If you want to increase the size of your home, the answer lies right beneath your feet. Remodeling basement space is a good way to gain living area without building an addition, and it’s a good investment.
Remodeling your basement typically costs $60,000 and will return 67% of the original cost into equity in your home. In the Midwest, where a basement is more common, a basement remodeling project can returns about 12% below the average return on investment, while out West, where a basement is less common, remodeling can return more than 76% of the original cost.
Remodeling a basement will return much of your investment given the fact that walls and floors already are in place. This will lower construction costs per square foot, realizing a savings of 10% to 15% versus the cost of building an addition with similar features and amenities. Basement remodeling also avoids the complications of property line setbacks and other zoning restrictions that sometimes complicate adding onto your house.
Moisture is the biggest enemy
Moisture has to be the #1 concern in basement remodeling. Any major leaks, condensation, or flooding must be fixed before you convert the unused space into a living area. Basic measures cost anywhere from a few hundred dollars to thousands, which can greatly reduce your return on investment. If you cut any corners and do a less than professional job, you will be left with moldy smells, damp floors and wet carpet. Consider hiring an experienced contractor to address any water issues your basement may have.
Basement remodeling figures
The US average cost of a 20×30 ft. (600 square feet) basement remodel with a wet bar and full bath:
- Job Cost: $61,395
- Resale Value: $41,371
- Cost recoup: 67%
