Among the various reasons why homeowners remodel or finish their basements, the main one is to rent out the space. Research shows that you can rent out your basement for up to 75% of your monthly mortgage costs, especially if your home is zoned for multi-tenant use.
Before you remodel or finish your basement, you need to choose the right flooring materials as well as a basement remodeling company to carry out the task. However, with so many basement flooring options available in the market today, it can become an overwhelming task trying to identify the right one.
This guide takes you through some of the best basement flooring options available in the market, as well as their pros and cons.
Among the many types of basement flooring, vinyl stands out because it is almost similar to a mix of stone and hardwood. Vinyl flooring comes in two forms namely vinyl tile and vinyl plank. It is made of PVC, which makes it waterproof and durable, thus making it an ideal flooring material for high traffic floors. Besides, experts from a basement remodeling company can install vinyl directly on to the sub-floor, which cuts down on time required for the flooring process.
Available in wide-range styles and colors.
Carpet flooring is also a superb option for your basement. Although it is not mold proof and waterproof like vinyl, it gives it a warm and cozy feel. Beyond that, in case of a small water event, carpet flooring dries fast and can be easily pulled out and dried before mold and mildew can begin to form.
Carpets can also be used to accessorize the basement family room once the renovation is done.
Comes in various styles and options.
It provides an ideal cushion for hard basement floors.
Gives the space a cozier feel.
It can develop mold if left moist for an extended period.
Can stains easily.
Hardwood floors stand out from other types of floors because of two main reasons; one, they are gorgeous to look at, and second, they have a premium feel to them.
However, when it comes to basements in general, it’s advisable to use less wood. This is because basements are prone to water and humidity. Moreover, it can be costly and time-consuming to install and laminate hardwood flooring.
Give a classy look and feel.
It can match with the rest of the flooring in your home.
Extremely vulnerable to water damage.
Could end up warping and twisting.
Ceramic Tile Flooring
Ceramic tiles are another viable basement flooring option. One of the main advantages of this flooring is that even when glazed, tiles do not absorb water. This makes them an ideal flooring material for your basement since they can resist water damage.
A basement remodeling company can use ceramic tiles in the bathroom and wet bar area and pair them with other flooring materials to achieve a unique look.
Comes in various shapes, sizes, and colors.
Gives a high-end custom feel and look.
It is costly.
In the last decade, epoxy flooring has become more popular than ever before. It is an ideal flooring material because it gives your basement an industrial and unique design. It is also durable and easy to maintain. However, epoxy floors tend to get very cold, especially during winter and may even require one to invest in a carpet.
Hard on your feet.
Very cold to touch.
It doesn’t matter whether you are finishing or remodeling your basement to rent out, to convert it into family rooms, or for other purposes. You need to choose the right materials that can last for a lifetime to protect your investment. And since basement renovation is no small feat, you need plenty of research, planning as well as help from a basement remodeling company.
Regardless of the size of your basement, there are plenty of options for decorating effectively. Decorating effectively helps you get the most out of your space, including creating additional storage or improving the Feng shui.
First, it is important to think about what you want from your space: a comfortable guest room for visitors, a hangout area for friends, a playroom for your kids, or a basement family room. For example, if you want a guest room, you will likely also want a bathroom. If you are creating a hangout area, you may want a fireplace or a basement wet bar. If your basement is larger, you can divide it into several smaller rooms with different functions. Regardless, you will need to plan accordingly and consider the cost. On average, a basic basement renovation costs about $35 per square foot, which comes out to about $35,000.
Depending on what you want, there are a few different ways decorating can help you achieve your end goal. Since the basement is often an unfinished space, it is usually the most challenging room to remodel. These tips for decorating your finished basement will help you expand how you and your family use your finished basement space.
Use Neutral Colors
Painting your basement walls with eye-catching colors will add flair to the room, but they will also make your basement look and feel smaller. The ceilings will seem lower and the walls will feel like they are closing in. Instead, to make your basement feel more expansive, paint your walls a light neutral color like white. Monochrome helps the eye ignore odd angles and bulkheads, which makes the room appear larger. Gray or taupe is also suitable for this application.
