If you’re looking for a good return on a large remodeling effort this year, consider finishing an empty basement space. While the return on investment (ROI) for remodeling always fluctuates with the economy and the geographical region for each homeowner, recent statistics on 2009 projects show good returns on unfinished basement or lower-level remodeling. Even so, there’s a lot to consider before launching your project.
For 2009, one of the best ROIs in home improvement projects was the creation of a basement entertainment area with a wet bar, full bathroom, and finished partition for the livable space. Including insulation, dry wall, paint, wiring and hardwood doors, the average cost was $62,067, bringing an increase in home resale value of $46,825, resulting in a 75.4 percent ROI.
Basement Renovation Considerations
The writers at Renovators Place warn homeowners about water drainage, mildew, foundation walls, and structural issues when contemplating an ambitious basement project. Do you have adequate means of waterproofing walls, adding a sump pump (if necessary), and code-compliant wiring and plumbing? Failure in any of these areas can present additional challenges to your remodel.
One way to waterproof a flooded basement is to ensure all your outdoor drainage pathways route water away from your walls. Adding waterproof compounds and sealants can help, but you may need that sump pump after all—and a dehumidifier.
I blogged earlier this year that other ventures earning high ROI marks were new vinyl siding jobs, wooden outdoor decks, and energy-efficient window replacement projects. Major kitchen and bathroom remodeling can also increase value against the initial cost, but you need a heftier budget to get those underway and completed.
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Let me echo these sentiments. Your basement is not just a catch-all for everything that doesn’t neatly fit in the other rooms. It is a goldmine of space to work or play that will return dividends when you go to sell.
That’s not a bad little return on investment…By the time you are done with it the housing market might be back to where you can sell it for even more. Doing small renovations to your bathroom (tile/counter work) can even help out with a lot less cost than renovating an entire basement.
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