If you are looking to raise the resale value of your Glenview home, look no further than under your feet! Finishing an unfinished basement, or remodeling one that just needs updating, can add a lot of resale value to your home.
According to The Wall Street Journal and a poll of the Appraisal Institute, a basement finish equals a kitchen remodel as the best financial return of all home renovations, but only if the quality matches the rest of the house.
Quality of design and construction is the single biggest factor in determining the value of a basement finish. From a resale standpoint, a basement finish that is poorly designed and constructed will detract from a home's value. A potential buyer may see it as a neutral feature for storage or will have to factor in the price of a remodel of the basement and reflect that in the counter offer.
A basement should feel like another level of your home. It should be as light and airy as the rest of your living space. If your basement is as comfortable and enjoyable to be in as your main living space, then you will add value both in terms of quality of life and also as a return on investment at the time of resale.
Some rules of thumb to help you not overextend yourself on a basement refinish are:
- Plan on investing 12-25% of the cost of your home on your basement finish. Try to stay in the parameters of the home values in your neighborhood.
- If your home is already at the top end of the neighborhood comparables, it will be tough getting your full investment out of a basement finish.
Remember not all basements are created equal! They typically have lower ceilings, structural posts, pipes and valves, and random duct work. Instead of fretting, turn these challenges into unique design features. A good general contractor can go a long way in making your basement an asset to your Glenview home.
Have fun with the design of your basement finish but think about resale. A rock climbing wall may not excite the next buyer but a modern theater room or adult game room will go a long way in enticing your potential buyer.
Once your basement refinish is complete, contact The Marla Schneider Team to sell your home and make the most of that gain in resale value to find your new dream home!