Pros and Cons of Finishing Your Basement
If you live in a house with a finished basement, you already know how much extra space it provides. If you’ve considered finishing your own basement, it’s important to consider all the pros and cons. Here are some things to think about before deciding whether or not to finish your basement:
Pro: Boosts home value
If you’re going to spend the time, energy and money renovating your basement, make sure the project pays off in the long run. Start by researching how much others are playing for their finished basements. That way, when it comes time to sell your house, you know how much your home is worth with a finished basement.
If possible, hire an appraiser or real estate agent who specializes in residential properties. They’re able to give you an accurate estimate of how valuable your home is with the additional square footage. The appraiser is unbiased and gives you an accurate and fair estimate.
Con: May not be worth the investment
You don’t need to be a math whiz to know that the cost of finishing your basement adds up quickly. If you’re looking to sell, it’s important to consider whether the increased value of a finished basement is worth the investment. On average, a finished basement adds value between 70 to 75 percent of the initial renovation investment.
While there are plenty of benefits from having an extra bedroom or a play area down there, it’s still important to consider how much value the market puts on the added space.
Pro: More space & privacy
With a basement, think about how much more space for kids, guests and hobbies. Basements are often the most under-utilized areas in a home. This space could be used as a playroom for your kids or a man cave to watch sports. The basement could also be renovated to accommodate parties or entertaining guests without being overcrowded.
Con: More upkeep
A basement is generally a damp place, and if you don’t maintain the room properly, it causes damage to your home’s foundation. If you want to keep your family safe, then you need to clean and dry out your finished basement regularly, as you would any other space in your home.
In addition to keeping the space dry, there are also some structural issues that may arise if you don’t finish your basement correctly. It would be helpful to hire a professional that has experience finishing basements to avoid any structural issues down the road.
Pro: Safety from severe weather
The basement is the safest place to be in a tornado. In fact, it’s also where you should go if you live in an area prone to hurricanes or tropical storms. A finished basement would also be an ideal space to stock water and food, creating a safe, comfortable place to hunker down if severe weather comes your way.
Con: Building code adherence
When you’re building a basement, it’s important to know the local building codes. You want your finished basement to be safe and durable. The city or county where you live may have its own requirements for basement finishing, so check with them first. To ensure codes are met and the basement is in accordance to local laws, hire a reliable professional renovation expert.
Pro: The room options are endless
The possibilities for your basement are endless. You turn your basement into a home theater, a guest room or office, even a playroom for the kids. If you’re more of an athlete and want to use it as an exercise space–think about adding some weights and other workout equipment.
Maybe you’re more creative and would rather have a craft room where all your supplies are organized in one place? A basement gives you plenty of space to spread out without taking up too much space in the rest of your home.
Con: Moisture control
Moisture causes mold and mildew, which can cause structural damage to your home’s foundation. If you’re finishing a basement that was flooded in the past, it’s crucial you install a dehumidifier system before doing any work on the basement. A dehumidifier helps keep excessive moisture out of the air and helps prevent mold infestation.
For many people, finishing their basement is an exciting and rewarding experience. It adds value to your home, provides you with a place to entertain guests or relax after a day at work. However, there are also some drawbacks that must be considered before embarking on this project. If you’re considering finishing your basement yourself, do some research first!