Many homeowners have a basement, whether required as a necessary part of the house structure or as an unexpected bonus when purchasing a new home. However, in most homes, basements are left unfinished, covered in spiderwebs, and, at best, are turned into creepy storage spaces for unneeded stuff. Yet, this space has much more to offer. When properly renovated, basements can provide a wealth of opportunities and benefits.
This article aims to help you realize how to utilize your basement to its full potential. In particular, we will discuss how basement remodeling can transform the dark underground space of your home into one of your favorite places.
What You Will Learn
- Understanding Costs and Investments: Gain insights into the financial aspects of basement remodeling, including typical cost ranges and the potential return on investment you might expect.
- Expanding Your Home’s Usable Space: Discover how a basement remodel can transform underused areas into functional living spaces tailored to your lifestyle needs.
- Generating Additional Income: Learn about the potential for earning extra income through renting out a renovated basement and the conditions that make this feasible.
- Personalizing Your Space: Explore the possibilities of customizing your basement to create leisure zones or practical spaces that enhance your home’s enjoyment and functionality.
- Improving Energy Efficiency: Understand the impact of basement remodeling on your home’s energy usage and how improvements can lead to cost savings.
- Enhancing Home Functionality: Find out how a remodeled basement can address specific household needs, such as additional bathrooms or storage, thereby enhancing overall home functionality.
Navigating the Terminology: Aka, What Is a Basement?
Before discussing how you can transform your basement, it is essential to understand the crucial legal terminology in basement remodeling. In legal terms, basements are often contrasted with cellars, the main difference between which is in the structural properties.
Generally, although laws may vary by state, a basement is considered a structural part of the house positioned below the first floor, more than 50% of which part is above the ground level. A cellar, on the other hand, is placed entirely underground. Basements have windows and sometimes even separate entrances from the outside. This distinction is valuable to comprehend when considering remodeling a basement due to differences in what remodeling project you can do according to the building codes.
In simple terms, most regulations allow basements to be used as living spaces, rentals, etc., while cellars cannot be living spaces and are usually turned into storage. This article will focus on basements specifically.
The Financial Flexibility
Depending on the current condition of your basement, renovation costs can vary significantly. Estimates typically range from $7 to $23 per square foot, totaling $7,000 to $40,000 for a complete renovation.
Once the primary structural work is completed, you have the flexibility to determine your budget for the remaining projects. Hiring a reliable contractor offering creative renovation ideas within your budget can help keep costs manageable.
Increased Property Value
As you can see, the cost of renovating a basement is not always cheap, making people wonder whether it has a good return on investment. Indeed, when purchasing a house, people don’t look for basements immediately; however, it is more common for people to choose a home with a finished basement if it adds practical value to the overall space.
According to statistics, there is evidence of an ROI of 86% on a finished basement living space. This shows that buyers appreciate when there is a functional addition to the house that will also fit their needs. As the homeowner, this gives you an opportunity to consider what renovation would benefit the space and be useful for you and future buyers.
Enhanced Living Space
The primary reason for remodeling a basement is often the desire to extend the house. While moving may not be an option for everyone, utilizing the unused space in your basement is an ideal way to expand your living area.
Whether you need a separate laundry room, an office to work from home, or extra space to host guests, there are many options. In the past few years, COVID has dramatically shifted our lifestyles, and many people have been left to work, study, or stay at home. This showed how much extra space in the house is necessary to sustain all the needs of modern times.
Potential for Additional Income
A finished basement can not only be an excellent addition to the home but also a source of income. If your house size is sufficient and you don’t necessarily need extra space in the basement, then turning it into a rental unit can be an excellent choice.
Short-term rentals such as Airbnb, for example, have become a popular way to generate substantial side income without the need for long-term commitment to renters. You can always rent when the basement is free and pause for a time when you need the space for personal use. If you want to do a basement remodel, but the price tag seems a bit daunting, then planning to rent for a time to return the investment may just be the solution.
Keep this in mind: additional permits will be needed to rent a basement apartment legally.
Customized Leisure Areas
A current trend for basement remodeling is using the space as a perfect gathering place for family and friends. Just think about it: a separate floor to enjoy game nights, movie watching, a music room, or a gym. Creativity is the limit when it comes to leisure use of the basement.
The benefit of having a leisure zone in the basement is its unique structural features, which allow for soundproofing the area so as not to disturb other rooms of the house or neighbors. Moreover, the lack of natural light can greatly benefit a basement movie theater or entertainment center.
Energy Efficiency Improvements
Let’s consider the overall benefits for the house in remodeling the basement. So, the essentials of basement remodeling will include proper insulation for the walls, waterproofing the floor to prevent moisture buildup and consequent molding, ventilation, and safety features such as egress windows and heating to provide appropriate living conditions. All these features do not only create an adequate living environment but also offer benefits to the house as a whole.
Basements are known to be humid and mold-prone; when you eliminate this issue, you get a proper basement that can hold up for decades. As a bonus, it provides cooler indoor temperatures in the summer and warmer floors in the winter. Renovating the basement will lower the heating costs and provide an ideal climate in the house through all seasons.
Increased Home Functionality
The housing market has not been the best in recent years, and many people have been forced to settle for houses that are less than they expected or wanted from the space. You may need more bathrooms, storage areas, offices, or simply additional living space.
Whatever your need, you can tailor basement remodeling to your specific requirements, whether you desire an open-space living room, a playroom for kids, or even a fully furnished separate apartment.
Even if the basement is small, creative space planning done by an experienced renovation team can help you make the most of the space by adding an extra bathroom, kitchen, or laundry room to meet your needs.
Conclusion
In this article, we highlighted how a basement remodel can transform your home by creating a unique space for relaxation, entertainment, or practical use while increasing your home’s value and appeal when it’s time to sell.
Now that you know the top reasons why you should consider basement remodeling, it is essential to mention that depending on the current state of your basement, the task may require professional help. While DIY projects can be practical for partially finished spaces, professionals should handle critical tasks such as plumbing, wall insulation, and flooring installation to ensure the renovation’s quality and longevity.Premier Remodeling Services in the Chicago area are ready to step in to make your vision a reality. Our team of professionals will guide you through the basement remodeling process and ensure you make the most from the advantage of owning a basement. Contact our team today, and let’s get started on your dream basement renovation.
