Unfinished basements have the potential to be transformed into an extra living room, man cave, game room, or any other type of space that you feel your home is missing. There are many benefits to turning your basement into a usable space, but there are also many things to keep in mind that might make you think twice about this remodel.
At Holland Homes, we want you to get the most out of your home. Your basement does not have to be a forgotten storage area; it can be whatever type of space you have always dreamed of with the right guidance and execution.
With every renovation project, there are things to consider in whether or not it is right for your home. Here are some pros and cons of a finished basement:
Pros
FunctionalityOne of the biggest advantages of having a finished basement is the ability to convert it into whatever type of space you desire. Kids are out of the house? Turn it into a home gym. Frequent guests? Transform it into a cozy guest room. Specific hobbies? Create a space for activities like crafting or woodworking.
Whatever you choose, a finished basement can provide the flexibility of creating different types of spaces for years to come.
Home ValueEven if you’re not thinking about selling your home in the near future, finishing your basement can increase your home’s value exponentially without having to break the bank. According to The Balance Small Business, a finished basement in the United States can give you a 70-75% return on investment.
A finished basement would stand out among competition to potential buyers because of the extra usable space, especially if most of the homes near you do not have one. Whether or not you plan on selling anytime soon, this investment could improve your chances of getting the most out of a sell.
Additional IncomeYour finished basement could be a source of additional income if your basement has the ability to include a separate entry way. Popular rental companies like Airbnb have houses listed with the option of renting part of a house like a spacious finished basement.
Listing your finished basement on a rental website or renting it out to a long-term tenant are both ways to provide a steady additional income. This is a simple way to get ample use out of your finished basement while having the option of utilizing it yourself again at any time.
Cons
ExpenseFinishing a basement can be an incredibly expensive project depending on the amount of space you have to work with. If you are unsure about how much you would actually use the space, it might not be worth the investment.
Your return on investment is also a huge factor on whether or not you should finish the basement. If you don’t believe the return on investment is worth the money put into the project because it won’t make your home more desirable for future buyers, then it might not be the best idea for now.
TimeThe time dedicated to planning and executing finishing a basement is extensive. It is recommended to reach out to a contractor 1-2 months ahead of a remodel, so making sure you have ample time to plan is important.
Finishing a basement can be an invasive project that can take several weeks or even months to complete. If this is a season of your life where you don’t have the time to worry about a home project, finishing your basement might be something to hold off on.
ClimateBasements can be temperate since they are underground and depending on where you live, humidity can be more of a problem than usual. Humidity and moisture can cause problems like mold and mildew formation and create a foul smell if not taken care of.
To avoid the long-term effects of moisture and humidity, investing in dehumidifiers, improving drainage and fixing leaks are all ways to be proactive. If not properly taken care of before the remodel, repairs can be costly.
A finished basement can be a great addition to your home for a variety of reasons, but it is important to keep the costs in mind to ensure this is the best investment for you and your family. While there are pros and cons to consider, Holland Homes wants to be your trusted homebuilding partner.
At Holland Homes, we are dedicated to creating your dream home. Whether you want a finished basement or not, contact us today to learn more about what we can do for your next home.
