Finishing the basement is one of many renovation projects that homeowners might have on their radar. However, the benefits of doing so aren’t always immediately apparent.
Read on to learn the top five reasons you should get started on finishing your basement today.
Gives You More Living Space
The first and most important thing about having a finished basement is the added living space. After basement renovation, you now have functional space to transform into whatever would be most valuable to your family.
Here are some fun ideas for using your basement space.
At-Home Bar or Wine Cellar
If you enjoy entertaining or collecting fine wines, you may consider building an in-home bar or wine cellar in your basement. It would not only serve your hobby but also be a great conversation piece.
Converting your basement into a room dedicated to fun and games is a great option. Having a specific space to congregate with family and friends for a good time will make this the highlight of your home.
If you are a bookworm, finishing your basement is the perfect opportunity to create an in-home library. You can install built-in shelving along with a media center. This would serve as a great place to unwind with a book after a long day.
If someone in your family works or studies from home, having a dedicated area to do so is a nice bonus. They would have a place all by themselves to eliminate distractions and noise.
Do you plan on expanding your family or feel like you just need a little breathing room? If so, using your basement as an additional bedroom can be a significant upside for you. It can also double as a guest room or playroom for children.
Saves on Energy Costs
An equally important reason to finish your basement, which is often overlooked, is that it will save money on energy costs. When you have an unfinished basement, it may lack proper insulation between the wall panels.
As a result, your HVAC system expends more energy trying to maintain a comfortable temperature in the house. By finishing the basement, you will potentially save more on your energy bills over time.
Improves Your Property Value
Finishing your basement can also be a great way to increase your property value, which is good whether you plan to sell your home or not. If reselling is a future possibility, then a heightened property value will increase the amount you pocket from the sale.
If you aren’t selling your home, at least not anytime soon, you can still benefit from the increased property value. For instance, if you’re currently paying private mortgage insurance (PMI), you may be able to eliminate these payments.
Since PMI is based on a loan-to-value ratio, if your property value increases significantly, you may be able to remove those payments altogether.
Lastly, you can reap immediate benefits from an increase in value by withdrawing against the equity. You can do so by taking out a home equity line of credit, cash-out refinance, or reverse mortgage.
Increases Your Income
Completing a basement home improvement project can open a world of new opportunities, including those that will increase your income. One of the top ways that people make money via their basements is by renting out the space.
You should check with your local government first to make sure you understand the appropriate rules and regulations for having a rental space on your property. If your home is located in a popular area, it’s possible to start earning passive income through renting.
Sites like Airbnb or Booking.com make it easy to list the space, manage it, and accept payments.
An additional way to increase your income is by starting an at-home business. You can do so by creating and selling products that you’re passionate about. Start freelancing as a photographer, designer, or writer—the possibilities are limited only by your imagination.
Storage and Organization
The longer you own your home, the more things you accumulate. When your basement is unfinished, it can easily become the space to pile things you’re not using or plan to donate, much like the garage or attic.
However, once you’ve transformed your basement into usable space, you will have the opportunity to incorporate storage space like closets and shelves. This will open up more room to sort, organize, and store your extra belongings.
We are Missouri’s trusted basement finish contractor, and we want to help you create the space of your dreams. Contact us today at (636) 249-2162 for your consultation!