The purpose of a home renovation is to make the interior space more comfortable. In fact, statistics suggest that a basement remodel project can yield up to 70% return on your investment. Additionally, basements can be rented out at approximately 50% to 75% of the monthly mortgage if it is zoned out for multi-tenant use.
If you are doing a basement remodel and want to maximize your resale value, here are a few tips you could consider.
Form and Functionality
A basement renovation project is a cost-effective way to add more rooms without spending as much as you would with a new addition. The walls and the “roof” are already there: all you need is to make the extra room functional.
You can spruce up the space with family bathrooms, storage areas, bedrooms, a kitchen, or even a home theater for the whole family. Like with any home renovation project, certain aspects need to be considered to enhance functionality to the room, including:
Water and Drainage: You must pay attention to any moisture and drainage issues when renovating the basement. The basement is one area of the house that is often prone to flooding problems. Sometimes, all you need is a sump pump to keep the worst of the damage at bay. It is advisable to consult an expert on basement finishing in Colorado Springs before you start renovations.
Lighting: Most basements have either small windows or none at all. Whether you plan to turn it into a home theater, bedroom, or wet bar, you will often have to install extra lighting. The types of light will depend on the kind of illumination that is suitable for that room. For example, a home cinema room will require recessive lights as well as some task lights to make it functional.
Mold and Mildew:If you have mold and mildew, you should have it assessed by a professional. If it remains untreated and you simply cover it, it could pose a health risk to your loved ones or future tenants.
Getting an architect, a contractor, and an interior designer to turn the basement into the living space you want is essential, but you have to plan ahead. Relying on the experts can help you craft a viable plan in a time frame that works for you. You can then take on parts of the project that you can skillfully complete and better manage your budget.
You may want to consider choosing a local contractor for the following reasons:
Cost-Effective: Because local contractors are already in your area, they are in the best position to finish your basement remodel on-time and on-budget. It is also easier to follow and commit to a tight schedule, given their proximity and distance from your home. Additionally, they source raw materials from nearby outlets and are in a good position to negotiate a discount.
Extensive Knowledge of Local Codes: An experienced professional from your town will have the local codes at their fingertips. For example, local codes for basement remodel in Colorado Springs recommend installing mitigating systems to reduce the risk of radon in the home. Without a clear understanding of the building laws in your area, you risk getting fined. Consequently, additional tasks required to fix the issue will make it harder to realize the return on investments.
Easier Communication: Local experts are often available for face-to-face consultations. It is easier to get them on-site to discuss the intricate aspects of the project. The availability of experts based in your area, simplifies interactions with clients, making home renovation projects smooth and stress-free.
Rely on ElkStone Basements Today
A basement remodel can yield up to 70% on the ROI. To maximize the value, you get from your home during a resale, you need to plan carefully and work on all the different aspects of the project. Rely on ElkStone as your local basement remodeling company today.