s situation improve. If you rent to a family you know, this also comes with a few added social benefits. Get ready for many warm days sitting by the fireplace with your friends and rest easy knowing that your remodel has helped them.

Contact ElkStone

5Getting your basement ready right now is the best way to cover your assets before the next big recession hits. In fact, the current cost of a basement renovation only averages $55 per square foot. While we all hope that it’s many years away, a full basement remodel can give you the peace of mind you need. Whether you’re looking to spruce up a finished basement with a fireplace or you want to transform your entire basement, you can rely on Elkstone to help you and your renters.

5 Tips to Inspire Your Basement Family Room Remodel

5 Tips to Inspire Your Basement Family Room Remodel

Over time your use of your home changes, leading you to remodel some areas to suit your new-found preferences. In their quest to redesign their living spaces, American homeowners spent $394 billion in 2018 alone. One popular space to redesign is the basement family room, which is often 80% cheaper to finish than buying a bigger house.

Basement family rooms are catching on not just for their functional utility but also because they increase a home’s value. If you are considering redoing your basement, read these tips to help you get the most out of your space.

1. Lean Towards Neutral Colors

When you’re designing basement family rooms, you have to keep in mind the kind of traffic that will come into the room. It most likely will not only be you and your family members who’ll use the room. Your friends and extended family might also use your basement family room periodically. Thus, you must look for ways to make the room feel bigger than it is to welcome those who use it.

Neutral colors tend to make space feel more expansive. Some examples of light neutral colors to make the room feel more open include taupe, white, and gray. Aside from using these colors on your basement finishing paint, you can also use furniture with a similar color scheme. For a splash of color, you can use brightly colored throw pillows to add vibrancy.

2. Don’t Build on Top of a Concrete Slab

Basement family rooms are an investment, and as such you need to guard against adverse weather conditions wrecking what you put up. When your drainage fails to redirect rainwater or melted snow away from the house, it inevitably results in basement moisture. When you’re planning your basement remodel, you need to plan on preventing mildew and moisture.

Enhancing air circulation in your basement is one vital way you can reduce potential moisture and mildew. Avoid building the family room’s floor directly on top of the concrete slab. Instead, use a breathable subflooring product to improve the air circulation by creating a gap between the concrete slab and the room’s floor.

3. Seal the Cracks

It’s no use creating intricate basement family rooms on top of questionable foundational conditions that might put your safety into question. When you begin your basement remodeling, you should first inspect the space for cracks on the walls and floor before getting any work done. Any present cracks are the priority on your basement renovation, and you should fill them using a carbon fiber repair solution.

4. Roll out an Open Plan

If your basement is like that of many other homes, then it leans a bit on the small side. To make maximum use of it, consider going with an open plan that balances the use of the room. Instead of using walls which will take up more space and make your basement feel even smaller, you can apportion the room by function.

For example, you can use a sofa, a large rug, and mood lighting to designate one part of the basement as a relaxation point. In the other section, you can add task lighting, craft spaces, and a table.

5. Let There Be Light

Basement family rooms exist in underground spaces. As a result, they often have the smallest windows in the house and that makes the space rather dark. To bring more light in, you can use light fixtures that save on space such as wall lamps, table lamps, and wall sconces. Throw in some mirrors to reflect the light in the room and brighten things up.

Remodeling as a homeowner helps you add more function to your space in line with your ever-evolving needs. Creating a basement family area is popular since it adds more value to the home while giving you more space to enjoy time together as a family. Balance the structural and stylistic elements to create an appealing basement family room.

Basement Remodeling Ideas: Fireplaces and Other Basement Heating Options

Basement Remodeling Ideas: Fireplaces and Other Basement Heating Options

By virtue of being an underground room, most basement spaces are often cold. If your basement is always freezing in the cold seasons, then perhaps you need a remodeling option to make it cozy.

Basement spaces are important because they enable you to get additional square feet of space in your home. They are an ingenious way of utilizing the space under your property’s surface. With an average modern American home being approximately 2,500 square feet, this is almost double the size of classic standard American homes of the 1950s. Remodeling your basement is one of the ways of catering for the ever-increasing need for more space in your home.

