You are searching for ways to improve your home, and are looking for all the options. Sure, you could renovate your kitchen, you could even add a deck or put on another room. However, if none of those really seem appeal to you finishing your basement could be a good option.
Then there is the basement. You have thought about it here and there, what a waste of space it seems, but so dark and dingy too. Is there anything you could do to really improve it so you and your family enjoy it? But even if there is such a project, will it improve your home’s resale value?
Fortunately, the answer is a resounding yes. Yes, it will produce a return and most homeowners in Michigan love the space when it is completed. A finished basement ends up being an incredible place where the entire family enjoys in both warm weather and cold.
Keep reading to understand why a finished basement is the next best investment for your home in Grand Rapids.
Increase Your Home’s Value by Finishing Your Basement
A major consideration when evaluating any form of renovation for your home is the return you can expect. Yes, you want to enjoy the renovation, and you want it to be useful. However, they do cost a substantial amount, and you want to make sure this is a wise investment.
According to the National Association of Realtors, finished basements return about 70 percent of the investment. So if you invest about $10,000 into the project, it will add about $7,000 to your selling price. There are only a few other improvements you can make to your home with a higher return.
Increase Livable Space
An unfinished basement is dark, dreary, and downright scary at times. You or your kids may venture cautiously down for fear of running into a rodent or the dreaded spider.
When you finish your basement, you fix all of that and make it a space the entire family enjoys. In addition, it will increase your reportable livable square footage when you sell your house.
When you think about what you can do with the space, the options are nearly endless:
Improve Energy Efficiency
Winters in Michigan can be quite cold, while summers can get downright hot. Trying to keep your house at a comfortable temperature can be very expensive. Your basement is a major source of air entering and escaping, second only to the attic itself.
Part of the finishing process is water sealing and insulating the walls. For some extra effect, you can add some insulating panels before installing drywall. Once this is done, it cuts down dramatically on the energy loss you normally experience.
Further, adding some padding and carpet to the floor helps to further reduce this energy loss. If you plan to spend a lot of time in the basement during the winter months, you may consider installing radiant floor heating. You should not need much additional heating to keep the basement a comfortable temperature, so it should not cost much to heat this space.
When you consider the improvement in energy loss after finishing, you will be considerably ahead on your energy consumption.
Add a Source of Income
Who says you cannot add an income stream through your home? By finishing your basement like a studio apartment, you can always rent the space out. Whether you choose to rent it out as an Air BnB-type space, or to someone looking for a regular place to live, you can add income with relative ease.
Unlike a full rental property, you do not incur additional maintenance costs for renting your basement apartment. That makes the income pure profit with no additional overhead.
If renting a space is not in your comfort level, you still have additional options for generating income. You can always turn the space into a workshop or home office. Whether you are creating wares to sell at craft shows or are a photographer, this space can assist you. Whatever space you dedicate to your business you can use as a deduction on your taxes. That improves your return beyond the sale price of your home.
Better Comfort for Guests
Lastly is the comfort of the guests you host in Grand Rapids. It is always challenging when visiting someone, even if there is a spare bedroom. The feeling of imposing is very real because you are coming into their normal living space. People feel like they have to nearly walk on eggshells to ensure you do not wake up a guest. For the guest, they do not want to wake up someone in the house.
When you offer a guest a finished basement for their stay, it is a space of their own. If there is a small kitchenette, they can make coffee without waking anyone. Further, the kids can get up without worrying about waking them up as they start their day.
Finally, these basement accommodations provide a space that allows for your guest’s things without taking over your normal living space. This makes it more comfortable for both you and your guests throughout their stay.