If you are looking to add value to your home, it may be wise to consider remodeling the basement. Finishing this part of the house may allow you to add living space, eliminate moisture and generally make your home more functional and appealing. How does remodeling your basement add to the value of your home.
Home Value + Basement Remodel Because You Have More Space
As a general rule, a larger home is going to sell for more money. While this isn’t always the case, many real estate agents will determine a home’s value by looking at how much it is worth per square foot. If a home is worth $100 a square foot, the value of your home should increase accordingly depending on how much space is added. However, it is important to note that other market factors such as the value of comparable houses may also influence how much a home appreciates after a basement remodel.
Home Value + Basement Remodel Because There Is Less Work to Do
A home buyer wants to envision what the home will look like on the day that he or she moves in. If that vision includes a lot of maintenance work because the basement is moist or otherwise unappealing, it may make that person think twice about offering to buy your home. Therefore, by finishing the basement, it removes a major project from that person’s to-do list, which may result in multiple offers on your property. In areas where a finished basement is a rare commodity, it may make your listing more attractive on the open market because of its novelty.
Home Value + Basement Remodel Because It Could Spur Multiple Offers
If you get multiple offers on your property, it could spur a bidding war. When a buyer puts in an offer on a house, it means that they desire that property and will almost always do whatever it takes to win the bid. This may mean that an individual pays above list price to acquire the property. The odds of multiple offers increase in seller’s markets as well as in neighborhoods where properties tend to be in demand.
It is always a good feeling to know that an asset has appreciated in value. If you are planning on staying in your home for awhile, you can enjoy that appreciation in value as well as enjoy the comfort and functionality of your finished basement.
Contact Luxus Construction to get started. Please call 310-270-8596 for more information.