Basement Remodels have become increasingly popular for all sorts of reasons. Some home owners want “spa-like bathroom retreats, children’s playrooms, workout areas, billiard rooms and glamorous home offices.” Why this recent rise in remodel popularity? Because basement remodels are financially sound expansion-oriented areas.
A Less Expensive Way to Add Square Footage
Unlike second story or bump-out additions, basement remodels utilize space that is already in place. Since the structural parameter is already delineated, energy and finances can be spent on transforming rather than creating.
While this framework does set minor limitations, it also allows basement renovations to be a “no holds barred” zone. Budgetary limitations are greatly reduced, and dollars can be focused more effectively. According to houselogic.com, basement remodels are 10-15% less expensive that exterior additions with comparable amenities.
According to the 2017 Cost vs. Value report, the average cost of basement remodels in the Chicago, IL, area comes in at$88,281, and the average cost recouped is 52%. Along with this, keep in mind that finished basements are becoming at the very least an appreciated feature and at the most an expected amenity within the current home buying market. So in remodeling your basement for practical purposes or pleasure, you can rest assured that you will have a high return on investments, both in terms of finances and your own satisfaction.
(The figures cited here are according to the Remodeling 2017 Cost vs. Value Report [www.costvsvalue.com] for the Chicago, IL, area. [© 2017 Hanley Wood Media Inc. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.])
A Good Way to Keep it Green
The other benefit to adding usable square footage to your home through a basement remodel is that you won’t be changing the original footprint of your house, which means that your yard space will remain spacious and untouched. You also won’t have to worry about working around zoning laws and outdoor building permits.
Along with this, finished basements will save you money on utility bills. Instead of running the A/C 24/7 during muggy summers, you and your family can retreat to the basement to cool off and spend time in your rec room, family room, bedrooms, or in-house gyms.