Your basement provides you with additional space, but without proper enhancements, the space may be unusable. You need a proper remodeling plan to make your basement habitable. One of the essential remodeling options is the provision of proper heating for your basement. Fireplace companies provide ideal basement remodeling heating solutions, which include basement fireplaces, radiant heating systems, and basement floor heating options.

Basement Fireplace Solutions Provided by Fireplace Companies Colorado Springs

Basement fireplaces are cozy and beautiful additions to your basement finishing. They enhance the visual appeal of your basement while also improving the comfort in your basement. Fireplace companies provide various options of fireplaces that you can choose from depending on your budget and personal preferences. Here are a few of the common heating solutions that fireplace companies provide.

1. Traditional Wood Burning Fireplaces

Wooden fireplaces are challenging to install in a basement because they require a vertical flue. These fireplaces are often built on a seating hearth or the floor, and they typically include a blower unit, some stonework, and a wood mantle. If you choose the wood-burning alternative, you should ensure that its flue is used properly and the chimney is always cleaned and well-maintained to improve ventilation and prevent build-up that can lead to chimney fires.

2. Gas Fireplaces

Wooden fireplaces compel you to lug wood down your basement’s stairs when your supply gets depleted. Sometimes you may even lack sufficient space to store the firewood. But with a gas fireplace, you don’t have to worry about the regular carrying of wood down the basement or storage space problems. Gas tanks can be kept outside the basement and there is no need of worrying about space because the piping doesn’t consume much space. Unlike wooden fireplaces that hold lots of ash deposits, there is little to no cleaning required in gas fireplace units.

3. Prefabricated Fireplaces

Unlike the installation of wood-burning and gas fireplaces, the installation of prefabricated fireplaces is quick and easy. The prefabricated fireplaces come as ready-made bespoke fireplace insert units that are ready for installation. All that is required is an ideal space and a few fixtures and equipment that will help you install the unit in your basement. But you have to figure out what size, style, and type of insert that you prefer or need.

You also have to ensure that you understand the heat requirements for your basement in order to buy an insert that will be heat efficient. For instance, if you get a unit with a few BTU’s (British Thermal Units) for a small room, then you might have insufficient heating for your basement. These prefabricated units are energy efficient than wooden and gas fireplaces, and they require less installation space and maintenance.

4. Radiant Heating and Insulation

Apart from installing a fireplace, fireplace companies may offer you an alternative option for your basement renovation or basement remodel. The use of radiant heating when combined with proper floor and wall insulation can also serve as an ideal solution to heating your basement. There are numerous floor heating systems and the various panel options will surely meet your heating needs. You could also use similar water-based systems known as hydronic radiant floor heating units. Some similar energy-based heating systems can be installed under your tiles, carpet, stone flooring, or wooden floor.

If you’re planning to renovate your basement family rooms anywhere in Colorado Springs, then these basement heating options are some of the best solutions to your heating needs.

Top 5 Benefits of Remodeling Your Basement

Top 5 Benefits of Remodeling Your Basement

Right now, the average cost of basic basement renovations is $55,000, or about $55 per square foot.

That may sound like a lot until you consider that remodeling your basement is one of the best ways to increase the value — not to mention comfort — of your home.

Remodeling a basement is a big investment, so before you find a basement remodeling company, read on to learn the top five benefits of basement remodeling, to decide if it’s right for you.

1. Increase Your Home’s Energy Efficiency

This isn’t often thought of by people considering basement remodeling, but it’s a very real benefit. Because the basement remodeling company will install drywall, insulation, and additional materials that keep the air inside, this proper insulation will keep out drafts and reduce the amount of warm or cold air that normally escapes from a basement. You may see a dramatic decrease in your energy bill after finishing your basement.

2. Increases Your Home’s Resale Value

Finishing a basement increases the amount of usable square footage in your home, by adding additional rooms in your once-barren basement space. Alongside the energy efficiency perk, this benefit can dramatically increase the amount of money you can get for your house, should you ever decide to sell.

3. Offers New Options for Your Home

As noted previously, hiring a basement remodeling company to finish your basement can be an attractive decision, just because it adds a few comfortable rooms downstairs. By installing an extra bathroom and furnishing a bedroom or two, you suddenly have the option to invite houseguests over more often, giving distant relatives and old friends an excuse to come visit.

