Last Updated on August 4, 2021
Deciding whether or not to finish your basement can be a difficult decision. Does a finished basement increase home value? The simple answer is yes! A finished basement makes your home more desirable, and it also adds value to your home! That means that a finished basement increases how much you can sell your home for, and it also provides a better quality of life while you live there. Here are six reasons a finished basement increases your home value!
How Does a Finished Basement Increase your Home’s Value?
1. More Livable Space
Finishing your basement increases the livable space in your home by a lot! In a two-storey home, you can increase the livable space by 50% by finishing the basement, or if you’re in a bungalow, you can get double the space in your home!
Finished basements are fantastic for laundry rooms, work rooms, spare bedrooms, and an additional entertainment area. If you plan to stay in your home for more than a couple years, the extra livable space you gain from a finished basement is well worth the investment! Having the extra space to spend time with family (or away from family if that’s what you need) is a great way to increase your home’s comfort and enjoyment. Enjoy every inch of your home by finishing your basement and increasing your livable space!
2. More Storage
A finished basement also provides more ample space and storage abilities!
Finished basements allow you to put together great storage units like wall shelving and pantries, and there’s also room for a deep freeze if you want one! Store items like seasonal decorations, kitchenware, craft and sewing appliances, tools, and other items in a finished basement. If you don’t need everyday access to certain things, keeping them organized, dry, and safe is best done in a finished basement.
3. Better Environmental Impact
Finished basements have a better environmental impact because they have better insulation.
Unfinished basements will usually have concrete floors and a lack of insulation, and there’s rarely drywall. This can make your home more difficult to heat, and cause heat loss once it’s warm.
By finishing your basement, you add more insulation to the walls and floor, keeping your house more consistently comfortable. When building with Lincolnberg, you can choose foundations that provide better, all-encompassing insulation called ICF Foundations.
Learn more about our ICF Foundations in Single Family Homes.
Finished basements provide a better environmental impact because there is less energy waste heating a home that is completely sealed with additional insulation. Finished basements are also more humidity controlled, which is better for your home and your energy use.
Finishing your basement creates another empty canvas you can design to fit your needs. Whether it’s a sewing room, a game room, a home theatre, a dance studio, or a giant pantry, your basement becomes an entire floor that you can customize to your desires.
Many people enjoy choosing where the walls are, what size and style of rooms, whether they want carpet, hardwood, or vinyl flooring, and what kinds of trim and light fixtures to install! Finishing your basement opens up a world of possibilities for decorating and designing your dream home.
5. Income Suite Potential
Another fantastic option when you finish your basement is converting it to an income suite! If you have the ability to create a second entrance and separate furnace system, you can convert your basement into a suite of its own. Income suites are a great way to help pay for your mortgage, and they can also be used as an inlaw suite or a suite for adult children. Turning your basement into a separate suite is a great way to support family members or make some additional income.
To see how much income you could make with a basement suite, try out our calculator tool here!
6. Better Resale Value
The final way finishing your basement will increase your home’s value is monetarily. If you decide to sell your home, homes with finished basements generally get a higher asking price than unfinished basements. This is because the new owner will have access to all the additional livable space, storage, and the higher energy efficiency, or the income suite if you decide to go that route. Having a home that is move-in ready with a finished basement is a huge perk for buyers, so you’ll be able to sell for a much better price.
Finishing your basement can be a large undertaking financially, but it is definitely worth it! You can increase your home’s value and get the most out of your home by finishing your basement.
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