Basement Remodeling Adds Living Space To Your Home

A great way to add living space to your home is with a basement remodeling project.  These projects are on the expensive side, costing as much as $50,000 or more.  Much of that cost, however, can be recovered by the added value to the home. Home prices are determined in part by the amount of living space.  And since basements are usually the same size as the entire first floor of a home, remodeling the basement would essentially double the living space in a one story home. 

Turning a basement into a truly livable space means installing ductwork, plumbing, electricity, and adequate insulation.  To recover this cost, you can choose to rent out this space.  Providing plumbing and kitchen fixtures, as well as a means of egress, means you can create significant privacy for both your renter and your own family.

Essential to turning basements into livable spaces is waterproofing.  Basements are underground structures by definition, which makes moisture control a bit more difficult.  This process is the first step in the remodel.  It will cost about $5000 to carpet and waterproof your basement. 

Because remodeling your basement is such an extensive project, it is probably best to hire a contractor to do the work for you.  If you are not sure how to find a contractor, you can go to the National Association of Home Builders for a list of certified contractors in your area.  It is also a good idea to ask friends and neighbors for references in case they know of someone who is qualified and dependable.  This is a significant investment that you do not want to trust to just anybody, so it is recommended that you get at least three bids before making a decision.  Also, be sure to check references on each contractor that you are considering. 

For the do it yourself types, there are great new software tools available to help you plan and cost out your project.  This design software usually comes with a number of different templates for you to work with as well as the capability for you to completely design your own.  Three dimensional technologies allow you to see what your finished basement might really look like in amazing detail. 

The ideas for remodeling a basement are infinite.  The basic remodel would consist of waterproofing, air conditioning, and carpeting the basement to create a comfortable living area.  To create a classic man cave you will need to add electricity for a home theater system.  To make the space truly self-sufficient, you can add plumbing to put in a bathroom and even a bar or a kitchen area. 

These projects are substantial investments.  While you will add value to a home, research has shown that only about 70% of the cost of the project will be reflected in the homes value.  So, you need to decide if the remaining cost is worth the space you will create.  Renting out your basement is an alternative that could help you cover that cost difference and perhaps even turn a profit with the project. 

There are many valid reasons for remodeling basements.  Most common of these is to create an extra bedroom or a recreational area.  Basements cover a good amount of space, and convert well into home gyms or fame rooms.  Some people looking to reap a financial benefit from the project will create a pseudo-apartment in their basement that is suitable to rent out.  Whatever reason you might have for embarking on such a project, basement remodeling is a fantastic way to add living space and value to your existing home.