Sometimes the solution to adding more space to your home is right under your feet. But before you get busy, let’s take a closer look at the pros and cons of finishing your basement.
The pros and cons of finishing your basement
For some, flexibility and more living space are the driving forces behind this particular home improvement project. For others, the hassle of building and maintaining a finished basement isn’t worth it. That’s why it’s a good idea to review the pros and cons of finishing your basement to see if one side outweighs the other for you.
Pro: Make the space what you need.
One of the most appealing aspects of a finished basement is it becomes a flexible space! Generally, an unfinished basement can be viewed as a blank canvas. Whether you want another living room, a game room, an extra bedroom, a playroom, a home office or a home theater, a finished basement is a good option.
However, to technically count as a bedroom, there must be a closet and a window that can be used as an emergency exit.
Con: It can be considered an “uninviting” space.
When you hear the term “basement,” you might think “dank and dark,” but just because the basement is the lowest level of the home, doesn’t necessarily mean it has to be dark or musty. In fact, there are plenty of ways to brighten your basement, and a good dehumidifier will help keep it dry and odor-free.
Pro: A finished basement can add value to your home.
Since you are adding extra living space with a finished basement, you are essentially adding value to your home. In the end, most buyers see a finished basement as a nice bonus. Please note, however that in some markets basement updates and upgrades do not carry the same value as above ground finished square footage.
Con: A finished basement can be costly and complicated.
Construction can be complicated. From getting permits to installing proper plumbing, electrical and more, the cost of construction can also be pricey. When you are weighing the pros and cons of your finished basement, it’s a good idea to establish a budget to help you decide if the initial investment is worth it for you.
Pro: It may attract buyers.
Potential buyers could see your finished basement as a major selling point. If the space is already created and ready for use, that’s one less thing a new owner will need to think about once they move in.
Con: You may want additional flood insurance.
Depending on where your home is located, you may want to increase your flood insurance. The additional coverage could cover the cost of repairs in the event of flooding, for instance.
Pro: It offers privacy.
A finished basement gives you space away from it all! Because the basement is usually a level or two below the rest of the home, it can become a private retreat.
Con: It creates more space to maintain.
More living space means more space to keep up with, from cleaning to general maintenance.
Pro: A finished basement can provide safety.
A finished basement can provide a safe space for certain natural disasters, such as severe thunderstorms and tornadoes, for example. With a finished basement, you will have the space you need to comfortably hunker down as needed.
Summary
Like most home improvement projects, each situation is unique, as is every home and homeowner. In the end, making a list of the pros and cons of a finished basement for you and your family may help you make the final decision. Keep reading our blogs for real estate tips and more.