Why You Should Invest in Finishing Your Basement

Have you put off finishing your basement? We get it. After all, doing so is a long, costly, and labor-intensive endeavor. And if your basement already looks like a cold, concrete cellar, it can be difficult to imagine it being anything but. However, there are several benefits to finishing your basement. Here are just a few:

You add another Floor to Your Home

Basements are often utilized as places to store old tools, clothes, and decorations, but do these possessions truly require an entire floor to themselves? Most of this clutter can be stowed in closets, storage bins, or your attic; much of it could even be sold at a garage sale or thrown away completely. In getting rid of the excess junk and making a few renovations, you add an entire floor to your home. This floor can be whatever you want or need it to be. Have you ever wanted an at-home gym? The perfect place to watch the game? How about a fully functional guest room? The possibilities are endless.

You Can Take Pride in the Entirety of Your Home

So, you’ve got a killer entertainment room complete with a 4K TV, surround sound, and a leather sofa to boot. But when it comes time to show off your house to the friends or family who drop by for a visit, wouldn’t you feel better off knowing you also have a furnished basement to showcase? You’ll also feel more confident asking for a higher starting price when you’re in the market to sell. Remodeling your basement is one of the best things you can do to increase property value. On that note...

You'll Make Most of this Money Back

The massive costs that go into making major renovations are undoubtedly one of the biggest reasons homeowners are reluctant to start in the first place. According to the most recent Cost Versus Value report by Remodeling Magazine, homeowners spend an average of $71,115 to renovate their basement. However, this same report also shows that 70 percent of that money is recovered when the property is sold. That’s one heck of a return! It’s understandable if you didn’t want to fork over 70 grand immediately after reading this, but there are some more practical measures you can take to make a finished basement work for your budget. You could, for example, make incremental changes over time. You could also set up an online banking account that will automatically save portions of every paycheck to fund the endeavor. No matter how you decide to go about it, you can rest assured knowing you’ll make much of that money back when you sell.

You Can Use Your Basement to Supplement Your Income

In addition to the return on the investment you get once the house is sold, you can also make use of the space to augment your income. More and more homeowners are turning to hospitality marketplaces like Airbnb and VRBO to earn money on vacant rooms in their homes. Interested in seeing how much? Simply go to Airbnb’s homepage and click ‘Become a host’ located at the top right of the page. This will give you an idea of how much money you could earn on a monthly basis just by listing a room. If sharing your home doesn’t sound like your thing, you could always make your basement the location for a side hustle. A large, open area like a basement makes the perfect location for a yoga or art studio.

With all of this to consider, it’s easy to see why finishing your basement is a worthy investment.