Even if all you want is a quiet, cozy office to work inside of, remodeling your basement will give you that option, and many more.

4. Generates More Interest

Houses with finished basements are especially attractive to real estate agents, as well as to potential buyers. This one factor alone could dramatically increase your chances of closing the sale quickly and getting a great price. Just one or two additional rooms in the basement can be a major selling point.

5. Remodeling Your Basement is a Good Investment

Whereas some kinds of home renovations can leave you wondering if they were really worth the cost, basement remodeling is almost always very likely to get a return on your investment. Many homeowners find that, between increased savings and property value, they can make nearly all of their money back in just a few years.

Base Your Basement On These 3 Remodel Ideas

Base Your Basement On These 3 Remodel Ideas

basement family rooms

We get it: basements can be a tricky spot to figure out. If not done right they can feel like a remote, disconnected piece of the house. With the help of Elkstone Basements, you can take this room and turn it into an essential component of the house. Whether you want a space for kids to play, guests to stay, or adults to getaway, you can easily achieve the basement of your dreams — and while you’re at it, you can increase the value of your home for a return on investment of up to ~70%. If you need some ideas before you remodel, consider these basement family rooms and other options.

  1. Create a spare bedroom
    There is nothing better than having the ability to comfortably host guests. Sure, when close friends and family come stay at your home, they are often willing to sleep anywhere. But while anyone can tolerate a night on a couch or an air mattress, there is nothing that can match the comfort of an actual bedroom. With Elkstone Basements, you can convert an under-utilized basement into an entire extra bedroom. To maximize your hosting capacity even more at the expense of a bit of comfort, use bunkbeds.
  2. Make a second living room
    There is a reason Elkstone Basements is known for its basement family rooms. Sometimes what a house needs is simply another room geared toward spending quality family time. Add some cozy carpeting, nice couches, and a fireplace, and boom — you have the perfect room to spend a winter evening watching a movie with the kids.
  3. Keep it classy with a wine cellar
    If a wet bar isn’t your speed, consider going with an option more geared toward the storage of alcohol rather than the imbibing of it. With a wine cellar, you can hold on to those good bottles as long as you want without worrying of light exposure, improper ambient air temperature, or somehow misplacing your favorite Pinot Noir.

Whether you are looking into building basement family rooms, bedrooms, bars, cellars, or something else entirely, make sure you get the right company to help achieve your vision. Give Elkstone Basements a call today!

How to Create a Basement Worth Renting

How to Create a Basement Worth Renting

basement wet bar

Whether you want extra cash to pay the bills or you simply have more space than you need, renting out your basement is a decision worth pursuing. However, if you want to rent your basement for a good price, you will want to make sure that it’s a basement worth renting.

You can’t just install a few panels of drywall and call it a day. If it’s not already fully finished, you might want to consider working with a basement remodeling company. They can help you to turn the space into an area that people will be excited to rent out.

There are a number of things that go into creating a rent-worthy space. Not only does it need to be fully functional, but it also needs to be comfortable. There are a variety of things you can add or touch up to make your basement a great place for future tenants. Here are some of the top ways you can create a basement worth renting:

1. Add Any Needed Spaces

If you’re going to rent out your basement, it should work as a fully functional apartment space. This means that you might need to add some areas that aren’t already included. While a bedroom is to be expected, you will also need a bathroom and kitchen to ensure comfortable living. Installing a basement wet bar and kitchenette is a great way to create a kitchen space with limited room. You’re more likely to be able to rent the space if it has everything someone would need to live in it without having to encroach on your area of the home. Talk to your basement remodeling company to get a better idea of what features are necessary in a small apartment.

2. Consider a Fireplace

A fireplace in a basement might not be the first thing you think of when you start planning renovations. However, it’s a great selling point for potential tenants. Adding a fireplace can increase the value of the apartment space and even allow you to charge a little more for rent if you want to. It can make a living room seem more luxurious and more cozy at the same time. This feature is vital in a space that might get chillier than the rest of your home.

