Can A Finished Basement Add Value To My Home?
The more upgrades you make to your home, the more the value increases when you are planning on putting it up for sale. Sadly, many homeowners are not harnessing the potentials of their basements and they simply ignore the space. However, remodelling your basement can increase the overall value and style of your home. This goes beyond the resale value, it’s about getting the most out of your own house. AGM Basement Use only master tradesmen for all basement finishing services
Finished Room and Increased Value
When you contact an appraiser to value your home, you’ll realize that a finished basement worth more than an unfinished basement per square foot. The valuation of your house is based on a scale. There is a desired value placed on all above grades per square footage and below grades per square footage .Unless a room is well heated, most appraisers will not consider it finished or liveable in addition to considering other valuable options.
Your home is assessed for taxation purposes every two years. The value an assessor would place on your home may differ from its actual worth and neither will it be the same amount it is valued when assessed for sale. Because property tax assessment is not updated yearly to reflect a resale value, there is a possibility of a percentage built in that increases annually, but it can never be the same as the market value.
A Professionally Finished Basement
Another way to surely increase the worth of your home is by through finished basement done by a professional. A professionally finished basement requires the necessary permit during the remodelling period and that the work was carried out in a professional manner. In the event that the homeowner is not well versed in home improvements such as electric, plumbing, heating and much more, hire the services of a licensed contractor to assist you is a necessity.
If you are looking to install a low ceiling, you may be denied the necessary permit needed to finish the renovation. If the ceiling height is affected by heating duct work, consider replacing it with a smaller one.
Also, you need to put into consideration the other parts of your home. you can match the doors and flooring to the rest of the home to provide a sense of uniformity and comfort.
These upgrades will surely increase the worth of your home should you ever consider selling it. Depending on the degree of the upgrade, your profits may only be marginal. However, a finished basement can increase the odds of selling your house and at least give you a chance to enjoy the extra living space in the mean time
When a homeowner fails to secure the necessary permits for a finished basement or fails to match the basement with the rest of the house, it can possibly result into a resale problem. Appraisers will disregard the space and not include the square footage as a finished space, thus reducing the overall worth of your home. And this could scare off potential buyers.