In a home office, neutral-colored desks and cabinets will add to this effect. Use similar neutral colors for shelves, sofas, and tables, and instead, use strong and bold colors for your throw pillows, curtains, rugs, and vases to add color and character to the room.
Since basement windows are often the smallest of anywhere in the house or totally nonexistent, lighting is crucial. For a base level of lighting, install recessed lighting such as pot lights on the ceiling. These lights are discreet and will not make the ceiling feel lower than it is. They often come with a dimmer setting which is optimal for a home theater. Next, floor lamps, table lamps or wall sconces will provide ambient lighting for your basement. Mirrors are also an option if you want to reflect light through the room.
Install a Basement Wet Bar
If you want to go all out when decorating and drastically change the look of your finished basement, a basement wet bar will certainly do the trick. Think of a basement wet bar as a galley kitchen combined with a bar. It includes all the common kitchen components: cabinets, countertops, sink, and even other kitchen appliances, but all for the purposes of entertaining guests. Wet bars are usually conceived as an addition to the main space within the basement.
While you will want to opt for neutral colors for the countertop and cabinetry, the flooring and backsplash are a great opportunity to showcase a bolder style since you will want the wet bar to stand out from the rest of the basement. For example, use colorful mosaic tiles or a bold backsplash to deliver this look.
Make the Most of Your Space
No matter the size of your basement or your budget, you can create a decorated space to be proud of. Use these tips to create a pleasant atmosphere that you and your guests can enjoy for years to come.
Is one of your new year’s goals to redesign your home? Maybe you’re looking to increase your living space but you’re not sure where to start. Now is the perfect time to consider a basement remodeling project. That concrete room that usually collects cobwebs and storage boxes may actually be the answer to all of your home improvement woes.
More Space for Your Family
The main reason many people choose to finish their basement is to increase their living space for their family. A finished basement could take on the role of a basement family room, or add additional bedrooms to your home. You could even make the space extra cozy by installing a fireplace. Search for “basement renovations” or “basement family rooms” online for inspiration for your basement remodeling project.
Option to Rent Out the Space
A finished basement can double as another living space, either for yourself or to use as a form of income. Many people today choose to take on a basement remodel to list the space as a small apartment, or for nightly rental sites like Airbnb or VRBO. As long as you’ve provided the basics and have done your research on renting your space, this option can help you bring in extra income this year.
Extra Space for Entertaining
If you have a large family or like to entertain, having a finished basement will give you the extra space you need. If you add bedrooms, you’ll have a separate space for your family to stay when they visit. If you choose a basement remodel for entertainment purposes, you can add elements such as a wet bar to liven things up. Either way, your basement will end up being everyone’s favorite place to be.
More Money in Your Pocket
Did you know that finishing your basement could give you a return on investment of nearly 78%? If you end up selling your home, the appeal of extra living space will increase the amount you’ll be to sell it for. If you hire a professional basement remodeling company, the work they do to install drywall and proper insulation could also increase your home’s energy efficiency, lowering your monthly utility bill.
If you’re ready to take on a basement renovation, search “basement remodel colorado springs” for information on Elkstone Basements, the basement finishing company you need to convert your space.
Before you do anything else, you have to decide if you are going to undertake your basement renovations yourself or hire a contractor. This is not a decision to be taken lightly. A basement finishing project can require a huge commitment of time and money, particularly since you want it done correctly the first time. Here are four benefits of hiring a contractor for your basement finishing project rather than attempting to do it yourself:
When looking at any DIY home renovation project, you must ask yourself if it can be accomplished safely.
Safety on a construction site depends on many factors, including having the knowledge, safety equipment, and enough assistance to complete the project safely. Trying to hang drywall by yourself, for example, will require you to move, position, and hold a load between 50 and 70 pounds for each panel. Even if you have no pre-existing medical conditions, this is a lot to undertake. And keep in mind that falls are the number one cause of emergency room visits in the United States. If you are not an experienced builder, one wrong step on a ladder or scaffold can land you in the hospital.
Moreover, your construction must meet building codes and should embody construction best practices. These are not merely technocratic burdens. The earliest known written building code was created nearly four thousand years ago in the Code of Hammurabi. These codes are intended to reduce the risk of fire, electrocution, sewer backups, gas leaks, and other highly dangerous conditions. Even thousands of years later, modern construction recognizes the importance of meeting code regulations.
