Basements around Grand Rapids, Michigan, are often dark and dingy, making the perfect setting for letting childhood fears run rampant. However, many homeowners are tucking those fears away, and making more of this often underutilized space with a stylish and effective basement renovation.
The question for people who are considering this upgrade to their home is whether it’s worth the investment. Here’s what you may expect with a basement renovation, and why it may be worth it when it comes time to sell you home.
What Is a Basement Renovation?
Before we begin dissecting the value of renovating your basement, let’s discuss what is meant by a basement renovation. Not all basement projects are the same, and finding the right one for your situation will help determine whether it’s worth the investment for your family.
Renovations span everything from simply finishing a basement with drywall and extra lighting, to doing something more elaborate. The cost associated with the renovation relies heavily on what aspects of renovation you include. Simpler renovations may not provide what you’re looking for, but very costly renovations may not provide enough return.
Many renovations include building out appropriate wall frames, running electrical and necessary plumbing, installing drywall, painting, and installing flooring. From here, you may choose to add a bathroom, a kitchen or kitchenette, risers for a stadium-style home theater and more. Work with your Michigan contractor to plan for how you want to use your space, and what will need to be done to make your ideal space.
Why Renovate Your Basement?
There are so many reasons to renovate your basement, and everyone has a little different perspective on the strongest motivation. Start by considering the amount of space your basement offers. Sure, you can use that space for storage, but is that the best use of all that room?
Whether you live in an older house or a newer construction, there’s the maintenance of the basement to consider as well. Has your basement ever flooded, and was it ever sufficiently dried? What was the damage, and was it ever repaired? This can be a strong motivator for renovating your basement in Michigan.
Could you use more living space within your home? Renovating a basement is often more cost-effective than putting on an addition, plus it’s usually more energy efficient after the renovation.
You could also use that extra space to generate some additional income. You could rent it out as a bedroom or apartment. Furthermore, you could also make it into a workshop to run that side hustle you’ve been dreaming about building.
How Much Does Will It Cost?
The cost for renovating your basement has many factors, including what you want to do with the space. What remains consistently true is that an unfinished basement costs less to renovate than a previously finished basement.
From a broad perspective, plan to spend between $10,000-$30,000 on your basement renovation. It could be less if your space is small, and you want a simple finishing job with basic drywall and lighting.
If you want to turn your basement into a rentable apartment, plan to spend at least $50,000. This not only includes the construction renovation, but also fixtures and appliances.
Is There Property Value In the Renovation?
There are two aspects to gauging the value of your renovation project. First, how much is the extra space worth to you right now? If it saves you the cost of renting a storage unit, office space, or an apartment for a family member, there’s a very tangible savings you’ll realize. If you’re going to rent it out or use it for a business, think about the revenue you’ll generate from the space, and the value it will bring in monthly income.
Then there’s the value it’ll bring when it’s time to sell your house. Most basement renovation projects net a return of about 70%. If your project costs $30,000, you can expect to add about $21,000 to your home’s selling price.
If you’re planning to be in your home for a while and need the extra space, a basement renovation can be an incredible investment. Let the home renovation experts at KGT Home Solutions help you get the basement of your dreams.