Reasons To Finish Your Basement in Denver
To finish, or, not to finish? This IS the question many homeowners are asking these days.
Life doesn’t come with an itinerary and so the home that you bought ten years ago, when it was just the two of you lovebirds, was more than enough room.
But now you have acquired 2.5 kids and a dog named Spot and it seems as though you are all living right on top of one another. You need more space so obviously the first thought that comes to mind is: MOVING.
I know, it makes the hair on the back of your neck stand up. People enjoy moving about as much as they enjoy root canals. Instead of moving, have you ever considered renovating that dreary, useless stuff-filled, space below your house? Some people refer to them as dungeons or “storage” but it’s really a basement, and it can be used for so much more than hiding old, embarrassing family photos and the sweaters grandma sends in the mail every Christmas!
So now that you are seriously pondering this, here are some really good reasons to finish your basement INSTEAD of moving into a new home.
1. Money, money, money. Depending on what you want to do with your unfinished basement space, renovations could cost considerably less than relocating your life entirely. The current average cost for a basic basement renovation is around $35 per square foot. So this would equate to about $35,000. Obviously the more amenities you include the more your price will increase, but it will still cost less than a new home.
2. Again, with the money. Finished basement areas are a desirable feature to prospective homebuyers. If you decide to finish your basement and create a useable and versatile space, this could mean a decent return on your investment if or when you decide to sell your home. The key is to make your basement functional and somewhat neutral. Obviously, if you decide to create a floor-to-ceiling replica of the moon landing in your basement, this might not appeal to many buyers, if any. Just try to think ahead!
3. Wait, you mean there’s MORE money? As lonely as an empty nest can be, every parent can find a reason to enjoy an empty home. The question is; what to do with all of that space? Well, why not make money off of it? That’s right. Many homeowners rent out their unused basement space and, according to Remodel Magazine, many basements can be rented out at anywhere between 50-75% of the monthly mortgage cost if zoned for multi-tenant use.
4. SPACE. That is what you are looking for, right? Think about all of the amazing things you could do with it! A well-constructed basement space can be used for so many things. Obviously the most popular choice is a space for the kids. Whether it is a movie room, a play room or a room or a room used specifically for arts and crafts, you will finally be able to reclaim your living room! Or, you could go the other direction and create a LARGER family room in your basement and save the space on the main level for grown-up entertainment. The options really are limitless!
5. Designed space. Yes, there is a difference. Most basement spaces in homes do come equipped with the necessary plumbing and electrical outlets to create additional living space. So, if you are thinking about expanding your family, whether you’re thinking of a brand new addition or a comfy space for your mother-in-law, if you have the space then you definitely have the option of creating more bedrooms and bathrooms.
6. Yard sale! A basement renovation will finally give you an excuse to clean it out! How much storage do you really need? Your home should be a LIVING space not a storage space. If you find yourself in a position where you need space to accommodate inanimate objects in place of people or family, then you should consider adjusting your priorities.
7. An unused space is a haven for unwanted guests! A dark, damp and unoccupied basement is precisely the type of environment in which insects, rodents and mold thrive. And if you’re never down there, with your vast amounts of stuff, then how would you know you even had these unwanted guests? No, you are not in any mortal danger from suffering a spider bite or a run-in with a mouse, but these creatures aren’t exactly pleasant. Some can cause mild illnesses and if you get an infestation, they can be costly to remove as well.
8. And lastly… MONEY. According to the 2010 U.S. Employment Census the average, annual income for a “full-service” mover is about $60,000. There is a reason for that and it is because moving is a loathsome and stressful experience. Oh, not to mention, EXPENSIVE. After acquiring three different estimates it was discovered that the average cost for a full service move, for a 2,100 square foot, 4 bedroom home, with 4 occupants, is about $7,000-$10,000. So, if you add up the cost of moving expenses (which doesn’t include your preparation expenses), mortgage and loan fees, closing costs and realtor fees, you could be close to spending the same amount on a move to a new location that you would on a basement renovation.
Convinced yet? If this has sparked your interest and you want to take a basement addition or renovation into consideration, contact us to start your free estimate. You might just be surprised how much basement you can get for your buck!