If your home is bursting at the seams from a growing family, relatives returning to the nest or too few rooms serving too many uses, check out the bonus space underfoot. Finishing a basement greatly enhances your home’s value right along with your family’s comfort, especially when it comes to accommodating multiple generations under one roof.
- If you’ve been in your home for a while and have built up equity, it’ll likely be easier to finance a remodel with a home equity line of credit than to secure a mortgage to buy a whole new home.
- Depending on where you live, a mid-range home addition can cost hundreds of dollars per square foot, while renovating an existing basement space will cost far less.
- As you transform your basement into a new living space, you’ll also be able to reclaim main-floor areas whose intended uses went by the wayside as your living situation became more crowded. For example, you can move that treadmill out of the bedroom and into your new basement gym.
- You’ll be turning an underused space into an asset that will not only enhance your current enjoyment of your home but add dollars to the selling price when you finally put it on the market someday down the road?after the real estate market’s inevitable recovery.