If your basement remodel includes a gas fireplace, for example, you will need to safely install a gas appliance and wire the igniter into your electrical system. A mistake in either one of those steps can have catastrophic consequences, both to your house and the surrounding area.
Contractors, on the other hand, are trained in the regulations and building industry practices that keep you and your family safe. If the project cannot be done safely on your own, you should consider hiring a professional to turn your ideas into reality.
Basements and basement flooding go hand-in-hand. Many basements in Colorado are below the water table and must be sealed before finishing. Failure to take steps to prevent basement flooding can cause more than the inconvenience of cleaning up the occasional puddle. Long term water damage can be costly to repair, particularly if it gives rise to mold spores in your carpet and drywall.
If your unfinished basement has signs of water leaks, such as wet pipes, you may want to consult a basement contractor to determine the best way to protect your finished basement from water damage.
You might believe that you can save money by finishing your basement yourself. However, there are a few reasons this might not be true.
If you make a mistake, the cost of redoing your basement remodel might far exceed the cost of doing it correctly the first time.
Contractors have existing relationships with materials suppliers who often give contractors a price break for buying in bulk.
Building construction requires tools. If you do not already have the tools, you will likely spend several hundred, if not thousands, of dollars buying or renting tools and trailers for your basement remodeling project.
One invaluable benefit of hiring a contractor for your basement remodeling project is the contractor’s experience. If you are looking for a basement wet bar Colorado Springs installer, you will likely find a contractor who has done dozens of them.
This experience can save you time and money in the long run over attempting to do it yourself. If you explain your vision to a contractor, he or she may even have a creative solution that is better than your plans.
There are significant benefits to hiring a contractor for your basement remodel. Safety, flood control, and cost are the most visible benefits. However, the greatest benefit may be the experience a contractor brings to your project. Rely on Elkstone Homes to give you the basement remodel you’ve always wanted.
Are you lacking space on your main floor? You can turn your basement into different kinds of family rooms. It could be a living room to receive guests, a place for the family to relax, or a game room with a mini-theater. Whether the space is small and dark or occupies the entire floor, there are ways you can make it functional.
To create the best basement family room, it should have a design that is practical, effective, and elegant. Family rooms have a lot of items, such as board games, crafts, paintings, tables, and sofas. Decide how you want the space to function and then make the most of the storage, layout, and lighting. In this article, we look at those elements you should carefully consider during a basement remodel.
Before you start planning your layout, you need to have a clear picture of how you are going to use the room. Are you going to be hosting visitors regularly or is it simply a place to relax?
Basement remodeling can sometimes feel like an overwhelming task and making changes to the basement family room can be expensive. When planning, you should make a point of visualizing the flow of activities. For example, the position and placement of seats and storage cabinets can enhance the functionality of the space.
You can start by using colored tapes to mark the floor and the positions of the shelves and cabinets. You may walk around these marked areas to determine if there is a good flow. For example, are there fittings or partitions that will obstruct the path? Do the cabinets need to be more accessible? These are the functional aspects of your room that you need to identify before moving in furniture that doesn’t fit.
Planning your storage is the next most important step. Organizing storage is necessary for two reasons; first, the area is usually small and limited. Secondly, the basement is often habitually used as a place for storing items when there is no storage space left in the house.
Creating a functional storage area during a basement renovation can be challenging. That is partly because the basement usually has an odd architectural plan with an inconvenient asymmetrical structure. You should consider several storage solutions to get the best design, including:
Floating Shelves. These are suitable for basement family rooms with small spaces. They allow light to get to all the corners of the floor, thereby making the room look larger.
Lidded Baskets. They are cost-effective and easily available. They are useful for rooms where it is necessary to organize toys and accessories. Lidded baskets come in a variety of colors and designs to complement your space.
Pegboards. Pegboards are great for both storing and displaying your crafts and valuable items. It also makes tools, crafts, and electronics easily accessible when you need them.
Lighting and Color
In a basement renovation, lighting is essential. A careful choice of layout and color can enhance the space.
