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Many people use the services of a real estate agent when purchasing a property. In your quest for finding the right property\n
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Value And Home Space
Many people use the services of a real estate agent when purchasing a property. In
your quest for finding the right property, you may probably find an already finished
basement. And if you asked how much it will cost to buy the property? Then you
might get a vague answer such as–“that depends”. Definitely, it will take you many
years to realize that truly, many factors affect the value of a finished basement. And
a lot of agents take advantage of that.
Some of these factors include:
1. Its end use
This factor is of high priority. This is because many basements are constructed or
renovated in such a way that it suits a certain use. For example, a finished basement
may be designed in such a way to be best utilized as an entertainment room. Other
types are nanny suites, home theatre rooms, gymnasium, and basement apartments
and so on. These types yield greater rental income or return on investment (ROI).
2. Quality of furnishing materials
As a homeowner, you will agree that the quality of the finishing in a property
commands a high price. Many homeowners prefer to use high-end finishes than
those that offer quantity. If basement walls and floorings are made of quality
material, the market value will definitely rise.
Additionally, hiring a good contractor should command quality in workmanship. But
quality will only count if the basement’s quality matches that of the rest of the home.
No one is willing to buy high-end basements with the rest of the home looking like a
3. Overall basement space
The utmost reason many people upgrade their basements is to get more home
space. Therefore, it is safe to conclude that a larger basement space will result in
more value. Simply put, additional square footage equals higher value. Not to
mention the quality of materials that will be lavished eventually.
Before you conclude on how large you want your basement space to be, do
How functional will the layout be? A greater ROI will be derived from layouts
with usable space.
Open concept designs. These are designs that give more space rather than
designs with several divisions.
Reasons why Finished Basement Yields Low-Value
However, there are many reasons a finished basement may not bring in as much
value as expected. So do not be deceived when you want to buy property.
Basements with poor layout and design should be avoided. They will not allow
enough usable space in the home. Additionally, hire good hands with many
years of experience when you want to renovate your basement.
Poor quality workmanship compromises the value of basement. A good
contractor knows the importance of executing a good renovation from start to
finish. This will prevent half-baked finished basements where extra work is still
If none of the conditions above can be met, just leave the basement untouched for
home buyers. They will renovate the space to their taste.
Article Source: http://www.creativehomeidea.com/finished-basement-increasing-home-value-