DisplayAds (’Middle’);How much value does finishing my basement add to my home?
We measure value both in dollars and in personal enjoyment of your home and lifestyle. Realtor Magazine�s December 2006 issue cites as follows in its Remodeling Cost vs. Value Report 2006: In the Mid Atlantic region, the job cost averages $60,879; the resale value is $44,788; cost recouped is 73.6%. The �Mid Atlantic region� encompasses New Jersey, New York, and Pennsylvania, and most of our basements cost much less than 60K to finish, even when adding bathrooms, wet bars and other amenities. It also makes your home more attractive to potential buyers when compared to a similar home with an unfinished basement.
Actual money recouped, however, relies heavily on the quality of the finish. A poorly finished basement actually lowers a home�s value. Not only is it unattractive and suggestive of sloppy workmanship throughout the home, but a potential buyer may actually feel the need to remove or remodel it and subtract the potential cost from their offering price.
�Value� is more than monetary. Having more room to organize, pursue hobbies, relax with family and entertain friends lessens the stress of daily pressures. That�s valuable. Adding another bedroom or living area for a family member on your basement level gives you both privacy within the same home. That�s also valuable. Immediate and ongoing enjoyment of your new basement space is well worth the money due to the impact it has on your quality of life.
Know the local township laws regarding finishing your basement
Basements require a building permit, fire-stop behind all the perimeter walls, insulation, all electrical work inspected by a third-party electrical inspection agency, all Township inspections and egress where required. Enclosing furnaces and water heaters into small mechanical closets may also require an additional source of fresh combustion air. You must also comply with all plumbing codes.
Don�t forget to ventilate
Both heating and air conditioning cycles are a means of circulating the air into the rest of the �conditioned building envelope.� By circulating the air that�s in the basement with the rest of the house, moisture and damp air are significantly reduced. Even a dry basement needs to have air circulated. Stagnant basement air becomes moisture-laden and invites mold and mildew problems. Keep your thermostat selector switch in the �fan� position and let it run 24/7. For the minimal electrical cost, the benefit of better filtered air and a healthy basement is worth it.
What lurks behind your walls?
Proper insulation is vital to a successful basement remodel, and Building Code requires R11 insulation below grade. This can be achieved with fiberglass batting or polyurethane foam. Fiberglass insulation keeps room temperatures comfortable, but more importantly buffers the cool underground walls from condensation when they meet warm air within a basement room. Spray-foam insulation is preferred because it not only has a higher �R� factor, but its airtight properties eliminate any room for condensation to occur, albeit at a higher price.
The most important decision regarding finishing your basement
The contractor you choose to work with is vital to a successful remodel. Your contractor should be knowledgeable specifically in working in basements, know your township�s building code and come with references you can contact and jobs you can visit to see the finished product. Check their work, their references and their reputation. Don�t only consider price as a factor in deciding which contractor to use. There is no greater disappointment than a sizeable outlay of money for a substandard job and/or the difficulties of dealing with an incompetent contractor. You can have it all � a beautiful basement, at a fair price, built with integrity. Don�t settle for less.
Eric Boyer is the founder of EBCON Services, a contractor who specializes in finished basements. His web site is http://www.ebconservices.com/.
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