Avoid Dark Hues: Avoid bold, dark colors that can make the space feel smaller. You can make the family room serene and calm by using neutral hues for walls or large shelves. You can then use warm colors for smaller items and accessories.
Use an Open Concept: instead of walls and partitions, you can divide the room into small zones with color schemes to demarcate different parts of the room. Rugs and lighting can also be employed creatively to create boundaries and zones.
Lighting: It may not be possible to use recessive lights in the basement family room. The ceiling is usually too low. However, you can use mirrors and desk lamps imaginatively to enhance lighting.
Contact Elkstone Today
Remodeling the basement into a family room requires careful planning of the layout. Thanks to the help from basement remodelers, like Elkstone, you can achieve the basement family room you’ve always wanted. Contact us today for more information.
Did you know that, according to Home Advisor, the average basement remodel can have up to a 70% return on investment? This makes basement renovations an attractive project for people looking to sell or flip their first home. With the added benefit of basements being a versatile space that you can turn into anything, upgrading your basement is an easy way to significantly increase the value of your home. If you’ve been considering finishing your basement, or just want some inspiration for your next renovation, check out these four basement remodeling tips.
Make A Budget
The first thing you should do when you decide to remodel your basement is make a budget. A good rule of thumb for basement renovations is to not spend more than 15% of your home’s value on the project. For example, if your home is worth $100,000 you should not spend more than $15,000 so that you can still make a profit off the value you’re adding to the home. It’s also a good idea to assume an extra 10% of the budget will go toward unexpected expenses that arise during your renovations.
Create A Family Room
A family room is the most versatile space you can turn a basement into. Basement family rooms are perfect for a home you’re flipping if you are unsure of the demographic you want to target. The obvious benefit is that it gives families a space to spend quality time together, but it can also be used for entertaining as it pairs perfectly with a home theater. You could even take this one step further by adding a wet bar in the space, though it’s important to know that this may appeal less to families with small children.
Add A Fireplace
According to the National Association of Real Estate Appraisers, incorporating a fireplace into your renovation plans can increase the value of your home by up to 12%. A fireplace could also be a highly sought after feature for buyers in colder climates. The best feature of having a fireplace is that you don’t necessarily have to light fires in it. If you don’t want to worry about the upkeep of using a fireplace, it can be used as an elegant decorating tool. You can place beautiful white logs for display in the pit, add a marble finish, or create a fake fire to have the same allure as a real fire.
Add A Bedroom
Depending on the size of your home, adding an additional bedroom in the basement may be your best renovation option, and it could increase the value of your property by up to 11%. You could choose to make this bedroom the new master bedroom, or you could create a bedroom-family room combo by adding a wall.
Add A Bathroom
The addition of a bathroom to your home could raise the value by up to 10%. In most basement remodeling projects, you will still have enough room in your basement to also add a bedroom or an entertainment area.
Choosing to take on a basement remodeling project can significantly increase the value of your property, as well as provide with you a nice space to entertain guests and spend quality with the people you care about. Your basement is a versatile space, so you can add in a variety of features like a home theater, bathroom, and wet bar. As long as you stick to your budget and have a plan for the space you want to create, your renovation project will pay for itself when it comes time to sell your property.
The basement is one of the rooms that are neglected in a house. This is because most people do not use it regularly. Surprisingly, the basement area can add value to your home, provided it is finished and maintained.
In 2017, Americans spent almost $14 billion on home improvements as a result of a disaster. This shows that all areas of the homes were being remodeled, including basements. Therefore, you should also recreate your basement and make it a significant part of the house. Here are ways you can transform your basement.
One of the ways that you can make your basement a fun place to be is by putting in a gaming room. The room should have a good number of games that you can use to entertain your family and guests. A big-screen TV and a pool table should not be missing either.
Also, you should have seats and tables in the game room where people can sit and play games such as monopoly, chess, or ping pong. Many people love competition, making games such as darts and poker a must on your list. This game room will increase your chances of meeting with friends and catching up after a busy week.
You don’t have to drive every morning to go to the gym if you have an empty room in your basement. Make it into a gym room. Go online and find the gym equipment that you need. This will full transform your basement and it will motivate you to wake up every day for a workout session.