3. Keep It Updated

Another good tip is to update your space. If you own a fully furnished basement apartment, but it’s still cluttered with 90s wood paneling and shag rugs, some serious changes need to be made. After all, a modern apartment that is clean and well functioning will be easier to rent out. With a modern basement wet bar it will be even more appealing. Don’t be afraid to go for a look that will wow potential tenants. Basements tend to rent for 50% to 70% of the monthly mortgage payment if they are zoned for multiple tenants, so it will be well worth the investment over time.

When renovating your basement for potential renters, it helps to ask yourself what you would like in a living space. What kinds of things would really make you want to say yes to signing that lease? Would a basement wet bar or fireplace seal the deal? Maybe all new carpets and paint would speak to you? Whatever you choose to do, just be sure that each renovation is a true improvement and that the space includes everything your tenants will need. Ensure you get the best guidance by contacting ElkStone today.

Ways to Create a Jaw Dropping Basement

Ways to Create a Jaw Dropping Basement

Homes in America have doubled in size since the 1950s, nearing almost 2,500 square feet on average. Perhaps you want to join those numbers and increase the usable square footage of your home. One great way to do so is through basement remodeling. It gives you the chance to add a new room or rooms to your home without actually expanding on the outward size. You could turn the space into just about anything, but here are some suggestions on how to make your basement truly jaw-dropping.

1. Add a Wet Bar

One great way to transform your basement into a fun and exciting place is the help of a wet bar. You can add a built-in wine cooler, add some colorful bar stools, and create a space for you and your friends or family to relax. Having your very own bar in your basement is great for social gatherings, holidays, and just enjoying a night in with your significant other. It’s also a fun way to surprise company.

2. Consider a Fireplace

Adding a fireplace to your basement can add some serious class to the space. You could have a sitting area built with all of your favorite furniture and a nice fireplace to sit by. This is a great choice if you want a cozy space to relax and read a book, or to sit and chat with company. You can even roast some marshmallows and watch a movie for a fun family night.

3. Create a Family Room

Perhaps you’re big on spending quality time with your family. You could create a basement family room that is dedicated to that purpose. You could add a movie area, a space to play board games and even a small kitchen for preparing snacks. Whatever it is that your family loves to do, you can keep it in mind when you’re planning your basement remodel.

4. Install a Sauna

Another great basement remodeling option is to add a sauna. You can create a spa space in your own home so that you always have a safe and nearby place to relax. Imagine being able to have a mini spa treatment in your own basement.

5. Include a Reading Nook

If you love to read or have kids that enjoy it, you could consider adding a reading nook to your remodeling plans. You could have a cozy space built in that is designed to support soothing hanging lights and includes bookshelves in the walls. Leave some room for cushions or a small air mattress to get cozy on, and you’re all set.

Remodeling your basement can be a ton of fun. There are endless possibilities and it simply depends on what you want to use the space for. You could even turn it into an art studio or a wood shop. The best thing to do is have a good time with it and work to create a space that you know you will use and love.

A Majestic Basement Finish

A Majestic Basement Finish

This Majestic Basement Finish is a peek into an ideal Colorado basement that ElkStone can craft for you.  

  • Stone Columns
  • Live Edge Counter Top
  • Recreation Area
  • Media Area
  • Theater
  • Gaming Room
  • Wet Bar
  • Bedroom
  • En Suite Bathroom with Hall Access
  • Coffered Ceilings
  • Stone Accent Walls
  • Build in Niches

If ever we could be excited about something in the construction business- it is very exciting to get the opportunity to work with a repeat customer.  ElkStone finished this particular customer’s first basement in 2014.  When they called for a No Obligation Estimate in early 2018, we were thrilled for the opportunity to give them a second basement of their dreams.  

 

As you can see. this is a perfect Colorado entertaining space.  From the stone columns, to the live edge counter top, built in fireplace, reclaimed wood accent wall & coffered ceilings, this space have everything to extend your home into the space of your dreams.  Which part of this finished space can you picture in your own basement finishing story?  

ElkStone is proud of this Majestic Basement Finish. We value our customers and want them to feel like part of the ElkStone Family right from the start.  And a special thank you to this family for allowing us in your home, not only once, but twice.  We appreciate you!  

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