Even if you aren’t considering selling your home in the near future, a finished basement offers more living space – something most homeowners dream about.
If you are considering selling, you’ll recoup 70 percent of the cost of the remodel, according to Remodeling Magazine’s 2017 Cost vs. Value Report. Furthermore, keeping your basement-finish budget to no more than 10 percent of your home’s appraised value makes it a smart investment, Lending Tree Home Pros’ Neil Salvage tells HGTV.
And, you won’t be alone. The National Association of Home Builders places the project as the third most requested, behind kitchen and bath remodels and additions.
The nationwide average cost of a basement remodel is between $10,583 and $27,103, according to HomeAdvisor. But, some homeowners pay as little as $4,800.
You don’t necessarily have to go full-blown remodel to whip that basement into shape. Use a few of these DIY ideas to turn it into a livable area that will add value to the home.
Wet Basements aren’t Livable
More than 60 percent of homes with a basement have leaks, according to the American Society of Home Inspectors. Furthermore, 38 percent of those homes run the risk of developing basement mold. So, before you tackle the decorating and design aspects of your unfinished basement, undertake the repairs necessary to set a good, healthy foundation for all of your hard work.
You’ll need to find the source of the leak, which is easier said than done in many cases. The most obvious place to look is the area of the wall where pipes enter. Also check that the landscaping outside the basement slopes away from the home and that the gutters on the home aren’t clogged with debris and that they extend at least 4 feet away from the structure.
Fixing leaks may sound intimidating but many repairs are inexpensive and easy. Filling in cracks with epoxy, installing additional downspouts, re-sloping the landscaping (the University of Minnesota recommends a slope of one inch per foot for at least six feet away from the foundation wall), and installing flashing are DIY projects that won’t break the bank.
Consider purchasing a dehumidifier for the basement as well. Then, seal the walls. Tom Silva at thisoldhouse.com suggests applying waterproof masonry cement to walls.
Start at the Top and Work Your Way Down
Sure, you’ll want to paint the ceiling but what else is up there, hanging from it, that can ruin the comfy vibe you’re aiming for? Pipes, air ducts and more can be painted to match the ceiling, in the hopes of making them blend in.
Or, look for products like coffered ceilings or wood planks that add style and the results are easier to achieve than most people think.
Then, of course, there is always the option of using drywall or large, removable tiles (to allow access to all that “stuff” hanging from the ceiling). Get more ideas on ways to camouflage ceiling “junk” at houselogic.com.
What Will You Walk On?
Naturally, carpeting is the flooring of choice for most basements, according to research by the National Association of Home Builders. But, factoring in the cost of moisture-resistant padding and carpet can be a bit pricey.
If you’re on a tight budget, consider vinyl. Some of the new wood-look luxury vinyl floor planks add a surprisingly realistic wood-look to a room, they’re inexpensive and can be easily installed by homeowners.
If you fear water leaks, tile may be a better choice. Since basements are notoriously moist, however, shop for tiles with anti-slip finishes, such as glazed ceramic tile. Or, consider leaving the concrete floor exposed and acid-staining it. With lots of area rugs scattered about, feet will stay warm.
Create a Warm Ambience
Proper lighting is crucial in a basement that you plan to use frequently. Choose ceiling fixtures, such as track lighting or pot lights and then add table lamps around the room.
The effects of a low ceiling and lack of natural light in most basements can be thwarted by choosing light-colored accessories, such as upholstery fabrics, rugs, pillows, and artwork.
Choose soft rugs, thick blankets and fluffy pillows to seal the warm ambiance of your newly-finished basement.
Finishing a basement is a big project but not only will it give you more living space, it will help sell the home in the future. Tackle as many DIY projects you can to keep costs down.
If you’re in the market to sell or buy your next home, I can help! I’d love to sit down with you & go over all your options on how to market your home & sell it for the most amount of money in the least amount of time!
If you do not have a marketing plan in place, then the chances of selling your home quickly & for the most amount of money will rely on the MLS & a sign in the yard, which may result in not getting the best deal & selling your home quickly & for the most amount of money. Must have a marketing plan! I can do that!
Wendy Mundy Realtor
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