By: John Riha
Basement remodeling offers a high return on your investment?about 67%?and it adds valuable living space without increasing the footprint of your home.
If you want to increase the size of your home, the answer lies right beneath your feet. Remodeling basement space is a good way to gain living area without building an addition, and it?s a good investment.
Remodeling your basement typically costs $63,378 and returns 66.8% of the original cost, according to Remodeling Magazine?s annual Cost vs. Value Report. In the country?s Midwest, where basements are common, a basement remodeling project returns about 14% less than the average return on investment, while in the West, where they are less common, remodeling returns more than 76% of the original cost.
Basement remodels return so much of your investment because the basic structure?walls and floors?already are in place. This lowers construction costs per square foot, saving 10% to 15% over the cost of building an addition with comparable features and amenities. Basement remodeling also avoids the complications of property line setbacks and other zoning restrictions that sometimes complicate adding onto your house.
Moisture is the biggest hassle
Moisture is a big concern in basement remodeling. Any chronic leaks, condensation, or flooding must be fixed before you convert the space into a living area. Remedial measures cost anywhere from a few hundred dollars to thousands, effectively reducing your return on investment. But if you cut those corners, you?ll pay big time in musty smells, creeping mold, and soggy carpet.
Basement remodeling numbers
National average cost, 20?30 ft. basement remodel with wet bar and full bath:
Regional info:
New England
Middle Atlantic
South Atlantic
East South Central
West South Central
East North Central
West North Central
Mountain
Pacific
John Riha has been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine.Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS?.
Source: http://liveinallstonbrightonma.com/2012/12/basement-remodel-return-on-investment/
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