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Cost vs. Value – Basement Finishing in New Haven CT

Basement Finishing in New Haven CT

One of the questions home owners often ask is whether basement finishing really adds value to their home. This question is often followed by ‘how much value does the finishing actually add to the home?’.

The simple answer to the first question is yes. Basement finishing will result in increased value for your home. There is no simple answer to the question on the value that your finished basement will add to your home. This will depend a great deal on the type of improvements you add to your home and how successful they are.

How Finished Basements are Valued

Various comparisons are made when your home is being appraised for its value. This means that each level of your home will be valued separately. In the real estate world, the space above ground is considered more valuable than the space below ground. This is why adding a new wing to your home is costlier than investing in basement finishing.

Appraisers will compare your home to other similar homes in the neighborhood to determine its value. However, having a finished basement adds square footage to your home. A finished basement can add anything between 50 and 70% to the value of a home.

It is worth talking to an appraiser about your home and the renovations you have in mind before actually investing in them. This will give you a clear picture of the type of value your renovations will add to your home.

Popular Features to Consider

Some of the most popular uses for finished basements include:

  1. In-law suites

Many people find that they have a parent or other older relative living with them. Having the extra space for the comfort of an older relative is convenient not just for the homeowner but also the person occupying the suite. Many in-law suites allow guests to be completely independent from the rest of the household.

  1. Rental space

Many people convert their basements into rental spaces. These spaces not only increase the value of the home, but also increase the homeowner’s opportunities to earn extra income.

  1. Home theater

Having your very own home theater can improve the quality of your screen viewing time. Family and friends can spend time together watching their favorite movies and shows.

  1. Gym

If you want to save money on gym fees, you may want to consider investing in your own gym. A home gym in your basement gives you easy access to equipment for workouts. There are no excuses for not getting in shape.

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