However, do not make the mistake of buying equipment that you don’t need. Write down your exercise goals and purchase equipment that are in line with your objectives. Also, go to your local gym and learn how to perfectly operate the equipment before putting it in your house.
Basement Wet Bar
If you want to tremendously change the look of your basement during a basement remodel, put in a basement wet bar. This type of bar has a kitchen galley that meets the bar. Therefore, it has common kitchen essentials, including cabinets, countertops, sink and faucet, towels, and under-counter appliances. Therefore, your guests can drink any type of drink and the glasses will be quickly washed
Different designs of wet bars exist, so choose one that suits your style. Size is another major aspect when installing a basement wet bar. If you want it to be big, then you need to have enough space in your basement.
Put beautiful chairs around the counter of the basement wet bar where your guests will be sitting when you serve them drinks. Many homeowners have installed a basement wet bar and their basement finishing job is breathtaking.
It is normal to carry files from the office to the house to finish working. However, doing this work in the living room can be stressful, especially if you have kids who are playing around. Therefore, it is wise to create a home office in the basement.
The only thing you need is a desk, a comfortable chair, and a table lamp. This will ensure that you finish your work and you will not need to rush getting to the office the next day.
A movie theater in the basement is amazing. You can watch movies as a family, which means that the space will also serve as a basement family room. This is when you will be meeting during the weekends to watch a movie and laugh. Therefore, if you are thinking of basement renovation, designate one room to be a movie theatre.
Do your homework about the best seats for a movie theater to ensure you purchase the most comfortable seats. The screen should be big enough to give your family a cinema sensation.
Basement renovations are common. Use this guide to help you improve your basement in all aspects, including installing a basement wet bar and more.
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.
Financial security is important for every family. Not only does it make your bank account look nice, but it can dictate your emotional well-being and how you interact with everyone around you. With a possible recession on the horizon for the United States economy, you probably want some guarantee of financial security for you and your loved ones.
In this series, we’ve explored how you can find that security through remodeling your basement. Anyone who owns a home has a valuable asset in their back pocket and a basement with renovation potential increases that value even more. As the last part of this series, we’ll look at the cost breakdown of a basement renovation and how it boosts the value of your home, an important asset in the face of a financial recession.
Part 4: The Cost Breakdown of a Basement Renovation and How it Affects Your Home’s Value
The average cost to finish a basement is $55 to $65 per square foot. Of course, every basement remodel is unique and will cost a different amount depending on the current state of the basement and any complications that arise. In general, however, the average calculations mean that a basement of 1,000 square feet would cost approximately $60,000.
Every element of a remodel costs a different amount and it’s important you know the prices before you commit to that wet bar or fireplace you’ve always wanted downstairs. Here’s a breakdown of the different projects that you may need to or choose to do for your 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
So what kind of value are all of these renovations going to give you? The average basement remodel can have up to a 70% return on investment, according to Home Advisor. If you spend $60,000 on remodeling your basement, you would recoup about $42,000 when you sell your home. That 30% on which you don’t see a financial return will more than pay for itself as your family gets to enjoy the comforts of a finished basement.
When you’re looking to increase the value of your home with basement remodeling, you’ll want to think bigger rather than smaller. Potential homebuyers will pay more for a finished basement with a bathroom, kitchenette, and wet bar than they would for a finished basement that just serves as an extra family room. In a market that’s so heavily based on demand, these seemingly minor additions can make your home stand out from all of the others.
Adding a bedroom in the basement would increase the value of your home even more, as you could market it as a three-bedroom house rather than a two-bedroom, a four-bedroom rather than three, and so on. While creating bedrooms can be a more expensive undertaking because they have to follow certain building codes, you could see a much bigger boost in your home’s value.
Anyone concerned about an impending financial recession should start taking the steps to prepare today. Begin your basement remodel by calling the experienced professionals at Elkstone, Inc today. You’ll see the biggest increase in your home’s value when you have the professionals do high-quality work in 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):
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.
The home’s selling price will be lower if your basement shows obvious signs of water leaks.
Your home may fail a home inspection if water leaks have damaged the foundation or facilitated mold growth.
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.
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.
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.
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.
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.
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.