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:
- 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).
- 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 hut.
- 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 remember:
- 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 required.
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.