Your home is one of the most significant investments you’ll make in your lifetime, and it's all about making it work for you. One often underutilized space that can significantly enhance your living experience and your home's resale value is the basement. Finishing this underground level is a project that pays off in spades. It offers a tailored living area and is your golden ticket for selling your home. Check out these five ways finishing your basement will help your home sell faster.
One of the most apparent benefits of finishing your basement is increased living space. According to Remodeling Magazine's Cost vs. Value Report, an average basement remodel can increase your home’s living space by 50% at a fraction of the cost of building an addition. By transforming this often neglected area into a bright and functional room, you are creating a valuable extension of your home’s footprint. If you don't have the luxury of more land to expand your home, remodeling the basement can be the perfect way to grow your space without needing a costly addition.
The versatility of a finished basement is one of its most vital selling points. Potential uses are abundant and can cater to various lifestyles and interests. Did you know that the top use of a finished basement is a media room, followed closely by a guest bedroom? A few other ideas are:
By catering to potential buyers’ varied needs, you position your home as a flexible space that can adapt to different lifestyles and family dynamics.
Regarding the nitty-gritty numbers, finished basements don't disappoint. Data from the National Association of Realtors (NAR) suggests that basement remodels have an average ROI of 86%. These figures tend to be higher than those of other home improvement projects due to the relatively low cost per square foot of basement finishing. Real estate experts commonly advise that the return on investment is not just about recouping the cost when selling but also about the potential for increasing your home’s marketability.
While the ROI of a finished basement is attractive, it’s also crucial to manage your costs effectively. The first step is setting a budget and sticking to it.
To ensure your project doesn't break the bank, consider these cost-saving measures:
DIY Where You Can: You can do simple tasks like painting or laying flooring to save on labor costs.
Repurpose Existing Materials: Salvage and refurbish materials from other parts of your home or shop for quality second-hand or discounted items.
Efficiency Equals Savings: Invest in energy-efficient fixtures and insulation upfront to lower long-term utility costs for the space.
Working with a trusted contractor, like our in-house artisans at OHi, who can help you balance quality and cost, is also essential. At OHi, we have access to trade discounts and can prevent costly mistakes that could add up in the long run.
The design of your finished basement can significantly impact its ROI. Opting for timeless designs, such as neutral colors and clean lines, ensures your remodel will look modern in a few years. Similarly, choosing high-quality, durable materials provides a better finish and indicates that buyers won't need to invest in immediate repairs or renovations.
When selecting materials:
A well-designed and carefully executed basement remodel will blend seamlessly into your home’s overall aesthetic and enhance its value.
The decision to pursue a basement remodel yourself or hire a professional should consider your skill level, available time, and the project's scope. DIY projects can save money but may take much longer than a professional contractor and have a higher chance of issues coming up during inspection when you sell. Professionals like OHi bring expertise and better-quality work. We also have insurance, permits, and warranties to protect you from potential liabilities.
Finishing your basement is a win-win, giving you extra space to enjoy and potentially adding considerable value to your home. It's about creating a space that's both purposeful and valuable, a decision that benefits not just your current living situation but also your investment portfolio. If your basement still needs to be completed and you want to increase the value of your home, contact us today. We’d love to help you!
Take the next step today:
Visit contactohi.com to schedule a free design consultation.
Browse our portfolio for inspiration.
Meet the team behind the build.
Your dream home doesn’t have to exist somewhere else—it can grow right where you are, in the heart of the Northwest Suburbs.