One of the biggest investment industries is the real estate industry. In the real estate market, the values of buildings are fundamental to buying and selling them. Residential buildings are the easiest and cheapest real estate investments, and their values are based on their quality, age and what they contain. Basements are excellently added feature that will add value to a building especially one going into the market, the question that people usually ask is how much value can a basement add to my home?
How Much Value Can A Basement Add To Your Home – Answered
We will look at this from two angles. First, from the value, a finished basement adds to a house when it is going to the market. Recent research has shown that the value of a well-finished basement has the value of about half the value of the main house.
When waiting for the sale of their property to go through and the sale is stalling, most homeowners do a thorough refurbishing of their basement and then give it out for rent. The average cost estimate for remodelling a basement is about £61,000 with a 70% turn over.
Basements are no longer dark, mouldy, murky places beneath the house, they can be turned to a whole lot more, from man cave to laundry room, guest room, living space, office, wine cellar, etc. there is a lot to so with the basement. This is another way a well-finished basement adds value to the house.
Constructing a new basement altogether.
We have been talking about the benefits of having a finished basement space, but for homeowners who do not already have basements; a basement can be constructed and added to the house.
From the construction of the foundations from the beginning, the basement will be considered and built accordingly.
The average cost of constructing a new basement is about £10-£35 per square meter. An average basement has about 1000 square meter that leaves the average estimate at about £10,000-£35,000.
The best options for constructing a basement.
After deciding to construct a basement, it is best to engage the services of a basement architect.
A basement architect is a specialist with the technical know-how on how to construct a basement with the right proportions and materials.
The basement will have regulation basement drawings and plans. This will ensure the basement meets the criteria.
Once the basement has been constructed, a basement design specialist is your best bet.
A basement design specialist will utilize the nature of the basement and optimize space and utilize the natural light in the design of the basement.
Adding a well-constructed basement not only improves the resale value of the house, but it is also an investment in its own. Also, it improves the space and general structure of the house.
It is best to work with professionals when constructing, remodelling or finishing a basement space to prevent bad jobs, faulty designs, and professional opinions.
How much value can a basement add to your home, the conclusion to this question is that a basement is roughly valued at half the price of your property but the value is not always calculated by money. The basement can be utilised in different ways such as rending it out as a property itself which can bring you a return on your investment or value of extra added space can provide more space for your family to grow which is priceless.
Here at BasementBuilder, we have many years of experience to bring to the table, our specialist basement architects and basement structural engineers have created basements which have drastically increased the value of properties, created extra space that has been used as rented property and all kinds of basement layouts that will fit your individual needs. If you would like a free consultation on your basement project feel free to contact us.