When remodeling a basement, you must consider the amount of money you will spend. Remodeling a basement can cost thousands of dollars. This is a major project and you may want to consider DIY solutions. However, you need to keep in mind that this remodeling project does not always produce the desired result. This is because some materials are more expensive than others. If you’re considering doing it yourself, it is recommended to check out local real estate prices before beginning.
Cost of remodeling a basement
The biggest part of a Basement Remodeling Boston is labor. Because basements do not have easy access to the exterior of the home, remodeling them requires more workers than a typical home remodeling project. A professional contractor can charge upwards of 25% of your budget for labor alone. When calculating the cost of remodeling a basement, allow for contingencies and ensure you include enough money to cover the necessary materials. In addition, basement remodeling can add to your property tax bill as well, so keep this in mind when budgeting.
Depending on your needs and budget, the flooring for a basement can be anything from concrete to floating floor. You may also want to change the floors from carpet to vinyl, or from carpet to tile. If you want to install a bed, a sofa, or even an in-law suite, the cost of adding furniture and technology will increase as well. Make sure to check with your local building codes to avoid violating any laws.
Return on investment
When it comes to the return on investment of remodeling your basement, you may be surprised to find that it can be as high as $700. This amount is because the extra square footage can increase the value of your home. Also, if you decide to rent out the space, you can expect to receive long-term tenants, which will help you increase your return on investment. To make a profit with your renovations, you will need to have a second kitchen and an outside exit.
Another great way to maximize your ROI is to add a bathroom. This can be a very convenient feature for families with teenagers and guests. It can also be used as a guest suite. A bathroom will also increase the market value of your property. Then, you can use the room to entertain guests or for storage. You may even consider turning the basement into a gym or a home office. There are many different reasons to remodel your basement, and these are just a few of the benefits you will receive.
Do it your selfers have several choices when it comes to finishing their basements, from drywall to hanging track lighting. Track lighting fixtures have become trendier, and you can find new ways to install them in basements. Recessed lighting is also an option for lower-ceiling basements. Despite the fact that track lighting isn’t particularly high-maintenance, it can add character to a dark space.
If your basement is too cold, you can add electrical baseboard heaters, which provide heat and can be easily connected to existing HVAC ductwork. Similarly, if your basement isn’t equipped with an adequate phone signal, you may want to consider buying a cell phone signal booster or a wireless network extender. These will make connecting to the internet easy and save you money. And if you don’t want to pay a contractor to do it, you can always choose to do it yourself, but you should check with your local building department before you go all-out.
Local real estate market
The first thing to consider before you start remodeling your basement is the current real estate market in your area. While basements are usually not included in the square footage calculation for resale value, they are still valuable space that you may want to use for other purposes. Real estate agents use a technique called comparative market analysis (CMA) to determine the value of homes in the same neighborhood. By finding comps in your area, you can determine if your project will make sense in the current market. A major renovation in a sleepy market will not necessarily bring in a higher return, but it can create many years of memories for you and your family.
While it’s tempting to remodel your basement to make it more livable, it’s worth considering how it will affect resale value. While some neighborhoods may be more tolerant of unfinished basements, others may see the finished area as a potential disadvantage. Generally speaking, unfinished basements don’t increase resale value, and a house that lacks a finished basement could scare away potential buyers. It’s best to go with standard drywall, paint, and carpet. Be sure to check local building codes.